The Insurance Regulatory & Development Authority of India (IRDAI) has made KYC (Know Your Customers) details mandatory to buy or renew health insurance plans in India as per the guidelines issued in August 2022. The new guidelines will come into force on January 1, 2023. Read on to know about the KYC documents required for health insurance.
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The insurance regulator has made KYC documents mandatory to protect the insurance industry against money laundering activities. It can help to identify if an individual is real and can be trusted with their insurance services. It will also help the insurance companies to categorize their customers as low, medium and high-risk customers.
Moreover, these KYC checks are expected to help insurance companies build a detailed database of their customers that will be beneficial in the long run. It can also help in a faster settlement of claims.
The IRDAI has released the Master Guidelines on Anti-Money Laundering/ Counter Financing of Terrorism (AML/CFT), which lists the accepted forms of KYC. Take a look at the ways through which an insurer can conduct the KYC of a health insurance customer:
Here is the list of KYC documents required to buy or renew a health insurance policy:
The IRDAI has also issued certain KYC norms that should be followed by all health insurance providers in India. Take a look at these KYC norms below:
The following things should also be considered while conducting the KYC of a health insurance customer:
Just like life insurance, KYC documents have now become mandatory for buying or renewing general insurance, including health insurance. The master guidelines by the IRDAI lays out the processes and the accepted forms for conducting the KYC of a customer. So make sure to go through the list of KYC documents and keep them handy if you plan to buy or renew a health insurance policy.
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