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Digital KYC
Digital Know Your Customer (KYC) is a simple, transparent process replacing extensive paperwork. It involves the customer online registering, setting up an account, and uploading scanned documents like Aadhaar and PAN cards, along with a digital signature and photograph. This e-verification eliminates manual errors and long queues, drastically simplifying and speeding up the mandated identity verification process for both customers and financial institutions.
1 Crore Term Insurance @Rs.19/day***
To delay is to regret
You may not always be around to take care of your family. And that’s when a term plan ensures your family is well protected.
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Return of Premium (ROP) Option^
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17% Online Discount**
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Same Day Claim Processing#
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100% Claims guaranteed15
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0% GST on Premiums#^#
Please wait while we are calculating term insurance premium for 1 crore
:1800-266-9777
Digital KYC- transparency or complexity?
In all the financial dealings and across the whole gambit of financial activities and enterprises, customer is the basic building block. The whole purpose of meeting the customer's expectations and of her/his satisfaction revolves around the streamlined process of identification and purposeful engagement for the benefit of the customer. This means an ideal process of KYC or "Know Your Customer". The various norms that allow for a proper KYC have clearly been mandated by the existing regulatory bodies and set rules, laws and by laws. Earlier the process of KYC involved a whole lot of paperwork and forms etc., which made the whole procedure of application and verification very extensive. However, since the digitization of commercial activities became a reality in India, the procedures involved have become very simple and hassle-free, making it a very smooth operation for both the officials involved and the general public.
Digital KYC involves online registration of the customer, the e-verification of the scanned and uploaded documents and verification of digital signature and the person's photograph. In short, the customer simply has to log in to the portal, get registered and set up an online account with an ID and a password. The remaining process involves choosing the option for the KYC, checking any updates and filing in the information. Once this is done, important documents like aadhar card, PAN card etc are scanned an uploaded. After this, the customer receives the notification for the uploading of the digital signature (if applicable). Once the process is completed a timely acknowledgement is sent to the customer's registered e-mail ID and/ or the registered mobile number.
From the above, it is clear that the whole process of digital KYC is extremely simple and transparent. In the earlier times, when no such facility was available and customers had to stand in long queues and had to undergo a lot of form-filling, attestation etc., there used to be a strong possibility of manual error and in certain cases, the whole long drawn process had to be repeated from the very beginning. This not only was a headache for the customers but also meant a ton load of work for the concerned officials who were responsible for verification. In addition to this, in cases where physical verification of the address etc. was required, it took more than a week or even fifteen days for a person's details to be verified. Given the fact that KYC is not a one-time procedure and has to be done from time to time, you can very well imagine what a complicated affair it used to be.
With the advent of digital technology and the benefits that come with it, not only has the routine KYC become a less time consuming and simple process, but it has also become more reliable and the incidence of human error has become almost nil. This has had a very beneficial impact on the core business development and consumer-centric approach has attained new heights.
HDFC Life offers various online insurance plans that are just a click away and can be checked and compared online without any intricate and elaborate paperwork. For further details, please click on HDFC Life - Life Insurance Plan
Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
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@As per integrated annual report FY24-25, available on www.hdfclife.com. As of May 2025
#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved
^ Available under Life & Life Plus plan options
***Online Premium for Life Option for HDFC Life Click 2 Protect Supreme(UIN:101N183V01), Male Life Assured, Non-Smoker, salaried, 20 years of age, Policy term of 25 years, Regular pay, Monthly frequency, inclusive of 15% online discount (applicable only for 1st year premium) & exclusive of taxes and levies as applicable. (Monthly Premium of 573/30=19).
**If a customer is a Salaried individual and has opted for a cover of INR 2 Cr with Limited pay, then the total discounts applicable shall be: 10% +7% = 17% discount on the first year premiums.
~Tax benefits of ₹ 54,600 (₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 30% on life insurance premium u/s 80C of ₹ 1,50,000 and health premium (Critical illness rider) u/s 80D of ₹ 25,000. Tax benefits are subject to conditions under section 80C, 80D, 10(10D) as per Income Tax Act, 1961. Please consult your tax advisor for more information.
*Online Premium for Life Option, Male Life Assured, Non-Smoker, 20 years of age, Policy term of 25 years, Regular pay, Monthly frequency, exclusive of taxes and levies as applicable.
#^# Individual Life Insurance Policies issued on or subsequent to 22nd, September 2025, shall be exempt from GST under the provisions of the Goods and Services Tax, 2017.
15. HDFC Life Click 2 Protect Ultimate(UIN: 101N179V01) A Non-Linked, Non-Participating, Individual, Pure Risk Premium/Savings Life Insurance Plan. The policy must be in force on the date of death, with all premiums fully paid, except for the exclusion clauses mentioned in Part F of the policy document.
