Quoting PAN compulsory for insurance with premium above 1 lac

Last updated: 27 July 2009 Follow on Google News

Requirement of PAN for Insurance Products

Circular No: 021/IRDA/LIFE/PAN/Jul-2009

Dated 23-7-2009

It has been decided to mandate the requirement of PAN on all high value insurance products.

All Insurers are therefore advised to collect PAN from all persons purchasing insurance products where the contracted annual premium payable on the insurance policies, per policy basis, exceeds Rs. 1.00 lakh.

This circular comes into force with immediate effect. All Insurers are advised to comply with the directions issued in this circular under confirmation to the Authority not later than 01.08.2009.

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