Consolidated Coverage Dossier
April 2020
Coverage compilation from:
April 1 to April 30, 2020
Coverage compilation on "PNB MetLife India Insurance From April 01, 2020 To April 30, 2020"
No.
Publication/Portal
Headline
Date
1
The Hindu Business Line
How insurers are ensuring business
continuity
April 02, 2020
2
The Hindu
Life insurance term plan premium
April 06, 2020
3
Mint
Log in to get insurance without medical
tests
April 13, 2020
4
Raj Express
PNB to continue part in two insurance
companies
April 13, 2020
5
The Indian Express
PNB to retain stake in two life insurance
cos
April 13, 2020
6
Samay Paribartan
PNB to retain stake in two life insurance
ventures
April 13, 2020
7
The Times Of India
PNB to retain stake in two life insurance
ventures
April 13, 2020
8
Millennium Post
PNB to retain stake in two life insurance
ventures as Irdai gives nod
April 13, 2020
9
Hari Bhoomi
PNB will continue with 2 Life Insurance
cos
April 13, 2020
10
Business Standard (Hindi)
PNB will maintain stake in 2 Life Insurance
firms
April 13, 2020
11
The Hindu Business Line
Will not go below 26% stake in PNB
Housing Fin
April 14, 2020
12
The Hindu
Life insurance term plan premium
April 20, 2020
13
The Economic Times Wealth
Why you must not rush for the Ulip
settlement option
April 20, 2020
14
Business Standard
Covid crisis: Irdai eases medical insurance
process
April 23, 2020
15
The Times Of India
Union Bank to lower stake in IndiaFirst to
below 10%
April 27, 2020
16
Dalal Street
Life Insurance Buying Guide For 2020
April 29, 2020
Online
1
ET CIO
PNB Met Life India Insurance elevates CIO
April 01, 2020
Samrat Das as new COO
2
The Economic Times
RevFin gives loan to e-rickshaw customers
during Covid-19 crisis
April 01, 2020
3
Moneycontrol
PSBs merger impact: IRDAI extends
duration of existing bank-insurance
partnerships by a year
April 08, 2020
4
The Economic Times
PNB to retain stake in two life insurance
ventures as Irdai gives nod
April 12, 2020
5
Mint
Log in to get insurance without medical
tests
April 12, 2020
6
The Hindu Business Line
‘PNB not to go below 26 per cent in PNB
Housing Finance’
April 13, 2020
7
Business Standard
Quick approval, grace period: Medical
insurance process eased amid Covid-19
April 23, 2020
8
The Economic Times
Insurers to soon offer e-KYC to make
buying life insurance policies easier in
lockdown
April 25, 2020
9
The Financial Express
Aadhaar eKYC update: Modi govt notifies
new entities for Aadhaar authentication
service – Check full list
April 25, 2020
10
Hindustan Times
29 insurance, 9 stock firms allowed to
perform Aadhaar authentication services
April 25, 2020
11
The Financial Express
Union Bank plans to lower stake in
IndiaFirst Life to less than 10 per cent
April 26, 2020
12
Mint
Buying an insurance policy will be easier
as govt allows use of Aadhaar for KYC
April 26, 2020
13
The Hans India
Finance Ministry allows 29 insurance, 9
securities entities to use Aadhaar
Authentication Services
April 26, 2020
14
Zee News
Insurance, Security agency not to ask for
Aadhaar card for KYC
April 26, 2020
15
The Sentinel Assam
Two notifications issued to allow Aadhaar
authentication
April 27, 2020
Edition : Chennai
Page: 14
Edition : Bangalore, Noida, Mumbai, Kochi,
Hyderabad, Chennai
Page: 13
Edition : Ahmedabad, New Delhi, Mumbai,
Kolkata, Hyderabad, Chennai, Bangalore
Page: 10
Edition : Indore
Page: 8
Edition : Mumbai, New Delhi
Page: 11
Edition : Kolkata
Page: 7
Edition : Kochi
Page: 9
Edition : Kolkata, New Delhi
Page: 11
Edition : New Delhi
Page: 10
Edition : Indore, New Delhi
Page: 1
Edition : Chennai, Kochi
Page: 12
Edition : Bangalore, Noida, Mumbai, Kochi,
Hyderabad, Chennai
Page: 13
Edition : All
Page: 8
Edition : Ahmedabad, New Delhi, Mumbai
Page: 9
Edition : Kochi
Page: 9
Edition : National
Page: 52
Edition : National
Page: 53
Edition : National
Page: 54
Domain : ET CIO
Journalist: Riya Pahuja
https://cio.economictimes.indiatimes.com/news/corporate-news/pnb-met-life-india-insurance-
elevates-cio-samrat-das-as-new-coo/74934591
Samrat Das, CIO, PNB Met Life India Insurance has been promoted as COO. He is associated with the
group since 2016 when he joined as a CIO. He has successfully led various technology an business
initiatives for the organisation.
Before joining PNB Met Life India Insurance, Das was the CIO of Tata AIA Life Insurance Company, which
he had joined in March 2010.
PNB MetLife is a partnership between leading global life insurance provider MetLife and India’s
nationalized bank PNB. Present in over 7,000 locations in India, PNB MetLife provides a wide range of
life, health and retirement insurance products.
