UIIC in KYC Process

As per the mandate of the Insurance Regulator and Development Authority of India (IRDAI), It is now mandatory to submit Know Your Customer (KYC) documents for purchasing all new insurance policies, including health, motor, travel, and home. From January 1, 2023, the rule is applicable to every type of insurance scheme.

Existing policyholders need to contact the insurer and submit the relevant details. In case of non-compliance, a customer won’t be able to purchase or renew the insurance policy.

The KYC documents to be submitted include photo IDs and proof of address (PoA) such as an Aadhaar card, passport, voter ID card, driving licence, NREGA job card signed by a state government officer, and letter by National Population Register consisting of demographic details and any other document notified by the central government after consulting the IRDAI.

The move would ensure a more seamless and faster claim process considering that a more detailed profile of customers is readily available with insurers.

The risks of fraudulent claims could be countered as insurance companies can look forward to improving the accuracy of risk management and pricing with the KYC details.

It will also help maintain a centralised database of policy records, which would be a win-win for all stakeholders.

What is the KYC Process ?

There are three (03) options you can opt for. They are :

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List of documents required for KYC