LIC signs MoU with UIDAI over database sharing
LIC on Wednesday signed a MoU with the Unique Identification Authority of India, under which the insurance major would share data with the entity.
Mumbai: State-run Life Insurance Corporation
(LIC) today signed a MoU with the Unique Identification
Authority of India (UIDAI), under which the insurance major
would share data with the Nandan Nilekani-led entity.
"UID is a project of national importance, and a great
challenge for us to implement due to the tight deadlines,"
LIC chairman T S Vijayan told reporters here.
Vijayan said that besides helping LIC cater to customers
with multiple policies through the provision of unique
numbers, it will give a fillip to its initiatives in social
schemes such as micro-insurance.
Nandan Nilekani, ex-CEO of Infosys and Chairman of
UIDAI, said his institution will procure information from
certain fields of LIC`s database of over 21-crore
policyholders, such as names, addresses, dates of birth, sex
"The rest of the database remains with them, and whatever
we take is also secure as we will not be sharing it with
anyone, only using it for authentication," Nilekani said,
adding that the Authority will be tying up with more
registrars for a quicker roll-out of the numbers.