Insurance Regulatory and Development Authority of India (IRDAI) has now made it mandatory for to link existing policies with Aadhaar. Individuals will also need their Aadhaar number for buying a new policy. Earlier, IRDAI had said that authentication of policyholders or clients by insurance companies using Aadhaar number will be on a voluntary basis and with their consent. The move comes after the Reserve Bank of India (RBI) had said that bank accounts must be linked to Aadhaar. Though the Supreme Court said that Aadhaar is not illegal and privacy not absolute, a final judgment on the need to make Aadhaar mandatory is still awaited.

Source: dna November 09, 2017 05:56 UTC