In a career spanning around 20 years, Das has worked as Associate Director – Technology at Fidelity
International and as Assistant Vice President – IT at SBI Life Insurance Company. He started his career as
a Business Analyst with global pharmaceutical company Pfizer.
Domain : The Economic Times
Journalist: ET Online
https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/revfin-gives-loan-to-e-rickshaw-
customers-during-covid-19-crisis/articleshow/74928495.cms
RevFin is extending help for its e-rickshaw customers by providing a loan of Rs 2100 at 0% to support
them during the global crisis. In this the customers can repay the loan in up to eight installments.
The company will allow EMI repayment moratorium up to three months to its customers who have
earlier taken loan for e-rickshaw,amidst the lockdown.
RevFin provides loans to individuals and charge them interest on the amount. "We are concerned about
the impact of the lockdown on our customers, who are primarily daily wage earners. We are committed
to ensuring the financial well-being of our customers and to put their minds at ease during this global
crisis," says Sameer Aggarwal, Founder & CEO, RevFin, in a statement.
RevFin had partnered with PNB MetLife to provide protection to the customers through life insurance
on their loans.
Domain : Moneycontrol
Journalist:
https://www.moneycontrol.com/news/business/companies/psbs-merger-impact-irdai-extends-
duration-of-existing-bank-insurance-partnerships-by-a-year-5123881.html
Insurance regulator IRDAI has allowed Punjab National Bank, Canara Bank, Indian Bank and Union Bank,
who have acquired other banks as part of the public sector bank (PSB) merger process, to continue the
existing bancassurance (banks selling insurance) agreements for the next 12 months.
Insurance Regulatory and Development Authority of India (IRDAI) has said that even if the number of
bancassurance tie-ups exceed three each in life, non-life and standalone health category, banks can
continue with the partnerships for one more year.
Current insurance laws prohibit banks from tying up with more than three insurers in each category (life,
non-life and health) to sell policies.
As part of the merger, Oriental Bank of Commerce and United Bank will be merged into Punjab National
Bank while
Two banks coming from south – Canara Bank and Syndicate Bank – will be merged.
Andhra Bank and Corporation Bank will be merged into Union Bank. The fourth one will be the
consolidation of Indian Bank with Allahabad Bank.
Since the bank merged into larger banks sell insurance products, these partnerships will automatically
pass on to the acquirer bank.
Further, the acquirer banks (Punjab National Bank, Canara Bank, Union Bank and Indian Bank) will also
receive renewal commissions for the insurance products sold. This is subject to these banks entering
into servicing partnerships with the insurance companies.
It is likely that a similar flexibility could be given for banks holding promoter stake in insurance
companies.
Clarity is awaited on what happens to banks where there is an insurance joint venture. After the PSB
merger, Union Bank will be tagged as promoter of both Star Union Dai-ichi Life Insurance as well as
IndiaFirst Life (where Andhra Bank is a promoter). Similarly, Punjab National Bank will be tagged as
promoter of both PNB MetLife Insurance and Canara HSBC OBC Life Insurance (where Oriental Bank of
Commerce holds stake).
As per insurance laws, one bank cannot hold promoter-level stake (more than 10 percent) in multiple
insurers in the same category, be it life, non-life or health.
Domain : The Economic Times
Journalist: PTI
https://economictimes.indiatimes.com/markets/stocks/news/pnb-to-retain-stake-in-two-life-
insurance-ventures-as-irdai-gives-nod/articleshow/75106923.cms
State-owned Punjab National Bank (PNB) will retain stake in two life insurance ventures as the lender
has got permission from Insurance Regulatory and Development Authority of India (IRDAI).
Following the merger of Oriental Bank of Commerce on April 1 with PNB, 23 per cent of stake of the
former in Canara HSBC OBC Life Insurance stands transferred to latter.
Already, PNB is a promoter of PNB Metlife Insurance with the highest stake of 30 per cent since 2012.
Founded in 2001, PNB Metlife's other shareholders include US-based Metlife with 26 per cent, Elpro (21
per cent) and M Pallonji & Company (18 per cent).
"At this point of time there is no compulsion to exit. We have spoken to Irdai. There is a continuity.
There is a time we will take a decision on that," PNB Managing Director S S Mallikarjuna Rao told PTI
when asked if regulation restricts a lender having stake in two life insurers.
"Irdai says there is no regulation to restrict currently. So, both can continue," he added.
Further, there is tie up with Life Insurance Corporation of India (LIC) for selling its products through the
bank's branches.
Rao further said PNB has started focussing on growth post merger and planned a series of capital raising
initiatives, including rights issue and FPO, in the third quarter this fiscal.
At the moment, the bank is adequately capitalised with the capital adequacy ratio of 14.04 per cent at
the end of December 2019, he said.
The government provided Rs 16,091 crore to PNB and Rs 1,666 crore to United Bank of India in
September for enhancing the capital base of these two lenders.
Going forward, Rao said, the bank plans to further infuse capital during the current fiscal, including
through follow-on public offer (FPO).
Sharing details of the capital raising plan, Rao said the bank is looking to raise Rs 3,000 crore through
additional Tier-I (AT-1) bonds in the next couple of months.
"The board of the bank has already given approval and now we are contemplating approval from the
government of India," he said, adding the bank is preparing to raise AT-1 bonds during the first quarter
itself, depending on how quickly normalcy is restored.
