Get Instant Quotes
Aviva India is an Indian life insurance company, and a joint venture between Aviva Group, a British assurance company, and Dabur Group, an Indian conglomerate.
AVIVA Group-A UK based insurance group, whose association with India dates back to 1834 and serves 33 million customers across 16 countries.
Dabur Invest Corp-One of India’s oldest and most respected business houses and the largest producers of traditional healthcare products.
Aviva Life Insurance Company deals in several products such as term plans, endowment plans, child policy, single premium plans, and many more.
Life insurance is a way to secure your different needs in a disciplined manner. It is a legal agreement and the terms of the contract explain the restrictions of the insured events. The policyholder pays a premium regularly or in a lump sum. Other expenses (such as funeral expenses) can also be included in the settlement.
Life insurance is a contract between the life insurance company and the insured under which the insurer promises to pay the sum assured which is a predefined benefit that you will receive in case of any emergency of requirement as per the policy’s document. Under the same, the insured person has to pay a decided amount which is also popular as a premium to the insurer to continue its policy.
If we talk in simple terms then, if you purchase a life insurance plan, the insurer promises to pay a pre-decided amount in a case where it is required that’s is your unfortunate death. Under the same, the company would be liable to pay an amount to the beneficiary as per stated in the document. In return, you have to pay a pre-decided amount on a regular basis, which is known as premium till the date of your death during the policy tenure.
There are several reasons through which you will understand the need of having a life insurance plan. Here is the list of most common reasons :
Offers financial securityA life insurance policy promises to pay a definite sum in the case where the life assured falls prey to premature death. This is an important plan for those who are breadwinners for their families. With the help of this effective plan, in the unfortunate demise of the breadwinner, the family can easily deal with the financial crises by completing the claim proceedings. There is no doubt in saying that the emotional loss is irreplaceable, no one can replace the same, still, the plan offers the much required financial assistance which can solve several problems of your family.
Helps in achieving financial goalsThe plan is designed in a way that can easily help you in achieving financial goals. So, whatever is your goal like arranging funds for child education, retirement corpus, to save your home loan and the personal loan in the case of untimely demise or just want to create wealth only, you will easily find a life insurance that can go well with your needs.
We all think of accepting different measures to attain our set financial goals and make a lot of savings for it as well. Such plans play an important role in ensuring future goals when the breadwinner is not around to take care.
Life insurance builds the habit of savingsYou must be aware of the fact that for attaining financial goals, you need to make savings. Life insurance helps in building the habit of saving as under the same you have to pay a regular premium to continue your policy. Even you can pay your premium, on the monthly, quarterly or yearly basis as well.
There is no doubt that we all have multiple goals in life that we wish to fulfill asap. But undoubtedly, the biggest goal for all after becoming parents is to ensure a bright and successful future for children. At this moment, you understand that you need to be sensible with your financial planning and cater to your child’s future needs with an effective child insurance plan.
Aviva Dhan NirmanA unique traditional participating life insurance plan that gives you a guaranteed regular stream of income and also a bonus at the end of your policy term.
Features| Entry Age | Minimum: 4 years last birthday Maximum: 50 years last birthday |
||||||||||
| Maturity Age | 75 years | ||||||||||
| Premium Payment Term (PPT) and Policy Term (PT) |
|
A traditional life Insurance Plan that gives guaranteed cash back every 5 years in addition to guaranteed maturity benefit, to meet your short and long-term needs
Features| Entry Age | Minimum: 13 years last birthday Maximum: 55 years last birthday |
| Maturity Age | 23 to 70 years |
| Policy Term (PT) | 10, 15 or 20 years, subject to maximum maturity age |
Offers you an opportunity to invest a lump sum for medium to long-term together with Life Cover and flexibility to access your money after 5 years.
Features| Entry Age | Minimum: 13 years last birthday Maximum: 55 years last birthday |
| Maturity Age | 23 to 70 years |
| Policy Term (PT) | 10, 15 or 20 years, subject to maximum maturity age |
A traditional life insurance plan that doubles the total amount of premiums paid and returns it as a lump sum at maturity, guaranteed.
Features| Entry Age | Minimum: 5 years last birthday Maximum: 50 years last birthday |
||||||||
| Maturity Age | Minimum: 18 years Maximum 63 years Single Premium: 67 years (Regular Premium) |
||||||||
| Premium Payment Term (PPT) and Policy Term (PT) |
|
A unit linked insurance plan to help secure your child's education. In case of death, all future premium will be waived paid as a lump sum in the policy fund. Moreover, your family will get a lump sum to meet the immediate financial need.
