Life Insurance Corporation of India (LIC) is all set to issue 50 million unique identification numbers (UID) to its policyholders every year for the next four years

Earlier last year, LIC collaborated with Unique Identification Authority of India (UIDAI) to share its database of above 200 million customers and issue biometric cards to the policyholders. Till recently, the process of issuing UID was slow, as the insurer was looking for a technology partner for the UIDAI’s project, called ‘Aadhar’.

They have roped in CMC as the technology partner for the project. The national roll-out will happen very soon now. LIC has issued 30,000 cards to its policyholders so far.

The insurance company has set a target of issuing 40 million cards this year, the cost for which is estimated at Rs 2 billion, or Rs 50 per card.

LIC was the first institutional partner in the UIDAI’s Aadhaar project to provide every Indian resident with a unique 12-digit number. The number will store basic demographics and biometric information, photograph, ten fingerprints and iris, of each individual in a central database.

The initiative of providing identification to residents of India was taken by the Planning Commission of India. The project is headed by Mr. Nandan Nilekani, co-founder of Infosys