New Insurance Rule: If you are also planning to buy insurance, then there is important news for you. Now IRDAI has made a big change in the rules for buying insurance. Let’s know the new rules.
New Insurance Rule: If you are also going to buy any kind of insurance, then definitely read this news. The Insurance Regulatory and Development Authority of India (IRDAI) is planning to make KYC details mandatory for insurers from 1 November. Under this, you will have to compulsorily submit KYC documents while claiming for insurance. Let us tell you that this proposal of IRDAI will reduce the problems in the claim process.
Insurance rules changed
In fact, at present it is voluntary to provide KYC details while buying a non-life insurance policy. However, KYC documents such as address and identity proof is mandatory for insurance claims of Rs 1 lakh or more. But now, as per the new rule, the regulator is planning to make KYC details mandatory while buying the policy. Let us tell you that these rules related to KYC will be mandatory for both new and existing customers.
Know the benefits of getting KYC done
You will get many benefits from this new decision of IRDAI. The KYC process will leverage the centralized policy database and will help in maintaining policy records on the Bima Sugam portal. Actually, policy holders will be able to create an e-insurance account on this portal, where they will be able to see the details related to their policy, as well as make insurance claims easily. With this, your detailed information will be saved with the department as well.
Abhishek Bondia, director of SecureNow, said, ‘Existing policyholders will have to complete the KYC process within the stipulated period. This period will be two years for low risk customers and one year for high risk customers.
Actually, having KYC will ensure that the insurance amount is not paid to any third party. All payments to be made to the nominees and legal heirs of the policyholders. That is, both the department and the customer will benefit from this.
KYC is necessary
If your policy is due for renewal after November 1, subject experts are to be believed, you will need to provide your photo identity and address proof for KYC compliance.
