KYC mandatory for buying health, auto, and other insurance from 1 Jan1 min read . Updated: 01 Jan 2023, 09:02 AM IST
- The rule applies to all types of insurance--life, general, and health insurance
- Until now, sharing KYC documents was a voluntary choice while purchasing a policy
From today onwards, policyholders will have to provide Know Your Customer (KYC) documents for buying all insurance policies. The Insurance Regulator and Development Authority of India (IRDAI) has made KYC norms mandatory for buying health, auto, home, etc for the purchase of all new insurance policies. The rule applies to all types of insurance--life, general, and health insurance.
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