Can you invest your money in an insurance company if you are unsure of its credentials? This trust is a two-way street. An insurance company should also be able to trust you and have access to a few particulars. This is why 'Know Your Customer' (KYC) norms are mandated. Verifying identity through KYC helps build trust between the insurer and the insured.
KYC Norms in Two-Wheeler Insurance Process
The complete process of bike insurance KYC is outlined below:
- Submission of documents for identity and address verification: Provide any government-issued identity card, such as Aadhar, voter ID, or driving license, as identity and address proof. Provide a recent passport-size photo along with the above documents.
- Verification by the insurance company: The insurer will scrutinise all the documents you have shared.
- Confirmation: The insurer will inform you after successful verification of KYC for bike insurance.
The different methods of bike insurance KYC are as follows:
- Aadhar card-based authentication: Your Aadhar card fetches all the details required by the insurance company, such as your name, address, and date of birth.
- Video KYC: An employee from the insurance company connects with you on a video call for face-to-face verification.
- Digital KYC: The details are fetched directly from the documents saved on Digilocker, and your photo is captured online.
- KYC through a PAN Card or Form 60: A PAN card provides information about your income along with your identity details.
- CKYC (Central Know Your Customer): It is a repository of information to verify customer details. A unique CKYC number is allotted, which can be used to apply for any financial service.
Conclusion
Following KYC norms protects the interests of both the insurer and the insured. Make sure you complete your KYC while purchasing bike insurance. Timely KYC for bike insurance ensures a hasty claim settlement process and smooth insurance policy renewal.