IRDA :Aadhar Mandatory for Insurance policies

Mumbai NOV 9: The Aadhar has become an essential identity for every welfare scheme. The Aadhar would now be linked with one more essential service.

The Insurance Regulatory and Development Authority of India has said that "linkage of Aadhaar number to Insurance Policies is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017".

The Authority has instructed the "life and general insurers including standalone health insurers have to implement link of Aadhaar number issued by the Unique Identification Authority of India with insurance policies".



IRDA has said that "All policyholders will have to link their policies and furnish the Aadhaar number. Insurer expect it to help the sector in reducing frauds and quicker claim settlement."

Jaideep Devare, Managing Director of Mahindra Insurance Brokers Limited has said that"the linkage of Aadhar with insurance plans will prove to be beneficial especially during claims settlement for establishing the unique identity of the claimant thus reducing fraudulent claims, and also increase the speed of settlement."