Under the Basel-III norms, AT-1 bonds come with loss absorbency features, meaning that in case of
stress, banks can write off such investments or convert them into common equity if approved by the
RBI.
AT-1 bonds, which qualify as core or equity capital, are one of the means of raising capital by banks.
In the third quarter of the current fiscal, Rao said, "we are planning to go to the market either of QIP or
follow on public offer or for the rights issue".
Domain : Mint
Journalist: Tinesh Bhasin
https://www.livemint.com/money/personal-finance/log-in-to-get-insurance-without-medical-tests-
11586715070525.html
The threat of getting infected with the covid-19 or the novel coronavirus, which has sent India into a
lockdown, has reinforced the importance of having adequate health insurance and life insurance, if you
have financial dependants. If you don’t already have these two basic covers, don’t wait for the lockdown
to get over and buy them now. If you are thinking that may not be possible because you would need to
undergo medical tests before buying a life or health insurance cover, you need not worry. In order to be
able to issue policies in the midst of the lockdown, without meeting customers, insurers have relaxed
norms and are adopting alternative evaluation methods instead of relying on medical tests.
Typically, a representative of the insurer visits the applicant to collect blood samples for the required
medical tests. Now, insurance companies are looking at credit scores of applicants, using tele-
underwriting or relying on health declarations by applicants themselves. “Instead of doing a medical
test, both health and life insurers are doing tele-underwriting. Under this, a doctor from the insurance
company calls up the customer to understand their medical history and condition," said Santosh
Agarwal, chief business officer, life insurance, Policybazaar, an online marketplace for insurance.
Some insurers were already issuing policies using evaluation methods like tele-underwriting but only for
a few low-risk products. For life insurers, those with lower covers are low-risk as the claims will be only
that much, while for general insurers, high-value covers are low-risk as more claims are likely to be filed
in low-value covers. Insurers have lifted such criteria now, and those that had not adopted alternative
ways of evaluation are tying up with third-party administrators (TPAs) to offer policies online, added
Agarwal.
Alternative Methods
Life insurance: Most life insurers already offer a cover up to ₹50 lakh online. For a cover higher than ₹50
lakh, the applicant needs to go for a mandatory medical screening, which will require a representative to
visit the applicant. Amid the lockdown, however, some insurers have raised this limit to ₹2.5 crore. But
the policies are issued online depending on many parameters such as income, age, medical history and
the current health status of the person.
Also, different insurers have different sum assured limits to issue a policy without medical screening. For
instance, PNB MetLife India Insurance Co. Ltd offers a cover of ₹50 lakh without medical tests for young
customers. “For some customer profiles, determined on the basis of age, credit score, income,
education and occupation, we offer covers of up to ₹2.5 crore with tele-medical consultation. We ask for
medical test only if something that requires further investigation comes up in the consultation," said
Mohit Garg, head, products, PNB Metlife India Insurance.
The sum assured for a policy issued without a medical test can vary depending on where the company is
sourcing customers from—online partners, banking partners or other channels.
Some other life insurance companies that are offering a cover of more than ₹50 lakh online include
HDFC Life Insurance Co. Ltd, Max Life Insurance Co. Ltd and Tata AIA Life Insurance Co. Ltd.
Health insurance: Medical tests for a health insurance policy, typically, depends on the age of the
customer. Medical screening could be mandatory for those above 40 or 60 years of age, depending on
the insurer. Many companies are now offering health insurance for those below 60 on the basis of the
customers’ declarations and tele-underwriting.
After the individual fills up the proposal form online, the case moves to the tele-underwriting team.
“Based on the health declarations, a medical professional from the insurance company calls up the
customer and tries to understand the current health status and medical and family health history," said
Manish Dodeja, head, claims and underwriting, Religare Health Insurance Co. Ltd.
According to Dodeja, in case a customer declares a disease, the medical professional will seek more
details pertaining to it. If the customer, for example, declares that he has diabetes, the company
representative may enquire how long the customer has had the illness, the medicines he is taking, other
symptoms he has, precautions advised by doctors, and so on.
DO they work?
The alternative evaluation mechanism can help a customer get a policy issued faster.
Tele-underwriting reduces ambiguity: Direct consultation assures the insurers that the declarations
made are genuine. “Many times, people may not understand technical terms for the disease. They may
not know, for instance, that hypertension is the technical term for what is colloquially called blood
pressure. When a medical professional has a consultation with the customer, such ambiguities are taken
care of," said Dodeja.
Sometimes, people are not even aware that they have an ailment, and simply follow a doctor’s
prescription. The insurance medical professional can take a call on the current health condition on the
basis of the prescribed medicine.
Medical tests are not totally reliable: The purpose of pre-acceptance medical screening is to find out
whether applicants have any illness at the time of buying the insurance policy. But some insurers feel
that these tests may not give a clear picture.
Before issuing the policy, insurers typically do electrocardiogram (ECG) to understand the health of the
heart, check blood pressure, and sugar and creatinine levels to know conditions of the kidneys. “Pre-
acceptance medical screening only gives insurers a bird’s eye view of a person’s health. It does not give
detailed information. Despite all the tests, insurers still get claims in the first few months after policy
issuance," said Dr S. Prakash, managing director, Star Health and Allied Insurance.
According to him, if ECG is normal, it doesn’t mean that the person doesn’t have any heart problems.
