Insurance companies will no longer insist on written confirmation from banks as proof for address and identification for customers who wish to buy insurance products, the Insurance Regulator and Development Authority (Irda) of India said in circular issued recently.
In its circular Irda said that customers in remote areas who have limited access to banking facilities have difficulty in providing such written confirmation from banks. This is posing a hinderance to financial inclusion measures, said Irda.
So, instead, customers can show copies of current passbook with details of residence updated till previous month or current statement of bank account with address details, as downloaded. These should be considered as valid proof of address and identity in case of micro insurance products, said the circular.
