Know all about eKYC for buying your Insurance policy during Lockdown

Life insurance

Ramesh was looking to buy insurance but with the lockdown, he was unable to meet his agent and buy the policy. Then he found out about online insurance plans and was delighted to know that he can easily buy an insurance policy with eKYC. You can too because now insurance plans are issued through eKYC. Let’s explore how!

The world has gone digital and online transactions are ruling the roost. Even when it comes to financial transactions, the markets have gone digital as you are allowed to buy mutual funds or open a bank account in a paperless format using eKYC norms. Under the eKYC norms, your identity is verified through an Aadhaar based process wherein you can provide your eAadhaar details and complete the transaction. While the concept of eKYC was acceptable in banking and mutual fund transactions, now the insurance segment has also embraced this concept making insurance policies completely paperless.

eKYC in insurance

The Insurance Regulatory and Development Authority of India (IRDAI) has allowed online, paperless, Aadhaar based verification process for buying insurance policies online. This would eliminate the need of visiting the branch of the insurance company or meeting with an insurance agent to buy the insurance policy and submit your documents. You can simply buy the policy online and verify your credential through the eKYC norm. This would benefit both customers and insurance companies as –

  • The purchase process would become simple
  • No lengthy documentation would be needed to be physically submitted
  • It would promote the Digital India initiative taken by the Government and would make customers more self-reliant

The move for eKYC norm is also relevant in recent times when Coronavirus pandemic has forced individuals to stay at home and practice social distancing. Since insurance policies would become paperless, individuals would be able to invest in a suitable insurance policy right from the comforts of their homes without having to step out to complete the documentation. Moreover, since documents would not be needed to be submitted at the insurer’s office or with the insurance agent, social distancing norms can be easily followed and policies can be bought even in the lockdown. However, if income proofs are needed or when there is a need for medical reports of pre-entrance medical check-ups, these documents would still have to be submitted physically.

Currently, selective insurance companies, both in the life and non-life segment, have accepted the eKYC format for selling insurance policies. Let’s have a look which companies are these –

Life insurance companies 

  1. Bharti AXA Life Insurance Company Limited 
  2. Bajaj Allianz Life Insurance Company Limited
  3. HDFC Life Insurance Company Limited
  4. Exide Life Insurance Company Limited
  5. IndiaFirst Life Insurance Company Limited
  6. ICICI Prudential Life Insurance Company Limited
  7. PNB MetLife Life Insurance Company Limited
  8. Max Life Insurance Company Limited
  9. Future Generali India Life Insurance Company Limited
  10. SBI Life Insurance Company Limited
  11. Aegon Life Insurance Company Limited
  12. Reliance Nippon Life Insurance Company Limited
  13. Aditya Birla Life Insurance Company Limited
  14. Shriram Life Insurance Company Limited
  15. Kotak Mahindra Life Insurance Company Limited
  16. Pramerica Life Insurance Company Limited
  17. IDBI Federal Life Insurance Company Limited
  18. Star Union Dai-ichi Life Insurance Company Limited
  19. Canara HSBC OBC Life Insurance Company Limited
  20. Edelweiss Tokio Life Insurance Company Limited

General insurance companies

  1. Acko General Insurance Company Limited 
  2. Kotak Mahindra General Insurance Company Limited
  3. Religare Health Insurance Company Limited
  4. Future Generali India Insurance Company Limited
  5. Manipal Cigna Health Insurance Company Limited
  6. Royal Sundaram General Insurance Company Limited
  7. HDFC Ergo Health Insurance Limited
  8. SBI General Insurance Company Limited
  9. HDFC Ergo General Insurance Company Limited

So, the next time you want to buy insurance policies from any of the above-mentioned companies, opt for the eKYC norm of verification and buy the policy online in a contactless manner.

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