Similarly, a person’s blood sugar may be higher or lower, but the person may still be healthy. Also, if a
customer is taking medication, his sugar or blood pressure levels would be normal.
Many insurers also find problems with laboratories to whom they outsource the tests. “We have de-
panelled a lot of laboratories for different reasons. There must be about 4,000 labs in the country. Only
10% maintain high standards and have proper accreditation. We often faced problems with labs outside
metros, in tier-2 and tier-3 cities," said Prakash.
Credit scores, income levels work for life cover: To decide on the amount of life insurance cover,
insurers now look at the credit score of the applicant as one of the parameters. According to industry
experts, there’s a correlation between credit scores and the lifestyle of an individual. Those with a
higher credit score not only have financial discipline but also have better lifestyle. If an individual is
better organized, disciplined, self-conscious, and responsible, then the assumption is that he will also
focus on keeping himself fit," said Agarwal.
Insurers are also looking at credit scores to understand the income level of the customer, especially
while issuing a high-value cover. There’s a correlation between income and mortality— those with
higher income typically have lower mortality rates. It also helps insurers decide whether the customer
would be able to pay premiums in the future. Most insurers prefer a credit score of 650 or more for
salaried and above 700 for self-employed individuals.
Insurance is important and the pandemic has brought home the point emphatically. If you are someone
who hasn’t ticked off this important task yet, buy these covers online as soon as possible. When filling
out the form, ensure that you give out the correct details about your health.
Domain : The Hindu Business Line
Journalist: KR Srivats
https://www.thehindubusinessline.com/money-and-banking/pnb-not-to-go-below-26-per-cent-in-
pnb-housing-finance/article31331399.ece
Punjab National Bank (PNB) wants to continue to hold at least 26 per cent stake in PNB Housing Finance
Ltd (PNBHFL) even if the latter were to raise capital to fund growth in the coming days, according to a
top official.
“PNB has 32 per cent. We won’t go below 26 per cent. Our brand (PNB) will continue, and in case of
requirement, we will not hesitate to support. PNB Housing Finance is a good brand and we would like to
take advantage of the brand in the days to come,” Ch SS Mallikarjuna Rao, Managing Director and CEO,
told BusinessLine.
Rao said that PNBHFL was looking at tapping the market to raise equity and whenever it does so PNB
will not look at any positive divestment. PNB will only look at automatic stake reduction (by not
participating in the PNBHFL capital-raising effort), and this reduction will not go below 26 per cent from
existing 32 per cent now.
“Strategically, we have asked them (PNBHFL) to go to market only after March results,” he added.
Life insurers
Meanwhile, Rao also said that PNB will continue with its shareholding in both PNB MetLife Insurance as
well as Canara HSBC OBC Life Insurance (CHOICE) for the next few years. After its amalgamation with
Oriental Bank of Commerce ( OBC) and United Bank of India from April 1, OBC’s 23 per cent
shareholding in CHOICE has been transferred to PNB.
“Right now we are not looking at an exit. We would like to run both the life insurers for the next few
years. Both have strong franchise. In the next few days, we will like to sit with them and work out the
business strategy for both of them. At this point, we have no plan to divest stake in both, and there is
also no condition from the insurance regulator IRDAI to exit,” said Rao.
It may be recalled that PNB is a promoter shareholder of PNB MetLife and has been holding a stake of 30
per cent since 2012. Already, PNB has a tie up with Life Insurance Corporation for selling the latter’s
products through PNB branches.
Rao said that PNB was earlier eyeing a credit growth of 8 per centin 2020-21, but now in the wake of
Covid-19, has reduced its target to 6 per cent growth. In FY20, the state-owned bank’s advances
portfolio grew 4 per cent, he said.
On non-performing assets, Rao said there were SMA2 accounts to the tune of ₹1,800 crore as on March
1 that could not pay by March 31. This is the main impact of Covid-19 as on date, he added.
Domain : Business Standard
Journalist: Sanjay Kumar Singh
https://www.business-standard.com/article/pf/quick-approval-grace-period-medical-insurance-
process-eased-amid-covid-19-120042300025_1.html
The COVID-19 pandemic has brought home the significance of health and life insurance like nothing else
earlier. Even those who were blasé about these covers in the past are now looking to buy a new policy
or want to enhance the sum insured on their existing ones. Meanwhile, the Insurance Regulatory and
Development Authority of India (IRDAI) has been issuing a slew of guidelines to health/general and life
insurance companies aimed at easing matters for customers.
MEDICAL INSURANCE:
Pay health insurance premiums in instalments: Through a circular dated April 20, 2020, the regulator has
permitted companies offering health insurance to allow customers to pay their premiums in
instalments. With many customers expected to face financial hardships amid the lockdown, this step will
ease customers’ burden. “It is an attempt to provide an affordable option to customers, and encourage
more people to buy health insurance," says Prasun Sikdar, managing director and chief executive officer
(CEO), ManipalCigna Health Insurance.
Some insurers will charge the same premium under all options. “The premium amount will remain the
same irrespective of the mode of payment," says S. Prakash, managing director, Star Health and Allied
Insurance. Brokers, however, inform that some companies may charge you an extra amount if you go for
any option other than annual.
The burden of paying the premium does get eased in a frequent-payment option. “In some COVID-19
cases, treatment costs have gone as high as Rs 14-15 lakh due to accompanying complications. If the
sum insured on your family floater is not adequate, use the monthly payment option to enhance your
cover,” suggests Amit Chhabra, business head, health insurance, Policybazaar.com.
