Time limit for linking base with insurance policy increased - Insurance Sector

Posted by SHAHID HUSSAIN on March 29th, 2018

Time limit for linking base with insurance policy increased - Insurance Sector in India

Insurance Regulatory Authority of India, Insurance Regulatory and Development Authority (IRDA) has extended the deadline to the 12 digit number with various insurance policies till the decision of the Supreme Court. In the order given on March 13, regarding the writ petition filed in this regard, the Supreme Court has extended the deadline for adding the Aadhaar numbers to various schemes and final hearing in this regard till the next.

Seeing this order of the Supreme Court, IRDA extended the deadline for adding the Aadhaar number to the insurance companies till March 31, indefinitely.Read more about Insurance Sector in India.

The insurance regulator said in a circular issued to insurance companies, "In the case of existing insurance policies, the last date for adding the Aadhaar number to these cases is increased in the Supreme Court till the hearing is completed and the verdict is made.''

As far as the new insurance policy is concerned, the insurance policy requires the buyer to deposit his base number, PAN or Form 60 in the insurance company within six months from the beginning of his account.What is Insurance and Types of Insurance Advance tip insurance?

The comments insurance regulator has said, "In the absence of a base number, the customer can be assigned any valid document filed in Money-Laundering Anti-Corruption (Records Maintenance) Rules 2005".

Under the rules, there is no need to return the policy due to non-availability of the Aadhaar number to the PIO. In case of absence of Aadhaar number, Pravasi Bharatiya, a person of Indian origin, can obtain any valid documents as mentioned in the Indian Money Laundering Act, obtained by foreign citizenship.Top 5 Bike Insurance Companies in India (2018).

Special things

The decision of the Supreme Court has been extended till the end.

The final hearing in this regard is to be held in the Supreme Court.

The date for the decision came up.

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