KYC for Insurance Policies: If you are going to need to renew your insurance after January 1, 2023, then your insurance company may ask you to provide photo ID and address proof. IRDAI has made KVI mandatory for the insurance industry from January 1, 2023.
KYC for Insurance Policies: KYC (Know Your Customer) guidelines of the insurance regulator IRDAI (Insurance Regulatory & Development Authority of India) have been implemented in the country. The agency has implemented the mandatory KVI for the insurance industry from January 1, 2023.
Now customers will have to get KYC done to buy a new insurance policy or to renew the old policy. All types of insurance policies including health insurance, general insurance, motor insurance come under this rule.
IRDA has brought this rule to protect the insurance industry from cases of fraud and money laundering. By keeping the details updated with the KYC documents, the insurance companies will know which of their customers fall in the low, medium and high risk categories.
If you are going to need to renew your insurance after January 1, 2023, then your insurance company may ask you to provide photo ID and address proof. This means that if you are going to renew any of your old policies, then for this you may have to submit your KYC details again.
For this, some documents will be asked from you. We are telling you here which are the documents, by submitting which the KVIC process will be complete, so that you can be prepared in advance.
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What are the documents required to get KYC done? (KYC Documents Required to Buy/Renew Health Insurance)
- Aadhar Card
- Passport
- Voter ID Card
- driving license
- NREGA job card signed by a government official
- Letter issued by National Population Register with demographic details
- Any other document sought by the central government after consultation with IRDA
Till when do you have to get KYC done?
IRDA has asked insurance companies to collect KYC documents of already existing customers within a specified period. Insurance companies can ask low risk customers to get their KYC done within two years. On the other hand, customers with high risk will have one year’s Tim
