Aadhaar Card for Bike Insurance: Is it mandatory?
The last few months have been quite eventful, to say the least. It all started with linking of Aadhaar card and PAN card. The frenzy then followed on to linking of your Aadhaar card to bank accounts. Though it seemed a bit of a stretch for the consumers or customers, there were good enough reasons for the same.
At the crux of it, Aadhaar would bring forward a transparent system. It would then make it difficult for people to deal with black money. IRDAI or the Insurance Regulatory and Development Authority of India recently announced that all insurances must be linked to your Aadhaar number. Thus, it is now mandatory for you to link your Aadhaar number to all your insurance policies.
Is Aadhaar Needed for Bike Insurance?
If you have a bike insurance, you need to link your Aadhaar card to it as per the new mandate by the IRDAI. As per the circular, all insurance products in the country need to have a PAN and Aadhaar number associated with them. This means, that your bike insurance must also have your PAN and Aadhaar number.
If you already have a bike insurance, chances are high that you would already have received intimation to link Aadhaar number. Irrespective of whether you have received or not, you should do it as soon as possible.
How to Link Aadhaar to Bike Insurance?
The following are the different ways by which you can link your Aadhaar card to your policy.
This is probably the easiest mode amongst the others. . You just need to login to your insurer’s website and get to your policy number. Once you are in the service portal, you will find a link to update your Aadhaar number.
If you have not registered your account online, this is the right time to set it up. For most of the new registrations, Aadhaar number makes it to the mandatory details list. Once you complete the process, your bike insurance and Aadhaar number will be linked.
The last step of online addition of Aadhaar number is OTP. Your registered mobile number will receive an OTP which you must enter on the website. This marks the completion of the process.
If you are not tech savvy, you can do it the good old way as well. You can call up your insurance agent or walk into any of the branch offices. You can then ask them to complete the process of linking Aadhaar to your policy. They would usually ask for a self-attested copy of your Aadhaar card.
What happens if you do not link?
If you fail to link your Aadhaar number with your bike insurance within the specified time, your policy will not be discontinued. If you provide your KYC or Know Your Customer details during the renewal process, the policy will continue. The consequences of not linking Aadhaar number will be felt the most in case of health insurances, as the same is required during claims of any amount.
Why is it required?
The intent of bringing Aadhaar into the insurance equation was to make lives easier for insurers as well as policy holders. Aadhaar linking would reduce the number of fraudulent cases that insurers must deal with. It would also smoothen the claims process and it would eliminate the need for multiple KYC’s.
Linking your Aadhaar number to your insurance policy might seem a bit inconvenient at this moment. But the one-time process promises to bring about a lot of chances in the future. If you haven’t already linked your Aadhaar number, it’s about time to get it done.