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A Quick Guide to AML - KYC Guidelines
for Customers (August 2022)
Your financial protection is very important to us. In August 2022, the regulator of the insurance industry (IRDAI) had revised the AML (Anti-Money Laundering) Guidelines. As per these guidelines, Customer needs to ensure that the KYC details (Address proof, ID proof and PAN) is kept up to date with the Insurer in accordance with the latest list of valid and acceptable documents and updated periodically1.
List of Documents for KYC
(Address Proof and ID Proof) as per latest guidelines effective from November 2022
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1It is advisable to do a periodic validation of the existing KYC records, preferably once a year, to ensure the correctness and validity of the KYC documents registered with us.
2In case of documents that have an expiry date e.g., Passport or Driving License, make sure that on expiry the new documents are updated with us to ensure seamless policy servicing.
How Can Tata AIA Life Insurance Customers Update their KYC Details?
If you are a Tata AIA customer, update your KYC details in 4 easy steps:
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01
![Shopping Card Icon]( "Shopping Card Icon")
Log into your My DigiAccount
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02
![Talent Showcase Icon]( "Talent Showcase Icon")
Go to the “Update Address/PAN” option
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03
![Return Icon]( "Return Icon")
Upload your latest documents
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04
![Entrepreneur Icon]( "Entrepreneur Icon")
Click on “Submit”.
What is KYC?
KYC or "Know Your Customer" refers to the process of verifying the identity and address of customers opening accounts with banks, financial institutions, and other entities. In India, KYC guidelines are regulated by the Reserve Bank of India (RBI) and enforced by banks and other financial institutions. The main objective of KYC in India is to prevent identity theft, fraud, and money laundering.
To establish their identity and address, customers must provide official documents such as an Aadhaar card, passport, voter ID card, PAN card, driving license, or NREGA job card. These documents are verified by banks or financial institutions before opening an account or issuing a credit or debit card. KYC has become mandatory for buying life insurance or any other type of insurance policy, opening a bank account, investing in mutual funds, and even using digital payment services in India.
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What are the Two Types of KYC?
In India, there are two types of KYC (Know Your Customer) processes:
Aadhaar-Based KYC
This type of KYC process is based on the Aadhaar card, a unique 12-digit identification number issued by the Unique Identification Authority of India (UIDAI). Aadhaar-based KYC involves linking the Aadhaar card with a bank account, mutual fund account, or any other financial account. This type of KYC is done online and is quick and convenient.
To complete the Aadhaar-based KYC process, the customer must provide their Aadhaar card number and biometric information (fingerprint and iris scan) for verification.
Non-Aadhaar-Based KYC
This type of KYC process involves verifying the identity and address of the customer through other documents such as a passport, voter ID card, PAN card, or driving license. The customer must provide the required documents and a photograph to complete the KYC process.
Non-Aadhaar-based KYC can be done online or offline, depending on the service provider. This process may take longer than Aadhaar-based KYC as the documents need to be verified manually.
What are the Benefits of Keeping KYC Updated?
Keeping your KYC updated offers the following benefits to you as well as businesses that require your information:
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![Picture of Asking the Insurance Agent for ID Proof to secure for Insurance Frauds]( "Image Of Asking the Insurance Agent for ID Proof to secure Insurance Fraud")
Enhanced Security
Updating KYC details can help protect against identity theft, fraud, and other financial crimes. Financial institutions can better identify and prevent unauthorized access to accounts by keeping personal information up-to-date.
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![Picture of Never Pay In Cash to Unknown Person to Secure By Insurance Frauds]( "Image of Never Pay In Cash to Unknown Person to Secure By Insurance Frauds")
Easy Access to Financial Services
Updated KYC details can help ensure a seamless customer experience when using financial services. It can reduce delays in processing transactions and enable customers to access financial services quickly.
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![Picture of Don't Share the OTP, DOB, or Password to Insurance Frauds Person]( "Image of Don't Share the OTP, DOB, or Password to Insurance Frauds Person")
Compliance with Regulatory Requirements
Regulators require financial institutions to maintain accurate and up-to-date KYC information. By keeping KYC updated, institutions can comply with these requirements, avoid penalties, and maintain a positive reputation.
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![Picture of Do Not Sharing the Documents To Insurance Frauds Person]( "Image of Do Not Sharing the Documents To Insurance Frauds Person")
Better Customer Service
Financial institutions can provide better customer service by keeping KYC details updated. It can reduce the need for customers to repeatedly provide the same information and enable institutions to personalize their services based on the customer's needs and preferences.
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Frequently Asked Questions on KYC
What is KYC full form?
The full form of KYC is Know Your Customer.
What is KYC in insurance?
In insurance, KYC involves gathering and verifying personal information, such as name, address, PAN, date of birth, and government-issued identification documents.
This process helps one comply with regulatory requirements, prevents fraud and protects the insurance company and its customers. By verifying the customer's identity and other relevant information, the insurance company can ensure that the policy is issued to the right person and that the policy terms are appropriate for the customer's needs.
Is KYC mandatory for insurance?
Yes, KYC is mandatory for purchasing a life insurance policy, and the insurance companies are required to adhere to the guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI) for the KYC process. The latest guidelines of AML\ KYC were issued in August 2022
Which documents are necessary for insurance KYC for Indian Residents?
Any 1 of the following 7 proofs can be submitted as Address and ID proof. Additionally, Pan details are also mandatory.
- Aadhaar copy (Masked)
- Valid Passport copy2
- Valid Driving License2 copy
- Voter ID copy
- Letter Issued by UIDAI copy
- National Population Register copy
- Job Card by NREGA copy
- OCI / PIO Card (if applicable)
Do NRI customers need to provide Address proof for both Permanent and Current Address?
No, only one of the proof is sufficient to validate Address Proof of customer, it can be either for Permanent or Current Address. Refer documents list for NRI\OCI\PIO listed in the first section
What if the document submitted has expired?
You are required to provide the new proof post expiry date. E.g. If passport or Driving license copy has been submitted, you are required to submit the updated copy post expiry
Is it Mandatory to submit Pan copy?
Yes, It is mandatory to copy of Pan. This will ensure that TDS is rightly deducted where applicable. In case you do not have a Pan copy, you may also submit Form 60.
What will happen if my KYC is not submitted as per the requirements of the new guideline?
If KYC and Pan details are not updated, it would impact smooth functioning of your policy. Any Policy benefit \ payout due will be held back.
Why is KYC required?
KYC, or Know Your Customer, is needed by financial institutions, banks, and insurance companies to identify and verify the identity of their clients. This can help them prevent financial crimes and other illegal activities while maintaining an updated customer record.
What are two important benefits of KYC?
These are the two important benefits of KYC:
- Lowering Risks - KYC helps financial institutions and businesses identify and verify their customers, which reduces the risk of identity theft, fraud, money laundering, and other financial crimes.
- Regulatory Compliance - By implementing KYC processes, financial institutions can ensure compliance with regulations and laws, which helps to prevent penalties and other legal consequences.
Disclaimer
- Insurance cover is available under the product.
- The products are underwritten by Tata AIA Life Insurance Company Ltd.
- The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
- For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
- L&C/Advt/2023/Dec/4307
