Kathmandu. KATHMANDU: Nepal Life Insurance Company (NLIC) has made the Customer Identification (KYC) system mandatory from Tuesday.
KKYC number has been made mandatory for Nepal Life customers to receive the payment amount for maturity claim, death claim, living benefit, advance payment, disability, educational expenses etc.
The company has issued a public notice requesting customers to update their identity while availing the service or voluntarily. According to the company, while updating the details of the customers, the details will be collected through a sophisticated identification form for the insured who have not yet received the customer identification number.
For updating the identity, the company has requested to contact the nearest branch office with citizenship or national identity card, current residential address, mobile number, email address if the email address, bank account details and photo of the insured and proposer.
According to the company, KYC has been made mandatory in accordance with the provisions of the Directive 2082 Relating to the Prevention of Money Laundering, Terrorist Acts and Financing in the Manufacture or Expansion of Weapons of Mass Destruction.
Life Insurance Corporation of Nepal, MetLife Insurance Company and Asian Life Insurance Company have already implemented mandatory KYC system.
