www.i-secureconsulting.in : KYC Norms
02-MAR-2013 : Know Your Customer (KYC) norms of banks will be sufficient to buy insurance policies: FinMin
In the union budget for 2013-14, Finance Minister, Mr. P Chidambaram has said that the Know Your Customer (KYC) norms of banks would be enough to get general and life insurance policies.
A person holding a bank account will not be required to give any separate documents while buying an insurance cover because if the person holds a bank account, it implies that he has already submitted his identity and address proof.
The person who wishes to purchase an insurance policy will just have to submit a certificate from the bank in which he holds an account, stating he is an existing customer and has satisfied the KYC norms.
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