March 26, 2018
For existing insurance policies, the date of linking Aadhaar is extended till the matter is finally heard
The Insurance Regulatory and Development Authority of India (Irdai) has extended the deadline for linking Aadhaar with various insurance policies until the Supreme Court decides on the matter.
The SC in writ Petition (vide order dated March 13) extended the deadline of linking Aadhaar till the matter is finally heard and the judgment is pronounced. The earlier deadline was March 31. “For existing insurance policies, the date of linking Aadhaar is extended till the matter is finally heard and the judgment is pronounced by the SC,” Irdai said.
In case of new polices, Irdai said a policybuyer was allowed six months from the date of commencement of account-based relationship to submit the Aadhaar number and PAN/Form 60 to the insurer. “In absence of Aadhaar, client shall submit any of the officially valid document as mentioned in the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005,” it said.
As per norms, Non Resident Indian policy holders are not required to surrender their policy for not having Aadhaar. In absence of Aadhaar, NRI/Persons of Indian Origin/Overseas Citizens of India too can submit any of the officially valid documents as per the PMLA.
[The Business Standard]