How to Link Your Bank Account Information to a Life Insurer via Account Aggregator

What Is the Account Aggregator Framework?

Account Aggregators are RBI-regulated entities that allow individuals to share their financial data securely and digitally with regulated financial institutions, including life insurers. This ecosystem is built on two key principles:

• User Consent: Your data is shared only when you give explicit permission.
• Data Security: Your financial information is encrypted and shared through secure digital channels.

By linking your bank and income data via AA, you give life insurers real-time access to verified documents, which helps in faster policy issuance, simpler underwriting, and more personalised insurance solutions.

Step-by-Step Guide to Link Your Bank Account Information via AA

1. Select the account aggregator of choice.
2. The account aggregator will ask you to select the bank where you already have an account. It will then automatically fetch the account details linked to your verified mobile number and display them on your screen.
3. To link the account, simply proceed and enter the OTP sent by your bank. This step confirms that you approve the linking of your account to your AA handle.
4. It’s important to note that linking your bank account doesn’t mean your data will be shared automatically. Your financial information will only be shared when you give consent—each time a financial institution requests it, you’ll receive a notification to approve or deny the request.
5. If you have accounts with more than one bank or insurance provider, you can repeat the same steps to link them as well. Each bank will send its own OTP for confirmation. For example, if you have accounts, you’ll receive separate OTPs from each bank to complete the linking process individually.

This process may vary from insurer to insurer and the data is used only for underwriting or verification purposes and is not stored by the insurer beyond its required use.

Benefits of Linking Your Financial Details via AA

1. Seamless Policy Issuance

   Manual document verification can take time. With AA, insurers get instant access to verified financial data, making the policy issuance a seamless process..

   
   

2. Fewer Documents to Upload

   You don’t have to scan, email, or upload multiple PDFs. One-time consent is enough to share documents like bank account statement(s) securely.

   
   

3. Enhanced Data Accuracy

   AA shares real-time information, reducing errors or mismatches in documents.

   
   

4. Fully Digital Experience

   The entire process is paperless, with no need for in-person visits or courier submissions.

   
   

What If You Change Your Mind?

You can withdraw your consent or unlink accounts at any time by visiting your AA’s portal or app. The AA framework ensures that your control over data remains intact.

Things to Keep in Mind

• Only regulated financial institutions can access data through AA.
• You must link accounts that are active and in your name.
• You can track and manage consent history on your AA dashboard.
   

Final Thoughts

Linking your bank account information to a life insurer via Account Aggregator is a safe, fast, and user-controlled way to streamline your policy application or renewal. As more insurers integrate with the AA ecosystem, customers can expect quicker decisions, reduced paperwork, and greater convenience—all without compromising on data privacy.

By adopting this digital route, you’re taking a step towards a simpler and more secure insurance journey.