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.
CAclubindia
