Saturday, December 2, 2017

Do NRIs need to link Insurance Policies (LIC) With Aadhaar Number

If you hold an insurance policy in India, get ready to link it with Aadhaar. After bank accounts, PAN card, and mobile phones, it's time for insurance policies to be updated with Aadhaar number. Many NRIs have bought Life and Health Insurance policies in India, mostly when they were residents, so, the big question is do NRIs need to link their insurance policies with Aadhaar card?



Well, the answer is in line with the requirement with bank accounts. Since NRIs are not eligible for Aadhaar card, they are not required to link their bank account or income tax account with Aadhaar card.

If you look closely to the application form of Aadhaar card it asks for a confirmation that you have stayed in India for more than 180 days in last year which is not possible for an NRI, hence NRIs are not eligible for Aadhaar card.

Btw, if you have an Aadhaar number, maybe when you applied for it when you were the resident of India then, by all means, you should link your Insurance policies with Aadhaar.




Is it mandatory for NRIs to link Insurance Policies with Aadhaar

It is mandatory to link Insurance policies with Aadhaar for anyone who has Aadhaar number, for residents they need to get the Aadhaar but its only exempted from NRIs who don't have Aadhaar number.

The Insurance Regulatory and Development Authority of India (IRDAI)  has made it compulsory for Indians to link their insurance policies also with Aadhaar card.

The Insurance regulator IRDAI requested general and Life insurers e.g. Life Insurance Corporation of India (LIC), ICICI Lombard and other private and government players  to implement this rule without waiting for further instructions



IRDAI mentioned that it is mandatory to have Aadhaar Card and PAN/Form 60 in order to obtain financial services including insurance. Those who do not own a PAN (Permanent Account Number) card, require submitting form 60/61 for those transactions where it is mandatory to quote PAN.

Customers are already being asked by many insurance companies to update their KYC details plus PAN and Aadhaar.

In short, if you are an NRI and doesn't have Aadhaar number then you don't need to update the Aadhaar in your insurance policy but you must link your PAN card with the Insurance policy to get the tax benefits.

If you are an NRI but do have an Aadhaar card then you must link your Life Insurance policy or any other policies with Aadhaar.

9 comments:

  1. I am an NRI have an Aadhaar card ,how to link my Life Insurance policy with Aadhaar with out a phone number of India.As it is mentioned in LIC aadhaar linking form for compulsorily to mentioned the phone number. pl Help

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    Replies
    1. https://www.licindia.in/Home/Link_Aadhaar_and_PAN_to_Policy

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  2. The link provided assumes that one has an Aadhar card and an India mobile number. It does not provide an option whereby one can choose if he or she is an NRI or not. What is the process for clarifying this?

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    Replies
    1. Yes, you need mobile number to confirm OTP.

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  3. Is there any way we can link the policies with Aadhar without the phone no. I think the link given is asking the phone no which is linked with Aadhar .. I do not have any phone no in india

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  4. I am facing the same issue as my India number is not working.

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  5. I am an NRI, have Aadhar and PAN, but I do not have a registered mobile connection in India. Is it mandatory to have a mobile connection registered in my name in order to link my policy with aadhar and pan?

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    Replies
    1. Hello Ajith, you nee mobile number to confirm OTP. If you don't have an active Indian number, you may need to update your contact details in Aadhaar, not sure of any alternative yet.

      Aadhar is actually not for NRI, but if you have obtained it before becoming an NRI, but you need mobile to confirm OTP.

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  6. My Son is studying in USA and he is there for the past 18 months. He does not have a Aadhar Card and how can he link to his LIC policy. He will be coming only in 2019. What to do? Please help.

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