A news is gathered that Aadhar card details may be made mandatory while taking insurance cover as well.
Insurance Regulatory and Development Authority (IRDA) Chairman, Mr T. S. Vijayan, while speaking to the press reporters, informed that Aadhar card detail it is already mandatory for the public when opening a savings account in a bank under the KYC (Know Your Customer) section. However, this procedure has not been introduced so far while taking insurance coverage.
This is a rather simple procedure and there cannot be any easier process to for the company to know about its customers. So, IRDA has been discussing with the central government to introduce the KYC scheme in the field of Insurance Coverage as well.
In the Public Sector Undertakings, an upper limit of up to 15% has been fixed for investment in LIC. In certain specific cases, this is relaxed and higher investments in LIC are allowed.
However, it has been emphasised that any proposed additional investment can be reduced and ensure that the limit is not exceeded.
Under the various insurance plans offered by the competitors in this field, over 20 Lakh investors are earning incomes.
With the ever advancing technology, the complete details about the insurance policies are currently available on the internet. However, this cannot be deemed as equivalent to the procedure of discussion with the agents, taking a decision, and then investing in an insurance coverage policy.