LIC to offer UIDs to 40 mn policyholders this year

LIC to offer UIDs to 40 mn policyholders this year
Every resident is likely to get a unique identification number, to be issued by the Unique Identification Authority of India (UIDAI) availing him or her some advantages with Life Insurance Corporation of India (LIC).

Thus, under the plan, approximately 50 million people would be issued with biometric card every year for the next four years. As of now, 30,000 cards has been issued to policyholders by LIC, on a pilot basis.  "We have roped in CMC as the technology partner for the project. The national roll-out will happen very soon now," said LIC Managing Director A K Dasgupta.

The decision came to out as a follow up of the agreement signed between the India's largest life insurer and UIDAI where LIC decided its database of over 200 million policyholders with a government agency and in return would provide the policyholders with a biometric card. For the same purpose, LIC first joined hand with Aadhaar project. It was a national project that focused on building a secure, reliable and centralised repository of data.

“Through this project, LIC would be able to tap a greater number of people in rural areas. Since this card will act as a proof of identity, it would be much easier for us to fulfil the know-your-customer requirements. We will also be able to revisit our policyholders through this process. This would allow us to upgrade our existing records and expand business further," Dasgupta said.

Though the process of issuing the card is progressing at very slow pace, LIC has planned to issue 40 million cards this year itself. Further, calculating Rs 50 cost for per card, the total amount likely spend comes out to be Rs 200 crore.

As per the plan, LIC would initiate issuing the biometric Aadhar card to the LIC pilicyhokder and then eventually would expand by issuing to the non LIC policyholder too. Besides existing policyholders, we would also issue cards to their family and friends. This gives us an opportunity to expand our policyholder base," said a senior LIC official

Read more about: lic, uid, insurance, aadhaar
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