KYC verification

• Why am I asked to complete KYC for bike insurance?
• I had already completed my KYC verification while registering for Wallet & Mutual Funds, why do I need to submit the details again?
• How do I complete my KYC on PhonePe?
• Within what time of purchase do I need to submit my documents?
• I had registered for Central KYC few years back, but do not remember the ID. Will it work?
• How long does it take to complete the KYC verification?
• How long does it take for the insurer to approve the policy issuance?