IRDAI’s New KYC Regulation for Individual Insurance Policies

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Krishna: Hello! Hi Vishal, long time, how are you?

Vishal: I am fine Krishna. How are you?

Krishna: I am good. So, Tell me what’s new?

Vishal: Nothing man…, Just got struck in a problem.

Krishna: What’s that?

Vishal: I am renewing my car Insurance online just like every year, but I guess I am being hacked…

Krishna: Hacked….! Why do you think so?

Vishal: I am being asked about my Aadhar and PAN Card documents but don’t worry I closed the application immediately and blocked their Notification as well. So, Now I don’t know how to Renew my car Insurance. Luckily, I remembered that you sell Insurance policies. So, help me out here dude.

Krishna: Ahhhhhh……! Vishal…. For God’s sake How many times I told you that I won’t work in an Insurance Company, I work in a Broking company, we are a licenced Intermediary and for 101st time I don’t sell Insurance policies dude, I Represent clients to Insurance Companies and work on behalf of them to get them best quotations, process their endorsements and settle their claims.

Vishal: Potato patatoo it’s the same thing. First sort out my problem Krishna.

Krishna: Ooh yeah Mr. Responsible Indian nobody was Hacking your Information, it’s a new regulation IRDAI has Introduced that KYC Documents are required for all new Health, Motor, travel, and Home Insurance policies, simply said all Insurance Policies which are related to individuals.

Vishal: What…? Now the Government wants to know whether I am Indian or some kind of terrorist?

Krishna: Ooo God! Its not like that, they started it for some benefits like:

  •  If you complete the process of KYC while purchasing the Insurance policy, then they will not ask for KYC documents when you make a claim. Then your claim will be settled fast
  • This will allow to Identify Individuals better which makes the money Laundering and fraudulent activities to stop.

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