Features| Entry age (last birthday) | Parent (life insured) : 21 - 45 Years Child (Nominee (Beneficiary)) : 0 – 17 Years |
| Policy Term (PT) | 10 - 25 years, subject to maximum maturity age of 60 years. |
| Premium Payment Term (PPT) | Equal to the policy term |
| Annual premium | Minimum: Rs 50,000 Maximum: No limit subject to underwriting. |
A traditional life insurance plan to secure important milestones of your child's education. It provides guaranteed money back. There are four options with different premium bands.
FeaturesMaturity Sum Assured will depend on the age of the Life Insured, Policy term and Plan Option.
| Entry Age | Parent: 21-50 years and Child: 0-12 years (last birthday) |
| Policy term | 21 minus age at entry of the child |
| Premium Payment Frequency | Yearly, Half-yearly and Monthly |
A unit linked insurance plan that not only makes your money work harder but also provides comprehensive protection for you and your family.
Features| Minimum Entry Age | 18 years (last birthday) |
| Maximum Entry Age | 50 years (last birthday) |
| Maximum Maturity Age | 60 years (last birthday) |
| Policy Term | 10, 15 or 20 Years (subject to maximum maturity age) |
| Premium Payment Term | Same as Policy Term |
A saving cum protection oriented traditional life insurance plan that assists you financially by guaranteeing returns in the form of regular payouts for 12 years.
Maturity Benefit:In case the life insured survives till the end of the Policy Term and provided all due premiums have been paid; the Maturity Sum Assured will be paid in the following manner:
An additional Guaranteed Terminal Benefit, depending upon age at entry, is paid at the end of the Premium Payment Term.
In case of unfortunate death of the Life Insured while receiving the regular income, the outstanding regular payouts shall be paid to the nominee/beneficiary.
Death Benefit:In case of death of the life insured during the policy term provided all due premiums till date of death have been paid, the Death Sum Assured payable shall be highest of the following amounts:
| Entry Age | 6 to 50 years last birthday |
| Maturity Age | 18 to 62 years last birthday |
| Policy Term | 12 years |
| Payout Period | 12 years after maturity i.e. 13th to 24th year |
A traditional participating life insurance plan that helps you save systematically and build a corpus. Return of premiums plus bonus at maturity.
Features| Minimum Entry Age (last birthday) | 18 years |
| Maximum Entry Age (last birthday) | 50 years |
| Maturity Age (last birthday) | 70 years |
| Premium Payment Term (PPT) | 5 years, 7 years & 11 years |
| Policy Term (PT) | Policy Term (PT) |
A Unit Linked insurance plan which helps you live to the fullest & demand the maximum out of your finances.
Features| Entry Age (last birthday) | Minimum: 2 years Maximum: 50 years |
||||||||||
| Policy Term | 15 to 30 years, subject to minimum & maximum maturity age | ||||||||||
| Premium Payment Term (PPT) and P |
|
Saving plans are life insurance products designed to support disciplined savings and at the same time ensure steady returns throughout the policy term which can be payable as monthly income or lump-sum depending on your need and chosen plan.
Aviva Dhan NirmanA unique traditional participating life insurance plan that gives you a guaranteed regular stream of income and also a bonus at the end of your policy term. Minimum age is 4 years and the maximum age is 50 years.
Features| Entry Age | Minimum: 4 years last birthday Maximum: 50 years last birthday |
||||||||||
| Maturity Age | 75 years | ||||||||||
| Sum Assured | Minimum: Rs. 200,000 Maximum: Rs. 1 crore (per life) |
||||||||||
| Annual Premium | Rs. 14,486 (exclusive of Goods & Services Tax and extra premium, if any) | ||||||||||
| Premium Payment Term (PPT) and Policy Term (PT) |
|
A traditional life Insurance Plan that gives guaranteed cash back every 5 years in addition to guaranteed maturity benefit, to meet your short and long-term needs.
Features| Entry Age | Minimum: 13 years last birthday Maximum: 55 years last birthday |
| Maturity Age | 23 to 70 years |
| Policy Term | 10, 15 or 20 years, subject to maximum maturity age |
| Premium Payment Term | 10 years for all the Policy Terms |
| Sum Assured | Minimum: Rs. 100,000 Maximum: Rs. 5 crore |
A Unit Linked Insurance Plan that not only makes your money work harder, but also provides comprehensive protection for you and your family.
