The KYC procedure serves as a link between policyholders and insurance companies. The Insurance Regulatory and Development Authority of India (IRDAI) has mandated KYC on purchasing all types of insurance, including 4-wheeler insurance plans, as of January 1, 2023, because it enhances the safety and convenience of the insurance process. #
Before this change, customers were only required to submit KYC documents when filing a policy claim, and only if the claim was for an amount more significant than Rs. 1 lakh. The new KYC compliance rule mandates that customers provide KYC information when purchasing or renewing their policies.
IRDAI’s directive aims to curb insurance fraud and money laundering for the benefit of policyholders. The new KYC rule improves car insurance security. For Bajaj Allianz General Insurance, select “car insurance” and follow the steps. For existing policyholders, contact Bajaj Allianz General Insurance to complete your car insurance KYC. #
What Does KYC Mean For Car Insurance?
Before engaging in any financial transaction, such as sending money online or buying insurance, KYC, or knowing your customer, is a process of confirming an insurer’s identity and address.
The KYC process begins with collecting the policyholder’s data, completing a registration form and verifying it with supporting documents, including identity proof, address proof, and a recent photograph. Regular KYC updates prevent money laundering and ensure customer authenticity.
Customers have options for offline, online, or video KYC. Bajaj Allianz General Insurance is known for its expertise in 4-wheeler insurance KYC, making the process incredibly easy.
The Advantages Of KYC In Car Insurance
Car insurance is essential, protecting from losses, whether you’re at fault or it involves a third party. It also covers expensive car repairs in accidents, fires, theft, or natural disasters.
Purchasing or renewing comprehensive car insurance with Bajaj Allianz General Insurance is quick and easy but requires submitting your KYC documents. As far as costs go, you can use a car insurance calculator to estimate the premiums to be paid. This step offers several benefits and promises a positive change in the insurance ecosystem. Here are some advantages:
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Lowering The Likelihood Of Fraud Claims
By providing KYC information, policyholders’ identities can be verified, and the risk of fraud is decreased. Transparency and trust are critical components of the insurance process. By providing the information, the insurance provider is supplied with a clear and thorough customer profile that enables it to evaluate the claims made by the policyholders, improving risk management.
Claims are subject to terms and conditions set forth under the motor insurance policy.
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More protection
In today’s digital age, there is always a chance that personal data will be misused. In addition to ensuring a smooth information flow, having accurate and updated KYC details also provides the security of the customer’s personal and financial data.
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Quicker Claims
Accurate KYC information can streamline the claim process if a policyholder needs to make a claim. Because insurance companies have all the necessary information about a client, the process can be sped up, and policyholders can immediately take advantage of their coverage’s benefits.
Claims are subject to terms and conditions set forth under the motor insurance policy.
Essential Records Needed For KYC In Motor Insurance
- PAN card
- Driving licence
- Passport
- Aadhar card
- Voter identification card
- Passport Size Photo
*Standard T&C Apply
#Visit the official website of IRDAI for further details.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
