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.
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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