Death Benefits:In case of unfortunate death of the life insured the nominee will receive either the Sum Assured or 105% of the total premiums paid or the Fund Value at the date of notification of death along with Loyalty additions, if any, whichever of these is higher.
Maturity Benefit:On survival of the Life Insured till the maturity date, you will receive the Fund Value along with Loyalty additions.
Loyalty Addition:You will get Fund value based Loyalty additions on last 3 policy anniversaries of your policy, if all premiums are paid till date of respective loyalty addition. The rate of Loyalty Addition depends upon your policy term and continues to be attached and payable once added.
Eligibility| Minimum Entry Age | 18 years (last birthday) |
| Maximum Entry Age | 50 years (last birthday) |
| Maximum Maturity Age | 60 years (last birthday) |
| Policy Term | 10, 15 or 20 Years (subject to maximum maturity age) |
| Premium Payment Term | Same as Policy Term |
A Unit Linked Insurance Plan that helps to grow your wealth and offers you an opportunity to invest a lump sum for medium to long-term together with Life Cover and flexibility to access your money after 5 years.
Features| Entry Age | 02-65 years |
| Policy term | 10-73 years (minimum age at maturity 18 years; maximum age at maturity 75 years) |
| Premium Paying Term | Single Premium |
| Base Premium | Minimum Premium: Rs. 50,000 |
| Top-up Premium | Minimum: Rs. 5,000; Maximum: Up to single Premium paid |
A saving cum protection oriented traditional life insurance plan that assists you financially by guaranteeing returns in the form of regular payouts for 12 years.
Death BenefitIn case of death of the life insured during the policy term provided all due premiums till date of death have been paid, the Death Sum Assured payable shall be highest of the following amounts:
| Entry Age | 6 to 50 years last birthday |
| Maturity Age | 18 to 62 years last birthday |
| Policy Term | 12 years |
| Premium Payment Term | 12 years |
| Payout Period | 12 years after maturity i.e. 13th to 24th year |
A traditional life insurance plan that doubles the total amount of premiums paid and returns it as a lump sum at maturity, guaranteed.
Features| Entry Age(last birthday) | Minimum: 5 years Maximum: 50 years |
| Maturity Age (last birthday) | Minimum: 18 years Maximum: 63 years (Single Premium), 67 years (Regular Premium) |
| Maximum Premium (per Life) | Rs.1,00,00,000 |
| Minimum Premium | Regular Premium: Rs.50,000 p.a. + applicable taxes Single Premium: Rs.1,50,000 + applicable taxes |
| Premium Paying Frequency | Single or Annual |
A traditional participating life insurance plan that helps you save systematically and build a corpus. Minimum age is 18 years and the maximum age is 50 years.
Features| Minimum Entry Age (last birthday) | 18 years |
| Maximum Entry Age (last birthday) | 50 years |
| Maturity Age (last birthday) | 70 years |
| Premium Payment Term (PPT) | 5 years, 7 years & 11 years |
| Policy Term (PT) | 20 years |
A Unit Linked insurance plan which helps you live to the fullest & demand the maximum out of your finances. The policyholder will not be able to surrender/withdraw the money invested in linked Insurance products completely or partially until the end of the fifth year.
Features| Entry Age (last birthday) | Minimum: 2 years Maximum: 50 years |
| Policy Term | 15 to 30 years, subject to minimum & maximum maturity age |
| Premium Payment Term (PPT) | 5 / 7 / 10 / 15 or Equal to Policy Term |
| In-built Accidental Death Benefit | In-built Accidental Death Sum Assured shall be equal to the Base Sum Assured, subject to maximum of Rs. 50 lacs, including all existing Accidental Death Benefit cover issued by Aviva. |
| Premium Payment Frequency | Yearly Only |
Retirement plans are designed in a manner that ensures a steady income for you in the form of a pension during your post-retirement life so that you can continue living a financially independent life. The company offers plans to suit your requirements with easy payment options and excellent returns.
Aviva Annuity PlusA traditional insurance plan specially designed to provide you with lifetime income during your post-retirement years
Features| Purchase Price | Minimum: Rs.25,000 Maximum: No Limit |
| Annuity Installment | Minimum Rs.500 for any of the annuity frequency chosen |
| Annuity Frequency | Yearly, Half Yearly, Quarterly, Monthly |
A traditional life Insurance Plan that gives guaranteed cash back every 5 years in addition to guaranteed maturity benefit, to meet your short and long-term needs.
