How to Link Aadhar with Bike Insurance

In order to protect personal belongings and assets, people take various insurance policies from numerous companies all over the world. In case of theft or damage to these assets, you can claim the amount loss from insurance companies. In India, every year, thousands of cars, vehicles and bikes are sold. Mostly sale is made by the banks in the country where insurance policy is the mandatory requirement with the sale.

Due to travel requirements & traffic jams on road, there is a huge demand of bikes among people. Due to this, a very sharp rise has been seen all over India.  Keeping in view this, motor bike manufacturing companies are selling their bike on easy installment basis without asking a lot of documents. Only requirement is Aadhar which needs to be link with your bike details.

As you know that Aadhar is a very important 12 digit unique number. This works as a first point of interaction all over India for verifying your details. While opening a bank account or buying a insurance policy, you need to give Aadhar.

However, there are problems that people are facing due to not linking their Aadhar with financial transactions. Often people complain the issue with Media. In this regard, Supreme Court's verdict is a clear reference that allows 06 months extension for linking Adhar with financial transactions such as Insurance Policy. 

How to Link Aadhar with Bike Insurance

A Government agency called Insurance Regulatory and Development Authority (IRDAI) controls all the insurance companies in India. In its recent directive to companies, it has made compulsory to link Aadhaar and PAN details to their insurance policies.

Due to rapid rise in the users of motor bike, there is a strong need that insurance companies timely register bikes with Aadhar.

When people purchase bikes, they hesitate to take insurance for their asset. But keep in mind that it is a always better option to protect your assets from a huge loss.

By paying nominal amount of insurance premium, you can easily protect the cost of the asset.

Indian people who  are buying insurance policies,  according to law must have to link with their Aadhar.

Benefits for How to link Aadhar with bike insurance

You can enjoy several benefits while linking your eaadhar with insurance such as:

1. Your insurance for several bike will link to your Aadhar card. So, there is no need to worry about this.

2. You can avail subsidy from Government and tax credits while linking Aadhar with insurance company.

3. You can easily claim insurance claim. As your bike's insurance was linked with your Aadhar, insurance company can easily verify your details and proceed the case.

Aadhar for Insurance

People's registration is accepted as number of priority in every country. India is not the exception where every day, numerous people get registered in Government's database. Keeping this database up to date, it is necessary that people are given easy access for registration process. To make the enrollment center, Government setup UIDAI in 2010. Since then, UIDAI is handling all the task of enrolling people of India via its various Aadhar Centre.

There is no doubt that Aadhar is a very basic document and no one can deny its importance. It is a mandatory document at so many places. Even in employment, this is required for verification and address confirmation. Though, in some situation it could not asked. But organizations still ask for this number. This causes a lot of pain and trouble to the people and they have no option left to avoid the transaction. But our today’s article will give you comprehensive knowledge to help you in doing transactions.

Keeping in view the problems of Indian people, Supreme Court extended the date for linking financial services with Aadhar. These financial services include mutual funds, bank accounts and insurance policies. But it seems that the ruling of the court is of no value as we have reports from all over the country that banks and insurance companies are still asking for the aadhar card number for opening a bank account or selling insurance policies.

Aadhar for Insurance is Mandatory?

Irdai (The Insurance Regulatory and Development Authority of India has clarified the case that there is no hard and fast rule to provide Aadhar at the time of purchasing an insurance policy. However, the policy holder must submit the Aadhar to the insurance company within 06 months’ time period. So, if any insurance policy selling agent asks you to submit Aadhar number, you can easily satisfy him or her by showing the special instruction of Irdai while you face problems due to Aadhar for insurance.

In case you do not have Aadhar at the time of taking the policy, you can submit any of the Officially Valid Documents which are specifically specified in Prevention of Money-Laundering (Maintenance of Records) Rules, 2005. These valid documents are passport, PAN card, driving license, voter identity card and job card issued by MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act) and Aadhar card. Please keep in mind that all documents are also used as address verification document while PAN card cannot be used for this purpose.

You might hear the term of e-KYC. It is the Aadhar-based electronic-know your customer process. Insurance companies can easily use this to verify their customers. Government specifically requires that when an insurance company directly sells a life insurance policy to a customer, it must conduct KYC check. However, if the transaction is done through other channel such as online, this KYC check needs to be done within 15 days. These are the steps to prevent money laundering which is a hot burning issue all over the world.