It is mandatory for all life, general and standalone health insurance companies to link existing policies with Aadhaar and Permanent Account Number (PAN) or Form 60.
In a circular issued on Wednesday, the Insurance Regulatory and Development Authority of India (IRDAI) said: ``Linkage of Aadhaar number to Insurance Policies is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017.’’
On June 1, 2017, the Centre had notified the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 making Aaadhar and PAN/Form 60 mandatory for availing financial services including Insurance and also for linking the existing policies with the same.
``These Rules have statutory force and, as such, Life and General Insurers (Including Standalone Health Insurers) have to implement them without awaiting further instructions,’’ the regulator said.