Features| Entry Age | Minimum: 13 years last birthday Maximum: 55 years last birthday |
| Maturity Age | 23 to 70 years |
| Policy Term | 10, 15 or 20 years, subject to maximum maturity age |
| Premium Payment Term | 10 years for all the Policy Terms |
| Sum Assured | Minimum: Rs. 100,000 Maximum: Rs. 5 crore |
A unit linked insurance plan that not only makes your money work harder but also provides comprehensive protection for you and your family.
Accident here means a sudden, unforeseen and involuntary event caused by external, visible and violent means.
In the event of death of Life Insured after discontinuance of a policy within lock-in period of first five policy years, the policy will be terminated by paying the Fund value as per the discontinued policy fund to the nominee.
Maturity Benefit: On survival of the Life Insured till the maturity date, you will receive the Fund Value along with Loyalty additions.
Loyalty Addition: You will get Fund value based Loyalty additions on last 3 policy anniversaries of your policy, if all premiums are paid till date of respective loyalty addition. The rate of Loyalty Addition depends upon your policy term and continues to be attached and payable once added.
Eligibility| Minimum Entry Age | 18 years (last birthday) |
| Maximum Entry Age | 50 years (last birthday) |
| Maximum Maturity Age | 60 years (last birthday) |
| Minimum Premium | Depends upon Age, Policy Term and Sum Assured Rs. 6,464 for Yearly mode Rs. 3,302 for Half-Yearly Rs. 1,675 for Quarterly mode Rs. 563 for Monthly mode |
| Maximum Premium | Rs. 47.53 lacs |
A saving cum protection oriented traditional life insurance plan that assists you financially by guaranteeing returns in the form of regular payouts for 12 years.
Maturity BenefitIn case the life insured survives till the end of the Policy Term and provided all due premiums have been paid; the Maturity Sum Assured will be paid in the following manner:
An additional Guaranteed Terminal Benefit, depending upon age at entry, is paid at the end of the Premium Payment Term.
In case of unfortunate death of the Life Insured while receiving the regular income, the outstanding regular payouts shall be paid to the nominee/beneficiary.
Death BenefitIn case of death of the life insured during the policy term provided all due premiums till date of death have been paid, the Death Sum Assured payable shall be highest of the following amounts:
| Entry Age | 6 to 50 years last birthday |
| Maturity age | 18 to 62 years last birthday |
| Policy Term | 12 years |
| Premium Payment Term | 12 years |
| Payout Period | 12 years after maturity i.e. 13th to 24th year |
A traditional participating life insurance plan that helps you save systematically and build a corpus.
Features| Minimum Entry Age (last birthday) | 18 years |
| Maximum Entry Age (last birthday) | 50 years |
| Maturity Age (last birthday) | 70 years |
| Premium Payment Term (PPT) | 5 years, 7 years & 11 years |
| Sum Assured (SA) | For PPT = 5 years:
When entry age 18-45 years, Minimum SA is Rs 5 lac When entry age 46-50 years, Minimum SA is Rs 10 lac For PPT=7 years Minimum Sum Assured is Rs 5 lac For PPT=11 years Minimum Sum Assured is Rs 3 lac For all three PPTs, Maximum Sum Assured is Rs 5 crore |
A Unit Linked insurance plan which helps you live to the fullest & demand the maximum out of your finances.
Features| Entry Age (last birthday) | Minimum: 2 year Maximum: 50 year |
| In-built Accidental Death Benefit | In-built Accidental Death Sum Assured shall be equal to the Base Sum Assured, subject to maximum of Rs. 50 lacs, including all existing Accidental Death Benefit cover issued by Aviva. |
| Policy Term | 15 to 30 years, subject to minimum & maximum maturity age |
| Premium | Regular Premium: Minimum: Rs.1,00,000 Maximum: No limit, subject to board approved underwriting Top-up Premium: Minimum: Rs.5,000 Maximum: No limit, subject to board approved underwriting Sum of Top-up Premiums should not exceed sum of Regular Premiums paid |
Aviva Life Insurance Company is offering a wide range of term insurance plans which make it easy for you to compare and choose the best one for yourself.
Aviva I-LifeAn Aviva-I- life-term insurance policy is designed to afford your family with utmost protection when you are not around. Give your loved ones an additional financial backup to take care of their daily needs at an extremely affordable price.The premium of the plan may vary as per requirement.
