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KYC is Mandatory for Buying Insurance as per New IRDAI Guidelines

What is KYC in Insurance?

Why is KYC Mandatory for Insurance?

What are the Steps and Procedures for KYC Validation through Digit Insurance?

What are the Different Types of KYC?

  • There are different types of KYC. Some of them that we use here in Digit are:
  • • Aadhar-based e-KYC: Data collected through UIDAI (Unique Identification Authority of India) is used to authenticate customers remotely. This can be done through OTP generation or biometric verification. 
  • • Central KYC (CKYC): The CKYC procedure requires providing necessary documentation and establishing your identity before the data is added to the central repository. A 14-digit number is generated and can be used to access this central repository, maintained by the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI). Once a person receives a KYC identity number, known as a KIN, they can use it for any financial services.
  • • Scan Copy KYC: Scan copies of address and identity proofs are submitted.

FAQs on KYC Process for Insurance