The Consent Template CT006, finalized by the Insurance Use Case Council, streamlines income verification use case during the underwriting process in the insurance industry.

Consent Template Information / AttributesDescription / Upperbounds
Consent Template IDCT006
Use Case CategoryIncome verification
Use caseVerifying income as or on behalf of an insurer selected by an insurance seeker
License types consideredInsurance broker (Life), Insurer (Life), Agent (Life)
Purpose Text (for customers)To verify the income as or on behalf of the insurer selected by the customer while underwriting a Life insurance policy
Purpose Text (as per ReBIT)Aggregated statement
Purpose Code103
Purpose Code Category NameFinancial Reporting
FI TypesDeposit, Recurring Deposit, Time Deposit, Mutual Funds, GSTR1-3B
Consent TypesProfile, Summary, Transactions
Maximum FrequencyNA
Maximum FI Data Range12 months
Maximum Consent expiry45 days
Maximum Data Life45 days
Last published:17th May 2024

Please note that the parameters of the individual consent templates in the Consent Template Library represent upper bounds for the respective use cases, as decided in the relevant User Councils. The parameters in the consent templates should be treated by participant(s) as outer limit(s) and not be construed as legal advice in any manner. Participants are encouraged to review their use case(s) and ensure compliance with applicable laws, including the RBI Master Directions on NBFC-AA and the DPDP Act.

Sahamati will publish additional consent templates as the AA ecosystem evolves based on discussions in the relevant Use Case Councils and the Fair Use Committee. Existing consent templates may also be revised based on statutory and regulatory guidance, including the DPDP Act and the Rules issued thereunder.

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