Now get ready to seed your Aadhaar card to your insurance policies. The insurance regulator body IRDAI (Insurance Regulatory and Development Authority of India) has made it mandatory for companies to link Aadhaar with every individual policy.
Earlier, the government has made Aadhaar linking necessary for a host of financial services like PPF, NSC, KVP, etc. It is compulsory to link Aadhaar with PAN, bank accounts, mobile numbers and to avail numerous social security schemes like pension, scholarship and LPG connection.
There are 24 life insurance companies and 33 general insurers (including standalone health insurers) operating in our country. The IRDAI clarified that the Aadhaar linkage rule applies to life insurance companies and general insurance companies including standalone health insurers.
"Central Government vide gazette notification dated 1st June 2017 notified the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 making Aaadhar and PAN/Form 60 mandatory for availing financial services including insurance and also for linking the existing policies with the same. Linking Aadhaar To Demat Account Is Mandatory Now
New LIC policies
If you don't have any insurance policies and you are now buying any of the LIC policies newly, then you don't need to worry about Aadhaar linkage. The authority will make it mandatory to link Aadhaar to LIC policies at the stage of the proposal itself. Along with Aadhaar, the new applicant needs to submit your PAN details also. LIC will complete the Aadhaar linking process itself before issuing the new policy to the customer. How To Link Aadhaar With Mutual Funds Through CAMS Website?
How to do it?
The process of linking 12 digit Aadhaar number to your life, health or insurance policies would be similar to the one adopted by banks. Banks are providing options to seed Aadhaar through SMS, offline, online and calls also. The insurers would be able to link the numbers either through text messages or online or by visiting the branch. Reminder: Know These Five Aadhaar Linking Deadline