Articles 511 views April 30, 2020

Now Buy Insurance Policies Using e-KYC

During the ongoing lockdown, while most of the people are confined in their homes to curb the spread of the COVID-19 Pandemic, this is indeed the time to look into your personal finances and investments.

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In an attempt to simplify the purchase of the insurance, the Insurance Regulatory authority of India (IRDAI), authorized the Indian Insurance companies to avail the Aadhaar- based authentication services of Unique identification Authority of India(UIDAI) to fulfil the Know Your Customers (KYC) norms.

This E-KYC option has enabled the insurer to replace a certain set of documents like photograph, identity and address proof with Aadhaar. However, the proof of income and medical statement(if required) will still have to scanned and uploaded. This move will help enable the policy purchase and KYC fulfilment process in a distance mode wherein the you can do it from your home with just a click of button.

Considering the present situation, in the Pandemic-driven lockdown, this facility has come in an opportune time to make the onboarding process completely digital and creating a paperless online journey, when it is impossible to meet the customers personally. You can easily buy policies by adopting online facilities and need not to procrastinate buying insurance which is very important in these testing times.

The Regulator, IRDAI has come up with a list of companies who can undertake this process. Find the full list here –

  1. Life Insurance Corporation of India (LIC)
  2. HDFC Life Insurance
  3. Max Life Insurance
  4. ICICI Prudential Life Insurance
  5. Kotak Mahindra Life Insurance
  6. TATA AIA Life Insurance
  7. SBI Life Insurance
  8. Exide Life Insurance
  9. Bajaj Allianz Life Insurance
  10. PNB MetLife India Insurance
  11. Reliance Nippon Life Insurance
  12. Aviva Life Insurance
  13. Bharti AXA Life Insurance
  14. Future Generali India Life Insurance
  15. Canara HSBC OBC Life Insurance
  16. Aegon Life Insurance
  17. IndiaFirst Life Insurance
  18. Aditya Birla Sun Life Insurance

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