Approval within two hours: At the time of admission, patients sometimes have to wait for a long time
before the insurer gives its pre-authorisation for cashless treatment. IRDAI has directed insurers to give
it within two hours (the same limit applies at the time of discharge). IRDAI had also said earlier that
COVID-19 cases should be treated on a priority basis and before any claim for this ailment is rejected, it
should be reviewed by the claims review committee (a high-level committee) of the insurer. IRDAI has
also asked insurers to simplify procedures, which means they should not ask for too many documents or
conduct time-taking checks.
Thirty days’ grace period: Most health policies offer a grace period of 30 days for payment of renewal
premium. Now, IRDAI has offered an additional grace period of 30 days, so that customers who use
offline payment modes like cheques are able to pay once the lockdown ends. “Both continuity of cover
and continuity of benefits will be available to customers if they pay within the grace period,” says
Prakash.
Health policies have a waiting period for pre-existing diseases (PEDs) ranging from two-four years. If you
fail to renew within the grace period, you will have to buy a new policy and the waiting period for PEDs
will begin all over again.
Claims procedure simplified: The regulator has also asked insurers to simplify the claims process for
COVID-19 deaths. “If the claim form states that a death took place due to COVID-19, we will not ask for
additional documents. We will process the claim based on just a death certificate or a hospital
document,” says Anil. Normally, insurers ask for treatment records, and sometimes they investigate
cases.
More time to pay premium: A 30-day grace period has been extended to life insurance customers too.
Life insurers offer a 15-day grace period in the monthly payment mode and a 30-day grace period in
other modes. Now, the effective grace period becomes 45-60 days.
If you fail to pay the premium within the grace period, you can revive the policy within the next six
months by paying the premium outstanding and the interest charge (sometimes waived by insurers). If
even this period has elapsed, you will have to undergo fresh medical check-ups.
Grace period for settlement in Ulips: In all unit-linked insurance plans (Ulips) that mature by May 31,
2020, the regulator has asked insurers to give customers the settlement option. Instead of receiving the
fund value as a lump sum, they can receive it over five years, with a minimum 20 per cent payout at the
end of each year. “This option has to be provided irrespective of whether this feature was originally
available in a Ulip product,” says Anil PM, head-legal and compliance, Bajaj Allianz Life.
If, after a couple of years, customers wish to withdraw the balance as a lump sum, they can do so. “The
net asset values (NAVs) of Ulips and their fund values have seen steep erosion in this market correction.
If customers avail of this extension, the markets will hopefully recover after some time and their fund
value will be protected,” says Mohit Garg, head of products, PNB MetLife Insurance.
Customers who don’t need the money urgently may go for this option. Besides recouping a part of their
fund value, they will get a tax-free income stream. “If the cover is at least 10 times the premium, then
even the settlement payouts will be tax-free,” says Sanjay Tiwari, director-strategy, Exide Life Insurance.
Domain : The Economic Times
Journalist:
https://economictimes.indiatimes.com/wealth/insure/life-insurance/insurers-to-soon-offer-e-kyc-to-
make-buying-policies-easier-in-lockdown/articleshow/75374456.cms
Insurance policy buyers will soon be able to complete KYC through a paperless process or e-KYC by
providing Aadhaar number as proof of identity to insurers, as per an IRDAI press release. This would
make the Know Your Customer (KYC) process much easier for policy buyers.
This e-KYC will also be very useful in the current lockdown in the country. To enable this the government
has allowed insurers to avail the Aadhaar-based authentication services of the Unique Identification
Authority of India (UIDAI) to fulfil the KYC norms of policyholders.
The IRDAI press release, issued on April 24, said, "To facilitate the general public to easily fulfil Know
Your Customer (KYC) norms while availing insurance services, IRDAI has recommended for allowing
insurance companies to avail Aadhaar Authentication Services of the Unique Identification Authority of
India. Central Government has permitted, vide Gazette notification dated April 23, 2020, some of the
insurance companies to undertake the Aadhaar authentication services."
Vaidyanathan Ramani, Head- Product & Innovation, Policybazaar.com said "The latest circular by the
regulator will help enable the policy purchase and KYC fulfillment process in a distance mode where
customers can do it from the comfort of their houses just with the click of a button. This will help the
insurers enhance the customer experience in this time of lockdown and social distancing and make the
insurance buying journey for consumers much easier."
This is a good move by Government to facilitate immediate KYC verification through online Aadhaar
authentication. Kayzad Hiramanek, EVP-Customer Service & Operations at Bajaj Allianz Life Insurance
said, "It will assist the industry to restart the process of paperless KYC for their online customer
onboarding journeys. Considering the present situation, this facility has been introduced at an
opportune time to make the on-boarding process digital, when meeting customers is almost
impossible."
