Requirement of pan to close a loan against a policy in lic

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Insurance advisor
25 Points Posted on 02 October 2016

Sir,  a few days back I had closed a loan taken against my policy with  LIC.  I was asked to produce the PAN card along with the cheque for an amount more than a lakh.  I had read that  PAN was necessary to pay any premium  to an insurer if the amount was more than Rs. 50,000/-  in cash.   Payment by cheque does not attract submission of PAN Card.    

Am I right?   Please clarify.       

Thanks.

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On 02 October 2016 at 22:23 Report
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Freelancer-Chartered Accountant
551 Points Posted on 05 October 2016
any payment above 50000 be it cheque or cash should be supported by copy of PAN card.
on the copy state the reason why are you submitting the same.
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On 05 October 2016 at 15:53
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Insurance advisor
25 Points Posted on 05 October 2016

Thanks a lot.   I was not aware of this.   

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On 05 October 2016 at 22:20
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Insurance advisor
25 Points Posted on 05 October 2016

Thanks.   I was not aware of this.

Nagaraja K

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On 05 October 2016 at 22:22

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