The rules of insurance change in the new year, the usual man will get these benefits

Nut News Desk !!! There are only two days left for the new year, that is, 2023. Also many things related to your investment are changing. But now we will only talk about the rules that will be converted into the insurance sector. At present, KYC documents were not necessary for general insurance such as health insurance, vehicle insurance and travel insurance, etc. In the country. But it will become mandatory in the new year. But how much will it benefit the life of the ordinary man or the insured person? We are going to tell you this … However, let us tell you that the knowledge of KYC, that is, your customer (no your customer) has been done by the IRDA for insurance regulations. This rule will be equal to general insurance policies with minimum minimum premium. What are the current rules regarding KYC? Currently, KYC documents are not mandatory for the purchase of non-life insurance or general insurance. In the case of health insurance, if the claim amount is more than Rs 1 lakh, customers will need to provide their PAN number and Aadhaar number. In the new system, this system is transferred from KYC instead of claiming at the time of the purchase of insurance. Will the new rule apply to existing customers? So far, it was voluntary to submit KYC documents for general insurance customers. In such a situation, this rule has now been made compulsory for clients who take new policies. On the other hand, insurance companies were instructed to complete their clients’ KYC for existing customers. It also has a two -year determination for low -risk policy, while the time to update KYC for high -risk policy updates one year. You will get this information via SMS and email. What is the advantage of the ordinary man from new rules? One of the reasons why you have completed this KYC process before taking a general insurance policy is to prevent money laundering and financing of terrorists. Irda also released guidelines for this in August 2022. The ordinary man will also have many benefits. The first benefit, for example, is that this will reduce the time in insurance claims. The claim process will be quick and easy. At the same time, it will prevent false claims, and it will be easy to pay the legal heirs of policyholders. The advantage of this process is that insurance companies will create a centralized database. This will make it easier to maintain the policy record. The long -term benefit is that the policy renewal process for consumers will be accelerated, as all general insurers will have access to KYC details. At the same time, it is also a favorable step for insurance companies. KYC details will make it easier for them to determine the risk associated with the client. It will also help to determine the right premium. Share this story -tags