KYC document is to be collected by the insurer from the proposer
Identification of the proposer is the main purpose of KYC
PAN card is a proof of one's identity while seeking life cover
All of the above
Answer is Right!
Answer is Wrong!
The correct answer is D. All of the above.
KYC stands for Know Your Customer. It is a process that financial institutions use to verify the identity of their customers. The main purpose of KYC is to prevent fraud and money laundering.
In the context of life insurance, KYC documents are collected by the insurer from the proposer (the person applying for the policy) to verify their identity and address. The most common KYC documents required are a passport, driver’s license, or PAN card.
A PAN card is a 10-digit alphanumeric number issued by the Income Tax Department of India to individuals as a Permanent Account Number. It is a proof of one’s identity and address in India.
Hence, all of the statements in the question are correct.