In today’s time, health insurance has become a very important thing that everyone should have and if you are thinking of getting health insurance, then from next month there are going to be a lot of changes in it and you will have to accept some conditions only then your insurance It will happen. What is this change, let us know.
HR Breaking News, New Delhi : The Insurance Regulatory and Development Authority of India (IRDAI) is planning to make KYC details mandatory for insurers from November 1. Under this, KYC documents will have to be compulsorily submitted while making a claim for insurance. With this proposal of IRDAI, there will not be much problems in the claim process.
Currently, KYC details are voluntary while buying a non-life insurance policy. However, KYC documents like address and identity proof are mandatory for insurance claims of Rs 1 lakh or more. But now, the regulator is planning to make KYC details mandatory while purchasing the policy. These rules related to KYC will be mandatory for both new and existing customers.
Benefits of getting KYC done
The centralized policy database will be leveraged through the KYC process and will help in maintaining policy records on the Bima Sugam portal. On this portal, policy holders will be able to create an e-insurance account, where they will be able to view the details related to their policy, as well as make insurance claims easily
Abhishek Bondia, Director, 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.” At the same time, the KYC process will ensure that the sum insured is not paid to any third party. All payments should be made to the nominee and legal heirs of the policyholders.
KYC Compliance Terms
According to experts, if your policy is due to be renewed after November 1, you will need to provide photo identity and address proof to your insurer to be KYC compliant. Also, if you have recently purchased a policy then you need to submit KYC documents to the insurer.