Features| Entry Age | Minimum: 18 years (age last birthday) Maximum: 65 years (age last birthday) |
| Maximum Maturity Age | 80 years last birthday (without Aviva Critical Illness and Disability Rider-Non linked Rider) 70 years last birthday (with Aviva Critical Illness & Disability Rider -Non linked Rider) |
| Premium | Min: Rs. 3,861 (excluding discounts, taxes & extra premium, if any) Max: Depends on the Age, Term & Sum Assured chosen |
The best thing about this plan is that it offers great protection at low cost. It is a term insurance plan with return of premium that protects your family in case you are not around. Under the same, you will get 110% of premiums paid at maturity.
Features| Entry Age | Minimum: 18 years (age last birthday) Maximum: 65 years (age last birthday) |
| Maximum Maturity Age | 75 years last birthday (without Aviva Critical Illness and Disability Rider-Non linked Rider) 70 years last birthday (with Aviva Critical Illness & Disability Rider -Non linked Rider) |
| Premium | Min: Rs. 3525 (excluding discounts, taxes & extra premium, if any) Max: Depends on the Age, Term, Option & Sum Assured chosen |
One more effective term plan that offers wider coverage at your doorstep at a nominal cost. There is a bunch of benefits that you will get under this policy like the return of premiums paid at maturity.
Features| Entry Age | 18-55 years (Maximum age at the expiry of the policy is 65 years) |
| Policy term | 10 years to 30 years |
| Minimum Sum Assured | Rs 2 lacs |
| Premium Payment Frequency | Single Premium (for Option A), Yearly, Half-Yearly, Quarterly and Monthly (for both Options) |
One more life protection that will enhance your investment portfolio credibility. It is one of the top insurance plans by Aviva. It comes out with various features such as the option of life cover, income protection, or loan protect.
FeaturesThis is a pure insurance product and hence there is no maturity benefit payable under this plan
Surrender Benefit:Option A: There is no surrender value
Option B & C: The policy will acquire surrender value after the premium payment term, if all due premiums have been paid.
Eligibility| Entry Age | 18-60 years |
| Policy Term | 10 to 52 years, subject to the maximum maturity age of 70 years |
| Premium Payment Term | Option A – equal to Policy Term Option B & Option C – 2/3rd of policy term, rounded down to nearest integer e.g. for a 16 years term, paying term will be 10 years |
| Premium Payment Frequency | Annualy, Half-yearly, Quarterly or Monthly |
This policy combines the benefits of the Aviva i-Life and the Aviva Health Secure policy that provides all-around protection. Under the same.The customer has the choice of purchasing any one or more products as per his/her need and choice.
Death Benefit:In case of your unfortunate death during the policy term, the Sum Assured will be paid to the beneficiary in your family to take care of their future needs.
Critical Illness Benefit:The Sum Assured will be paid in case of diagnosis of any of the 12 major critical illnesses covered under the product.
The premium for Critical Illness cover will not change for the first five years. However, the premium will be reviewable every five policy years at the policy anniversary, after approval from the IRDA of India. Such review of premium rates will be performed by the Company at the beginning of the calendar year and premium rates after review would only be applicable for the contracts for which the review falls due in that year.
Only conditions described as critical illness in the Aviva Health Secure brochure are covered under this policy. Sum Assured is payable, provided the life insured survives for 30 days after the diagnosis of critical illness. A policyholder can claim at the first diagnosis of any critical illness, provided the critical illness has been diagnosed after 90 days of the policy commencement date or the date of reinstatement.
Maturity Benefit:No maturity benefit is payable under this product combination.
Eligibility| Minimum Entry Age (last birthday) | 18 years |
| Maximum Entry Age (last birthday) | 55 years |
| Maximum Maturity Age (last birthday) | 70 years for term insurance 65 years for critical illness cover |
| Minimum Sum Assured | Rs. 25 Lac for term insurance Rs. 5 Lac for critical illness cover |
A non-linked & non-participating life insurance term plan. Aviva’s i-Life Total is more than just a term plan as it not only shields you and your family from the impact of uncertainties and unforeseen circumstances but also lends the loved ones you left behind, the financial independence they need when you’re no longer around.
Features| Entry Age | Minimum: 18 years (age last birthday) Maximum: 65 years (age last birthday) |
| Maximum Maturity Age | 75 years last birthday (without Aviva Critical Illness and Disability Rider-Non linked Rider) 70 years last birthday (with Aviva Critical Illness & Disability Rider -Non linked Rider) |
| Premium | Min: Rs. 3525 (excluding discounts, taxes & extra premium, if any) Max: Depends on the Age, Term, Option & Sum Assured chosen |
The claim can be filed in a simple and hassle-free process. Mentioned are the steps for claim process:
1. Claim Intimation:The beneficiary have to intimate the claim to the insurance company by filling a claim form completely. A few documents will be required to attached along with the claim form. They are mentioned below:
On receiving the documents, the insurance company will pay the amount to the nominee of the policy. This process happens only during death claim.