The release further states that the interested customers/policyholders/claimants may avail paperless
KYC services in coming days from the following insurance companies:
S.No. Company Name
1 Bajaj Allianz Life Insurance Company Limited
2 Bharti AXA Life Insurance Company Limited
3 Exide Life Insurance Company Limited
4 HDFC Life Insurance Company Limited
5 ICICI Prudential Life InsuranceCompany Limited
6 India First Life InsuranceCompany Limited
7 Max Life Insurance Company Limited
8 PNB Metlife India Insurance Company Limited
9 SBI Life Insurance Company Limited
10 Future Generali India Life Insurance Company Limited
11 Reliance Nippon Life Insurance Company Limited
12 Aegon Life Insurance Company Limited
13 Shriram Life InsuranceCompany Limited
14 Aditya Birla Sun Life Insurance Company Limited
15 Pramerica Life Insurance Company Limited
16 Kotak Mahindra Life Insurance Company Limited
17 Star Union Dai-ichi Life Insurance Company Limited
18 IDBI Federal Life Insurance Company Limited
19 Edelweiss Tokio Life Insurance Company Limited
20 Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
21 Kotak Mahindra General Insurance Company Limited
22 Future Generali India Insurance Company Limited
23 Manipal Cigna Health Insurance Company Limited
24 ACKO General Insurance Limited
25 Religare Health InsuranceCompany Limited
26 Royal Sundaram General InsuranceCompany Limited
27 SBI General InsuranceCompany Limited
28 HDFC Ergo General Insurance Company Limited
29 HDFC ERGO Health Insurance Limited (Formerly Apollo Munich Health Insurance Company
Limited
Source: IRDAI
Normally, the process of KYC involves a lot of paperwork and forms etc., which makes the whole
procedure of application and verification very tedious. However, with the help of e-KYC through Aadhar,
policyholders may not be required to submit physical documents such as photographs, identity and
address proof to the insurer.
Domain : The Financial Express
Journalist:
https://www.financialexpress.com/aadhaar-card/aadhaar-authentication-service-update-full-list-of-
new-entities-by-irdai-sebi-uidai-for-e-kyc-modi-govt/1939443/
Aadhaar Authentication Service: The Ministry of Finance has notified lists of new reporting entities that
can undertake Aadhaar authentication service of the Unique Identification Authority of India (UIDAI)
under Section 11A of the Prevention of Money-laundering Act, 2002. The new list of reporting entities
includes Bajaj Allianz Life Insurance Company, Bharti AXA Life Insurance, Exide Life Insurance, HDFC Life
Insurance, ICICI Prudential Life Insurance, PNB Metlife India Insurance Company, SBI Life Insurance
Company Limited etc. In a Gazette notification (GSR 262 (E) dated 23rd April 2020) the Department of
Revenue, Ministry of Finance said that the Central Government, after consultation with UIDAI and the
Insurance Regulatory and Development Authority of India notifies the reporting entities (mentioned
below) to undertake Aadhaar authentication service of the Unique Identification Authority of India
under section 11A of the Prevention of Money Laundering Act, 2002. These agencies are:
1. Bajaj Allianz Life Insurance Company Limited
2. Bharti AXA Life Insurance Company Limited
3. Exide Life Insurance Company Limited
4. HDFC Life Insurance Company Limited
5. ICICI Prudential Life Insurance Company Limited
6. India First Life Insurance Company Limited
7. Max Life Insurance Company Limited
8. PNB Metlife India Insurance Company Limited
9. SBI Life Insurance Company Limited
10. Future Generali India Life Insurance Company Limited
11. Reliance Nippon Life Insurance Company Limited
12. Aegon Life Insurance Company Limited
13. Shriram Life Insurance Company Limited
14. Aditya Birla Sun Life Insurance Company Limited
15. Pramerica Life Insurance Limited
16. Kotak Mahindra Life Insurance Company Limited
17. Star Union Dai-ichi Life Insurance Company Limited
18. IDBI Federal Life Insurance Company Limited
19. Edelweiss Tokio Life Insurance Company Limited
20. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
21. Kotak Mahindra General Insurance Company Limited
22. Future Generali India Insurance Company Limited
23. Acko General Insurance Limited
24. Royal Sundaram General Insurance Company Limited
25. SBI General Insurance Company Limited
26. HDFC Ergo General Insurance Company Limited
27. Apollo Munich Health Insurance Company Limited
28. Manipal Cigna Health Insurance Company Limited
29. Religare Health Insurance Company Limited
In another notification (G.S.R. 261 (E) dated 22nd April 2020) the Department of revenue, Ministry of
Finance said that Central Government, after consultation with the UIDAI and Securities and Exchange
Board of India (SEBI) notified the following entities to “undertake Aadhaar authentication service of the
Unique Identification Authority of India under section 11A of the Prevention of Money-laundering Act,
2002.” These entities are:
1. Bombay Stock Exchange Limited
2. National Securities Depository Limited
3. Central Depository Services (India) Limited
4. CDSL Ventures Limited
5. NSDL Database Management Limited
6. NSE Data and Analytics Limited
7. CAMS Investor Services Private Limited
8 Computer Age Management Services Private Limited
9. Link Intime India Pvt. Ltd.
Domain : Hindustan Times
Journalist:
https://www.hindustantimes.com/india-news/govt-allows-aadhaar-authentication-services-to-
insurance-and-securities-entities/story-QbGoMntxYKDEMNRZ1W1dMI.html
The finance ministry has allowed 29 insurance companies and nine securities entities, including the
Bombay Stock Exchange (BSE) and the National Securities Depository Limited to undertake Aadhaar
authentication services, the department of revenue said on Saturday.
The department has issued two separate notifications to allow these entities to use Aadhaar
authentication services with necessary standard security and privacy measures. This would help these
entities to perform in real time and make e-KYC (know your customer) that would reduce cost of
transaction, an official statement said.
