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KYC Process In Car Insurance

Published On Jan 23, 2023 10:00 AM By InsuranceDekho

KYC Process In Car Insurance

From 1st January 2023, KYC or Know Your Customer is now mandatory for all types of insurance, including car insurance plans. Insurance Regulatory and Developmental Authority has instructed all the insurers to start with the KYC process. The implementation of KYC happened in order to make insurance process more convenient as well as reduce the fraud claims associated with insurance. While KYC is mandatory for all types of insurance, in the section below, we have enlisted the KYC process for car insurance.

KYC Process In Car Insurance

Features of KYC Norms in Car Insurance

Listed below are the features of Know Your Customer norms in car insurance:

  • In order to complete KYC norms in car insurance, you need to submit documents like aadhar card, photograph, identity proof, etc
  • For new buyers of car insurance plans, they need to submit KYC documents at the time of buying the car insurance plan
  • For existing car insurance policyholders, insurers are requested to start collecting the KYC documents within 1 year

Benefits of KYC in Car Insurance

Some of the benefits of KYC in car insurance are as follows:

  • KYC in car insurance will enable the insurers to keep the complete record of policyholders in one place
  • KYC will help in reducing the chances of fraud claims
  • With KYC greater customer satisfaction is also ensured 

IRDAI Approved KYC Process

IRDAI has approved different KYC procedures such as the following:

  • Aadhar based KYC which allows policyholders to do the KYC either online or offline
  • Digital KYC 
  • Video-based identification where the insurer and policyholder will interact and complete the KYC process
  • By submitting the Form 60 along with your PAN card and other official documents

Documents Required for KYC Process in Car Insurance

Listed below are the essential documents required for KYC in car insurance:

  • Passport
  • Driving License
  • Aadhar card
  • PAN card
  • Voter’s Identity Card
  • Passport size photograph

Take Away

Thus, KYC has now become a mandatory requirement for all policyholders so that the number of insurance-related frauds is reduced. So, in case you already have an insurance policy, make sure to contact your insurer and get your car insurance KYC done at the earliest.

Also read: Reasons for Car Accident in India

Disclaimer

This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
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