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    Question

    KYC details mandatory while purchasing insurance have

    been made mandatory by IRDAI from _______.
    A March 31,2023 Correct Answer Incorrect Answer
    B January 1,2023 Correct Answer Incorrect Answer
    C February 15,2023 Correct Answer Incorrect Answer
    D April 1,2023 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    The Insurance Regulatory and Development Authority of India (IRDAI) has mandated that all policyholders must provide their Know Your Customer (KYC) details when purchasing any type of insurance policy from January 1, 2023. This requirement applies to all individuals and entities purchasing insurance in India and is intended to ensure that insurance companies have accurate and up-to-date information about their policyholders. Providing KYC details helps to prevent fraud and money laundering, and ensures that policyholders receive the full benefits of their insurance coverage. Currently, KYC documents are only required when making a claim worth over Rs 1 lakh. Under the new insurance rule, KYC documents will be required even while purchasing a new policy.

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