LIC policy: Here’s why should you link it with your Aadhaar

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The Aadhaar card has become one of the most important documents to establish one’s identity. The government is emphasising that this 12-digit unique number be linked with different documents and schemes.

However, it is not mandatory to link Aadhar with the LIC policy that you might own. You can also buy LIC’s policies without giving out your Aadhaar number except two endowment policies that are Aadhaar Stambh and Aadhaar Shila.

Benefits

However, it can be beneficial if you link your LIC policy with Aadhaar, which is one of the crucial Know-Your-Customer (KYC) documents. It would be easier for LIC to identify and authenticate your identity through your Aadhaar card details. In addition, this might help the company avoid fraudulent claims.

The main other reason for linking Aadhaar with LIC policy is related to the issue of settlement of claim.

“In case a policyholder loses his or her policy documents, it is easier to find it if the LIC policy is linked to Aadhaar. It is required at the time of settlement of claims on the policy. You would also require it if you need to take a loan against the policy,” said Kanchan Dasgupta, senior business associate of LIC.

Dasgupta also added that in case of death of a policyholder, it is easier for his/her nominee to proceed with formalities if the policy is linked to Aadhaar number.

Request form

You can link LIC policy offline with an Aadhaar number. The request form is available in all LIC branches. You can also download it online. Submit the form after filling it up carefully.