IRDAI Extends Deadline For Linking Aadhaar With Insurance Policies

The Insurance Regulatory and Development Authority of India (IRDAI) has extended the deadline for linking of insurance policies with Aadhaarnumbers.

As per an an earlier order, all insurers should complete linking of insurance policies with Aadhaar before March 31, 2018.

The present direction has come in the wake of a recent decision of the Supreme Court to extend deadline till the final disposal of a writ petition filed challenging mandatory Aadhaar linkage.

In a circular to all life, general and standalone general insurers, the authority said: ``For existing insurance policies, the date of linking Aadhaar is extended till the matter is finally heard and judgement is pronounced by the Supreme Court of India.’’

For the new insurance policies, a customer is allowed six months from the date of commencement of account based relationship (or buying of policy) to submit Aadhaar number and PAN/Form 60 to the insurers, it said.

In the absence of Aadhaar, a customer can submit any of the officially allowed document as mentioned in the Prevention of Money-laundering (Maintenance of Records) Rules 2005.