3. Arrange for documents:Based on the type of claim, the benficiary have to attach the relevant documents in original or photocopies. These photocopies are needed to be attested by a Gazette officer.
4. Settlement payout:The insurer will verify the documents once received. In case of any more documentation, the verification process will be complete after receiving the same. The clauses and riders if any would also be examined. If all the documents are appropriate as per the requirement, then the funds would be released in the nominee’s favor
Aviva Life Insurance assist you to use the online service. It is one of the best and easiest way to check for policy details and know the current status as well. If you want to renew your your policy then Aviva Life Insurance India Customer Login Portal is all you need and it will be helpful for online payment as well.
For Aviva Life Insurance Login, we are giving the Login process steps for the convenience of the customer.
Aviva Life Insurance-Online Payment Process
To provide more ease to its customers, Aviva Life Insurance has launched an online premium payment option through which consumers can easily make payment ontime without any penalty.
It is a simple process, all you need to do is visit the Aviva Life Insurance official portal.
Log in with your credentials
Use the premium payment option to proceed further.
Aviva Life Insurance- a well known life insurance company today announced the launch a new insurance plan that is basically a unit-linked insurance policy. The new policy offers long-term premium options to all consumers. Apart from the same, it also provides benefits of ULIP.
Aviva Affluence is intended to achieve high net-worth individuals, the company said in a release, adding it provides the option to choose from different premium payment terms, starting from 5 years going up to 30 years.
Trevor Bull, MD & CEO, Aviva India, said: “Our focus is on segments and geographies where we know we can make a difference, to the lives of our customers. Aviva Affluence is based on that thought, it’s a total customer proposition meant for a select audience that desires to multiply their wealth.”
Wednesday March 23, 2016
Japanese insurance company Nippon Life Insurance, Tata AIA and Aviva Life were among the 15 companies whose foreign direct investment proposals totalling Rs 7,262 crore have been permitted by the FIPB.
Moreover, the proposal of YES Bank to raise the foreign investment limit to 74 per cent from existing 41.87 percent without any limits has been referred to the Cabinet Committee on Economic Affairs (CCEA).
As per the recommendations of the Foreign Investment Promotion Board (FIPB) during a meeting that was held on March 7, the government has permitted 15 FDI proposals involving Rs 7,261.6 crore and suggested one application for approval of CCEA involving FDI of Rs 6,885 crore, a Finance Ministry statement said.
The Board also permitted the offer of Taurus Ventures for issuance of shares to the shareholders of Max India pursuant to a demerger of Max India Ltd. The offer of Nippon Life to hike stake in Reliance Life Insurance from 26 percent to 49 percent for Rs 2,265 crore was permitted by the board.
Also, Tata AIA Life Insurance Company’s proposal to raise AIA International’s stake from 26 percent to 49 percent that is around Rs 2,055 crore was also cleared by the board.
Wednesday March 23, 2016
On Wednesday, 8th Nov 2017, the Insurance Regulatory And Development Authority Of India (IRDA) said that the linking of Aadhar number with insurance plans is compulsory and asked insurance companies to implement the statutory norms.
“The Authority clarifies that, linkage of Aadhaar number to insurance policies is mandatory under the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017,” the IRDA said.
In the last June, the government of India had informed about the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017, making Aaadhar and PAN/Form 60 compulsory for getting financial services that include insurance also and asked policyholders and companies for linking the existing policies with the same.
In a discussion with all life and general insurance companies, IRDA said the rules have “statutory force” and they have to implement the rule without waiting for the further instructions.
Right now, there are 24 life insurers and 33 general insurance companies operating in the country.
Although, there are no deadlines that have been given by IRDA for the completion of the process, as per the circular, it has to be done as soon as possible. Some insurance companies also said that this can also result in the delay of payout in a few cases. Aadhaar is now also compulsory for financial transactions of Rs 50,000 and above. Likewise, one has to link one’s Aadhaar number with the mobile number latest by February 6, 2018.
Monday November 13, 2017
*Information provided on this webpage/website is only for the purpose of general information & understanding of the topic. PolicyX or any of its subsidiaries does not endorse any of the information provided herewith and are committed in providing correct and unbiased information to its customers helping them make an informed decision.
