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By Anshul Dec 29, 2022 2:26:04 PM IST (Published)
You will have to provide Know Your Customer (KYC) documents at the time of buying any insurance policy. This is because the Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for companies.
The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for policyholders to provide Know Your Customer (KYC) details when purchasing any insurance policy from January 1, 2023. This requirement has been put in place to ensure insurance companies have accurate and up-to-date information about policyholders, which can help assess risks associated with providing coverage and prevent fraudulent activities.
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"Providing KYC details is an important part of the policy purchase process, and it is essential that policyholders comply with this requirement to ensure that their insurance coverage is properly in place," Venkatesh Naidu, CEO of Bajaj Capital Insurance Broking Ltd, told CNBC-TV18.com.
There are several ways in which the requirement for policyholders to provide KYC details can benefit customers: