Insurance regulator IRDAI (Insurance Regulatory and Development Authority) has extended the deadline for linking 12-digit unique identity number Aadhaar with various insurance policies until the Supreme Court decides on the matter.
The Supreme Court of India in Writ Petition (vide order dated March 13) extended the deadline of linking Aadhaar till the matter is finally heard and the judgement is pronounced. The IRDAI decision to indefinitely extend the March 31 deadline comes in wake of the Supreme Court order.
"For existing insurance policies, the date of linking Aadhaar is extended till the matter is finally heard and the judgement is pronounced by Hon'ble Supreme Court of India," the insurance regulator said in a circular to insurers. In case of new insurance policies, the regulator said the policy buyer is allowed six months from the date of commencement of account based relationship to submit the Aadhaar number and PAN/Form 60 to the insurer.
"In absence of Aadhaar, the client shall submit any of the officially valid document as mentioned in the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005," said Insurance Regulatory and Development Authority of India (IRDAI).
As per norms, Non-Resident Indian policy holders are not required to surrender their policy for not having Aadhaar number. In absence of Aadhaar, NRI/Persons of Indian Origin/Overseas Citizens of India too can submit any of the officially valid documents as per the PMLA.