Aadhaar has been the focus of latest developments in the social security structure of the country. One of the major steps towards improving transparency and safety is the linking of Aadhaar with investments, financial transactions and life insurance policies. Life insurance plans also form a part of your investment portfolio, and thus, you must link your Aadhaar with your insurance policies.
The primary concern faced by the financial institutions, like insurers and banks, is that unscrupulous people can use the networks for illegal activities. Such activities may include, money laundering, fraud, tax evasion, and even terrorism. Very often these activities involve the account and policies of innocent investors.
Aadhaar link safeguards innocent investors like you from fraudulent and criminal activities. After PAN card Aadhaar provides another layer of security to your insurance policies. Additionally, Aadhaar makes claim process more comfortable for your family members.
Extended due date for linking your insurance policies with Aadhaar is March 31st, 2018.
There are no particular documents required to connect your life insurance plans with your Aadhaar number. However, the policyholder must have the Aadhaar number, policy numbers and the PAN number.
If you do not have the PAN Card, then Form 60 will be required.
Important: Make sure that your mobile number is registered with Unique Identification Authority of India (UIDAI). If not, then get it updated before the linking takes place to avoid any hassles.
In case the Aadhaar number is not available, you can submit the proof of application for the Aadhaar enrolment.
How to Get Your Aadhaar Number?
If you are yet to receive your Unique Identification Number, you can enroll at the nearest Office of the Registrar General of India (RGI).
RGI is exclusively responsible for Aadhaar Enrolment activities throughout the country. You can locate a nearest Aadhaar Enrolment Centre, Aadhaar Camps or, Permanent Enrolment Centre here.
How to Link Your Policies?
Once your Aadhaar number is ready, follow the steps below to link your life insurance policies with it.
Step 1: Online or Offline
There are two ways you can link your policies – Online through the insurer’s website, or by visiting the nearest branch of the insurance company.
If you are an LIC customer, you can locate the nearest LIC branch by clicking here and using the branch locator. If you have bought the policies through an Advisor (or advisors), you may contact the advisor(s) to assist you through the process.
While visiting the branch, you only need the following documents:
- A valid ID Proof
- Policy Numbers
- Aadhaar card
If you have bought the life insurance policies online, you can link your life insurance policies with Aadhaar through your account from the insurer’s website. Follow the steps below to create your account if you have not created so far.
Step 2: Registering Online
Even when you have bought the policies through an advisor, but prefer to use online channel for Aadhaar linking, you can do so by registering your life insurance policies online. Click on the customer login and click on ‘New User’ below the login form.
Keep your policy documents handy to complete the next form. You will need to provide:
- Customer ID
- Policy Number
- Date of Birth
- E-mail ID
- Mobile Number
Important: E-mail ID is an important factor in the process. Ensure that you provide a secure e-mail ID, which is – 1. Owned by you, & 2. Easily accessible to you. If you do not have a ready e-mail ID, create one on gmail.com, or yahoo.com, etc.
Your e-mail ID is going to be the most important communication link between you and your insurer. Once your registration is complete, you will receive confirmation from the insurer on your registered e-mail ID.
Step 3: For Online Users – Add All Life Insurance Policies
After registration, you need to ensure that all the policies you bought from one insurance company are registered with your account with that insurer. If not, this is what you need to do before you can move ahead with linking.
It is also better since you need to seed the Aadhaar number only once to link with all the life insurance or pension policies.
Once your online account is active and all your policies are listed, add Aadhaar number to Link with the policies.
Step 4: Check in Few Days
Log in to your account after few days to check if the linking is complete. Alternatively, you can also contact the insurer’s customer support to confirm by calling or dropping an e-mail. Keep your policy details handy for these calls.
Linking of Aadhaar with financial transactions is another step towards curbing black money from coming into the mainstream. Additionally, connecting all your life insurance policies with a single, unique identification makes it easier for your family loved ones to access the benefits later.