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 online within few minutes?
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 LIC Homepage. Here you will find the new link “Link Aadhaar and PAN to LIC Policies”. Just click on that.
Step 1-Then you will find the below page where you have to fill the details.
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?
If you are unable to link Aadhaar to LIC policies online, then the next step is to use the offline process. For this, LIC came up with the standard form. You have to fill the form along with Aadhaar and PAN card self-attested copies to the nearest LIC Branch.
Notice one thing that, now if you are unable to link Aadhaar to LIC policies online, then you can visit any nearest LIC branch and submit the form for link Aadhaar to LIC policies offline.
Also, you can use the same single form to link Aadhaar with your multiple policies.
Note:-The deadline to link Aadhaar to LIC policies is set as 31st December 2017. Hence, complete the process at the earliest.