KYC mandatory for buying insurance policies

If you wish to buy a health, travel or motor insurance policy post January 1, you will have to mandatorily complete the know-your-customer (KYC) process, as per the Insurance Regulatory and Development Authority of India’s (IRDAI) new rules.

Earlier, customers were required to submit their PAN and Aadhar only if the claim value was greater than Rs 1 lakh. Now, new customers buying health, travel and motor insurance policies need to submit their ID and address proof documents such as PAN card, Aadhaar, Voter’s ID, driving licence and passport. This new rule will apply to all types of insurance — life, general, travel, motor and health insurance, from January 1, 2023 onwards,

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