insurance premium, insurance premium cost increase.. new rule is coming! – Irdai plans to make kyc verification mandatory for insurance policy buyers premiums will go up

There is a shocking news for those who are planning to buy a new insurance policy. Because the insurance premium amount is going to increase. It has been reported that IRDAI, the Insurance Regulatory Authority, is planning to change the rules for this.

That is, IRDAI is planning to announce a new regulation to make KYC verification mandatory for insurance policy buyers. As of now, KYC is not mandatory while buying an insurance policy. KYC verification only if desired.

In this case, it has been reported that IRDAI has decided to make KYC verification mandatory for buying insurance policies from November 1. IRDAI believes that insurance fraud can be curbed through this.

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Already, insurance companies have been insisting on making KYC mandatory for policyholders. In this case, IRDAI is now planning to make KYC verification mandatory.

According to this, henceforth KYC verification fee for insurance policy will be charged along with the insurance premium amount. Hence, the insurance premium amount is expected to rise slightly after November.