In 1956, all life insurance companies were nationalized to form LIC to incr...
In June 2010, Life Insurance Corporation of India (LIC) had become the first institutional partner in Unique Identification Authority of India (UIDAI) project or Aadhaar project.
LIC entered into the partnership with the aim to provide best-in-class services to its customers and also to fulfill its commitment of extending insurance policy to each and every Indian.
This partnership entitled them to provide a Unique ID to Indian residents. UID number will make it possible for Indian residents to easily establish their identity with public and private entities across the country. UID will be based on demographic and biometric data like fingerprints, photograph and iris scan of an individual.
With a database of over 200 million policyholders, LIC has set a target to issue 40 million cards in 2011. Each card will bear a 12-digit unique identification number. The cost of each card is Rs 50 and the estimated cost for this will be Rs 200 crores.
Until recently, the progress of distributing cards has been somewhat slow as LIC had been looking for a technology partner for this massive project.
A K Das Gupta, MD of LIC, told reporters that they have roped in CMC as their technology partner for this project and the national roll-out will happen very soon now.
Aadhaar cards ensure that no duplicates will creep into the system. The individual securing an Aadhaar card has to personally submit the form, where his / her fingerprints, photograph and iris scan are instantly captured. The individual’s identity is verified by supporting ID proof like a PAN Card, valid driving license etc.
UIDAI project is headed by Nandan Nilenkani and they have been issuing close to 1 lakh cards a day.
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