“This would also be beneficial to the customers or the investors, especially the small and retail investors,
as they need not submit physical papers or documents for KYC,” a statement quoting finance secretary
Ajay Bhushan Pandey said. Earlier, he held the position of CEO of Unique Identification Authority of India
(UIDAI).
The ministry has allowed these insurance and securities entities to use Aadhaar authentication services
subject to the satisfaction of their regulatory authorities -- the Insurance Regulatory Authority of India
(IRDA) and the Securities and Exchange Board of India (SEBI), it said.
Domain : The Financial Express
Journalist: PTI
https://www.financialexpress.com/industry/banking-finance/union-bank-plans-to-lower-stake-in-
indiafirst-life-to-less-than-10-per-cent/1940085/
Union Bank of India, which received 30 per cent stake in insurance joint venture IndiaFirst Life Insurance
by virtue of the mega bank consolidation exercise of the government, plans to pare its holding to less
than 10 per cent, a senior official said.
Union Bank received the stake after Andhra Bank was merged with the Mumbai-based lender, effective
April 1.
As per guidelines of the Insurance Regulatory and Development Authority of India (IRDAI), one promoter
cannot hold more than 10 per cent stake in two insurance ventures.
Union Bank also holds 25.10 per cent equity stake in Star Union Dai-ichi Life Insurance, with the other
partners being Bank of India and Dai-ichi Life Holdings of Japan. “We will continue the process started by
erstwhile Andhra Bank to divest the stake to bring it below 10 per cent,” Union Bank of India Managing
Director and Chief Executive Officer Rajkiran Rai G told PTI.
Last year, Andhra Bank had initiated the process for selling its part or full stake in the insurance venture
with Bank of Baroda (44 per cent stake) and Carmel Point Investments, owned by Warburg Pincus,
holding the remaining 26 per cent.
Both the insurance ventures are doing well and the valuation is going to improve further, he said, adding
the stake sale will happen at opportune time and at good valuation. As per the government’s mega
consolidation plan, 10 state-owned banks were merged into four to create global size lenders, beginning
April 1.
Besides Andhra Bank, Corporation Bank was also merged with Union Bank. United Bank of India and
Oriental Bank of Commerce were merged with Punjab National Bank; Syndicate Bank was merged with
Canara Bank; and Allahabad Bank was amalgamated with Indian Bank.
The merger of Oriental Bank of Commerce with PNB resulted in transfer of 23 per cent stake in Canara
HSBC OBC Life Insurance to the latter. This too created a similar situation as that of Union Bank of India,
as PNB is a promoter of PNB Metlife Insurance with the highest stake of 30 per cent.
Domain : Mint
Journalist:
https://www.livemint.com/news/india/buying-an-insurance-policy-will-be-easier-as-govt-allows-use-
of-aadhaar-for-kyc-11587868976363.html
The government has now allowed insurance companies to collect Aadhaar card details under the
Prevention of Money Laundering Act, subject to compliance with standard security and privacy
measures as per the Aadhaar Act. The move is aimed at checking laundering of funds into insurance
companies and shell companies.
The finance ministry has released a list of 29 insurance companies like Bajaj Allianz Life Insurance, Bharti
AXA Life Insurance, ICICI Prudential Life Insurance, HDFC Life Insurance, HDFC Ergo General Insurance
and SBI General Insurance which can collect Aadhaar information from customers for KYC purposes.
Finance Secretary Ajay Bhushan Pandey said that the two notifications issued in this regard by the
Ministry of Finance “to allow these entities to use Aadhaar authentication services under Aadhaar Act
with necessary standard security and privacy measures would help these entities to perform in real
time, do e-KYC and would also reduce their cost of transaction".
“This would also be beneficial to the customers or the investors, especially the small and retail investors,
as they need not submit physical papers or documents for KYC," Pandey, who is also the Revenue
Secretary, said.
This would ease their KYC process and would reduce cost and time besides preventing money
laundering activities.
Other entities given this permission include Max Life Insurance, PNB Metlife India Insurance, SBI Life
Insurance Future Generali India, Reliance Nippon Life Insurance, Apollo Munich Health Insurance,
Manipal Cigna Health Insurance, Religare Health Insurance, NSE Data and Analytics, CAMS Investor
Services, Computer Age Management Services, and Link Intime India.
An official said use of Aadhaar authentication service by these entities is voluntary and if an investor
gives Permanent Account Number (PAN), he or she does not need to go for Aadhaar authentication.
Domain : The Hans India
Journalist: J K Jha
https://www.thehansindia.com/business/finance-ministry-allows-29-insurance-9-securities-entities-
to-use-aadhaar-authentication-services-619267
The Ministry of Finance has allowed 29 insurance and 9 securities entities, including the Bombay Stock
Exchange (BSE) and the National Securities Depository Limited, to use Aadhaar Authentication Services
under the Prevention of Money Laundering Act (PML Act).
Department of Revenue has permitted them to undertake Aadhaar Authentication services of UIDAI
subject to their complying with standard security and privacy measures as per Aadhaar Act and to the
satisfaction of their respective regulatory authorities, namely the Insurance Regulatory Authority of
India (IRDA) and the Securities and Exchange Board of India (SEBI) respectively.
