KYC Mandatory For Insurance IRDAI Guidelines Know Details Of It

KYC for Insurance Policy: Insurance in India is regulated by IRDAI. IRDAI has made some changes in the rules in the insurance sector in the country. According to this, now KYC has been made mandatory to buy the policy in the new year. If you want to renew your old policy, then it is necessary to get KYC done for this also. This rule will be applicable for all insurance including General Insurance, Health Insurance, Car Insurance, Home Insurance.

Why is KYC update made mandatory?

Let us tell you that IRDAI (Insurance Regulatory Development Authority of India), the organization that regulates insurance in the country, has made KYC mandatory so that customers can be protected from fraud. Along with this, it will also help in avoiding money laundering cases. Along with this, insurance companies will get information that which customer comes in high, medium and low risk category. If after January 1, 2023, you will need documents for photo ID and address proof to renew the old policy. If you are also going to buy a new policy or renew the old one, then we are giving you information about the documents through which you can easily do KYC. Let us know about these documents-

These documents will be needed-

• Aadhaar Card
• Passport
• Pan Card
• Voter ID Card
• Driving License
• NREGA Job Card (Signed by a Government Official)
• Letter from National Population Register

Till when is it necessary to get KYC done?

According to the rules of IRDAI, people who have already taken the policy will get 2 years time by different companies. During this, it is necessary for all the customers to get KYC done. On the other hand, the company will give one year’s time to the high risk people, in which they will be required to get KYC done.

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