LIC signs data-sharing deal with UIDAI

India's largest life insurance company, state-owned Life Insurance Corporation of India, has tied up with the Unique Identification Authority of India (UIDAI) to share its data base of more than 21 crore customers.

LIC will collect the data from its customers and share it with the UIDAI. The corporation will share information like the policy-holder's name, address, date of birth, gender along with the biometric information. Following this, UIDAI will verify the information and issue unique identification numbers.

''LIC will act as a registrar for the delivery of the 12-digit identity number. Those enrolled with the registrar will be given the option of enrolling for a unique identification number also'', said UIDAI chairman Nandan Nilekani told a press conference in Mumbai earlier in the week.

The LIC already has a data bank consisting of the complete details of all its customers, which will be used for the allocation of UIDs to LIC's customers, said T S Vijayan, chairman of LIC.

The tie up will also benefit LIC in collection of renewal premiums, dealing with customers having multiple policies and in the administration of the various social security schemes like Jana Shree Bima Yojana, Aam Aadmi Bima Yojana and micro insurance schemes, Vijayan said.

Nilekani said that the first of the UID numbers will be rolled from August this year as announced in this year's Budget.