Finance Secretary Dr Ajay Bhushan Pandey said the decision will help these entities to perform in real-
time, do e-KYC and would also reduce their cost of the transaction. He said, this will also be beneficial to
the customers or the investors, especially the small and retail investors, as they need not submit
physical papers or documents for KYC.
Entities functional under IRDAI that have been allowed to use the Aadhaar Authentication services
include
1) SBI Life Insurance Company Limited
2) Royal Sundaram General Insurance Company Limited
3) SBI General Insurance Company Limited
4) Future Generali India Life Insurance Company Limited
5) Reliance Nippon Life Insurance Company Limited
6) Bharti AXA Life Insurance Company Limited
7) Exide Life Insurance Company Limited
8) HDFC Life Insurance Company Limited
9) Bajaj Allianz Life Insurance Company Limited
10)ICICI Prudential Life Insurance Company Limited
11) India First Life Insurance Company Limited
12) Aditya Birla Sun Life Insurance Company Limited
13) Pramerica Life Insurance Limited
14) Kotak Mahindra Life Insurance Company Limited
15) Star Union Dai-ichi Life Insurance Company Limited
16) Max Life Insurance Company Limited
17) PNB Metlife India Insurance Company Limited
18) Aegon Life Insurance Company Limited
19) Shriram Life Insurance Company Limited
20) Kotak Mahindra General Insurance Company Limited
21) Future General India Insurance Company Limited
22) Acko General Insurance Limited
23) IDBI Federal Life Insurance Company Limited
24) Edelweiss Tokio Life Insurance Company Limited
25) Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
26) HDFC Ergo General Insurance Company Limited
27) Apollo Munich Health Insurance Company Limited
28) Manipal Cigna Health Insurance Company Limited
29) Religare Health Insurance Company Limited
Entities functional under SEBI who are allowed to use the Aadhaar Authentication services include
1) Bombay Stock Exchange Limited
2) National Securities Depository Limited
3) NSE Data and Analytics Limited
4) Central Depository Services (India) Limited
5) CDSL Ventures Limited
6) NSDL Database Management Limited
7) CAMS Investor Services Private Limited
8) Computer Age Management Services Private Limited
9) Link Intime India Pvt. Ltd.
Revenue Department, however, said that it is a voluntary measure and use of Aadhaar authentication
service is voluntary. It said, if some investor gives PAN, then they need not go for Aadhaar
authentication.
Domain : Zee News
Journalist: J K Jha
https://zeenews.india.com/india/insurance-security-agency-not-to-ask-for-aadhaar-card-copy-for-
kyc-2279134.html
In a step to ensure the protection of Aadhaar related information of people, the Finance Ministry has
ordered the insurance and security agency not to ask for the Aadhaar card photocopy for Know Your
Customer (KYC) process. Instead, the Ministry has recommended insurance companies and agencies to
use UIDAI - Aadhar Authentication Service in order to complete the verification process.
The step is taken by the Finance Ministry under the Prevention of Money Laundering Act.
Insurance companies will also ensure the security and privacy of Aadhaar related information under the
Aadhaar Act.
Aadhaar number is a 12-digit random number issued by the UIDAI to the residents of India after
satisfying the verification process laid down by the Authority. Any individual, irrespective of age and
gender, who is a resident of India, can enroll to obtain Aadhaar number. The Aadhaar card includes
details like name, date of birth, gender, permanent address, mobile number (optional) and email ID
(optional).
Domain : The Sentinel Assam
Journalist: Mili
https://www.sentinelassam.com/business/two-notifications-issued-to-allow-aadhaar-
authentication/
The Finance Ministry has issued two notifications to enable different insurance companies and
stock/securities entities to undertake Aadhaar authentication of UIDAI under the Prevention of Money
Laundering Act, subject to compliance with standard security and privacy measures as per the Aadhaar
Act.
The Ministry’s Department of Revenue has so far allowed 29 insurance companies and nine market
entities — including Bajaj Allianz Life Insurance, Bharti AXA Life Insurance, HDFC Life Insurance
Company, ICICI Prudential, BSE, NSE, NSDL, Central Depository Services — to use verification services of
Aadhaar and e-KYC in real time.
Finance Secretary Ajay Bhushan Pandey, formerly the CEO of Unique Identification Authority of India
(UIDAI), said on Saturday that the two notifications allow these entities to access the Aadhaar platform.
“The permission will help these entities to perform in real time, do e-KYC and also reduce their cost of
transaction,” he said.
“This will also be beneficial to customers or investors, especially small and retail investors, as they need
not submit physical papers or documents for KYC,” Pandey added
The ministry has allowed these insurance and securities entities to use Aadhaar authentication services
under the PMLA subject to the satisfaction of their regulatory authorities, namely the Insurance
Regulatory Authority of India (IRDA) and the Securities and Exchange Board of India (SEBI) respectively
that they are complying with the standard of privacy and security as per the Aadhaar Act.
This would ease their KYC process and would reduce cost and time besides preventing money
laundering activities.
Other entities given this permission include Max Life Insurance, PNB Metlife India Insurance, SBI Life
Insurance Future Generali India, Reliance Nippon Life Insurance, Apollo Munich Health Insurance,
Manipal Cigna Health Insurance, Religare Health Insurance, NSE Data and Analytics, CAMS Investor
Services, Computer Age Management Services, and Link Intime India.