It is now mandatory to link Aadhaar and PAN to all your Insurance Products like Life Insurance, Health Insurance or any other types of insurance you are owning. How to link Aadhaar to LIC Policies?
IRDA yesterday (8th November 2017) came up with a circular that linking your Aadhaar and PAN number is mandatory for all your insurance products. The notification is as below.
“Central Government vide gazette notification dated 1st June 2017 notified the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 making Aaadhar and PAN/Form 60 mandatory for availing financial services including insurance and also for linking the existing policies with the same.
The Authority clarifies that linkage of Aadhaar number to insurance Policies is mandatory for the prevention of Money-laundering (Maintenance of Records) Second Amendment Rules,2017
These Rules have statutory force and, as such, Life and General insurers (including Standalone Health insurers) have to implement them without awaiting further instructions.”
It is clear from above notification that you have to link your Aadhaar and PAN also to all your insurance products. If you don’t have PAN card, then you have to declare the same in Form 60.
What is Form 60?
Form 60 is to be filled by those individuals or a person (not being a company or firm) who does not have a permanent account number and who enters into any
transaction specified in rule 114B.
Note these below points before submitting Form 60.
1) Before signing the declaration, the declarant should satisfy himself that the information furnished in this form is true, correct and complete in all respects. Any person making a false statement in the declaration shall be liable to prosecution under section 277 of the Income-tax Act, 1961 and on conviction be punishable,
# in a case where tax sought to be evaded exceeds twenty-five lakh rupees, with rigorous imprisonment which shall not be less than six months but which may extend to seven years and with fine;
# in any other case, with rigorous imprisonment which shall not be less than three months but which may extend to two years and with fine.
2. The person accepting the declaration shall not accept the declaration where the amount of income of the nature referred to in item 22b exceeds the maximum amount which is not chargeable to tax, unless PAN is applied for and column 21 is duly filled.
How to link Aadhaar to LIC Policies online?
LIC started the dedicated link for the purpose of link Aadhaar to LIC policies online. The steps are explained here. But before that, keep in mind few points.
# Keep your Aadhaar Card and PAN card handy along with the list of policies.
# Mobile Number as registered with UIDAI is to be entered. OTP will be sent to the number provided. (In case your mobile number is not updated in Aadhaar, kindly contact nearby LIC Branch Office for Aadhaar Linking.)
# After submitting the form, a message will be shown on the success of the registration for linkage.
# After verification with UIDAI, SMS / mail confirmation will be sent to you. The verification may take few days.
Step 1-Visit the link for link Aadhaar to LIC Policies Online.
Step 2-Provide details like name (as per Aadhaar), date of birth, Aadhaar number, gender, Email ID, mobile number (which is registered with Aadhaar), PAN number, and policy number.
Step 3-Then click on the tab “Get OTP”. You will receive the OTP to your mobile number. Enter the same and click on Submit. After submitting the form, a message will be shown on the success of the registration for linkage.
Step 4-After verification with UIDAI, SMS / mail confirmation will be sent to you. The verification may take few days.
How to link Aadhaar to LIC Policies offline?
Now you understood the importance of link Aadhaar to LIC Policies. Also, the importance of linking your PAN number to all insurance products you are having.
However, how to link Aadhaar to LIC policies? Is there any process available now? As of now, LIC not came up with any online facility to link Aadhaar to LIC policies. However, in two ways you can link the same.
# Link Aadhaar to LIC Policies while buying newly
If you are buying any of the LIC policies newly, then the authority will now make it mandatory to link Aadhaar to LIC policies at the stage of the proposal itself. Along with this, you must also submit your PAN details as well.
Therefore whoever buying new products from LIC will no need to bother now. The process is completed by LIC itself before issuing the new policy to you.
# Link Aadhaar to LIC Policies for existing customers
As I told above, as of now LIC not came up with any online facility to link Aadhaar to LIC policies. However, you can go ahead and link whenever you can. But the best way to do is while paying the premium itself. Visit the branch and link Aadhaar to LIC policies. Do remember get an acknowledgment of the same.
The main issue with LIC is that they don’t have the centralized system to manage your LIC policies. Hence, if you have multiple policies from different branches of LIC, then you are forced to visit respective branch and link. However, if your all policies are in the same branch, then you will feel it is ease.
Hence, to avoid future cumbersome process, I suggest you first initiate the process of policy transfer to your nearest LIC branch. Once all policies are in one branch and nearest to your stay, then it is easy to link Aadhaar to LIC policies (irrespective of the facility they provide).
I hope this information will be useful for you. I will update this section as and when I get updates from LIC facilities.
Note:-As of now IRDA not set any deadline. Hence, you can link Aadhaar to LIC policies as per your comfort.
Our other posts in relation to Aadhaar linkage:-
- How to link Aadhaar to EPF Online without login?
- How to check if Aadhaar is linked to bank accounts or not?
- How to link Aadhaar to Mutual Funds folios online?
- How to lock and unlock Aadhaar Card online and prevent misuse?
- How to link Aadhaar to EPF using online and offline?