In alignment with the idea of streamlining financial processes and other peripheral processes, the government has now made it mandatory to link your Aadhaar Card and PAN with your insurance policy. This applies to all types of general and life insurance policies you may have as a policyholder.
With this move, the relevant authorities aim to improve transparency in the system, simplify the claim process, and even take steps towards eliminating fraud. If it is found that you have not linked your Aadhaar with your insurance plan, you may face issues during the claim process. The process to link your Aadhaar to your insurance policy is simple.
How to Link Aadhaar with Insurance Online?
If you want to link your Aadhaar to your insurance policy online, you must ensure your mobile number is already linked to your Aadhaar card. The steps differ slightly based on whether you are a registered or non-registered user.
Steps For Registered Users
Step 1. Go to the insurance company’s customer service portal.
Step 2. Log in with your credentials.
Step 3. Enter your Aadhaar number in the appropriate field.
Step 4. Verify and submit.
Step 5. An OTP will be sent to your Aadhaar-linked mobile number.
Step 6. Enter the OTP to complete the linking process.
Steps For Non-Registered Users
If you are a non-registered user, you will be required to enter a few extra details to link your Aadhaar and PAN to your insurance policy.
Step 1. Go to the insurer’s official website.
Step 2. Provide details such as PAN, date of birth, mobile number, email ID, policy number, and Aadhaar number.
Step 3. An OTP will be sent to your Aadhaar-registered mobile number.
Step 4. Enter the OTP and complete the linking.
How to Link Your Aadhaar with Your Insurance Policy Offline?
Do you prefer the traditional route? You can also link Aadhaar to your insurance policy offline by following these steps:
Step 1. Visit the nearest branch office of your insurance company or approach your insurance agent.
Step 2. Carry your original Aadhaar card and a self-attested photocopy.
Step 3. Submit the copy to the insurance officer.
Step 4. The officer will initiate and complete the Aadhaar linking process after verifying the documents.
If you are not comfortable with online processes or do not have access to digital tools, you can rely on the offline option.
Documents Required for Linking Insurance Policies and Aadhaar
Irrespective of whether you want to link your Aadhaar and PAN to your insurance policy online or offline, you will be required to have the following documents ready:
- Aadhaar Card and a copy of the same
- PAN card or Form 60/61 (in case you do not have a PAN)
If your insurance premium is more than ₹50,000, the PAN/Form 60/61 is going to be especially important. If you are planning to buy an insurance policy soon and want to check if the premium will require you to take PAN/Form 60/61, you can use a life insurance calculator. It will give you an estimate of the premium based on which you can take the required decision.
Before you link your PAN card to your insurance policy, ensure the document is valid and updated.
Benefits of Linking Aadhaar Number with Your Insurance Policy
There are several advantages when you link your Aadhaar to your life insurance policy.
Faster Claim Settlement
When Aadhaar and PAN are linked, insurers can verify details quickly. This can help them in faster and smoother claim processing.
Direct Bank Transfers
Once verified, the claim amount can be directly credited to your linked bank account without delays. This can help with relatively faster and hassle-free claim settlement.
Prevention of Fraud
The linking process ensures that only genuine policyholders and beneficiaries receive benefits. This reduces the chances of insurance fraud.
Centralised Platform for all Financial Access
Aadhaar and PAN are already linked with most bank accounts and government services. By integrating them with your insurance as well, you can create a more streamlined, centralised record of your financial activities.
Regulatory Compliance
IRDAI (Insurance Regulatory and Development Authority of India) requires all insurance companies to follow these guidelines. By staying compliant with these rules, you can enjoy uninterrupted insurance services and avoid rejection of claims.
To sum up, linking Aadhaar and PAN with your insurance policy is a necessary step for compliance and convenience. It enables faster claims, reduces fraud, and makes documentation easier. So don’t delay. Take the steps to link your Aadhaar and PAN to your insurance policy today.
FAQs on Linking Aadhaar and PAN to Insurance Policies
Is it mandatory to link your PAN card to your insurance policy?
Yes, if you pay an annual premium of ₹50,000 or more, linking your PAN card is mandatory under income tax rules. It ensures compliance with Know Your Customer (KYC) norms and helps avoid delays in claim settlements.
Is Aadhaar linking compulsory for insurance policies?
Yes, according to the IRDAI, linking Aadhaar to insurance policies is required. It improves transparency and reduces the risk of fraud during claims.
Can I link Aadhaar and PAN to multiple policies with different insurers?
Absolutely. You should link your Aadhaar and PAN to each active policy across insurers. This ensures that all your insurance holdings remain compliant and connected to one centralised platform.
How do I confirm that my KYC details have been linked to insurance?
Once Aadhaar or PAN is linked, you will receive a confirmation message or email from your insurer. You can also verify the status of your KYC in insurance through your insurer’s online portal or by contacting customer service.
Can I update or change my Aadhaar or PAN details after linking them to my insurance policy?
Yes, if there are changes in your Aadhaar or PAN details (like correction in name or date of birth), you must first update them with the relevant department. Once corrected, inform your insurance company and submit the documents required for life insurance details update.
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