Requirement of Permanent Account Number (PAN) in PLI/RPLI Policies.
This is regarding requirement of Permanent Account Number (PAN) in PLI/RPLI Policies. As per the instructions of Income Tax Department, PAN shall be compulsorily quoted on payment of an amount aggregating to more than 50,000/-(Fifty Thousand Only) in a financial year as life insurance premium to an insurer.
Though requirement of PAN may not be necessitated in all PLI/RPLI proposals/premium collections. However, considering the above guidelines, PAN may now compulsorily be obtained in the following cases: -
a. New PLI/RPLI proposals where aggregate premium is exceeding 50,000/-
( Fifty Thousand) in a financial year.
b. Existing PLI/RPLI policies, where premium exceeds or is likely to exceed 50,000/-in a financial year.
This information may be widely disseminated among CPCs, Counter Staffs and
Salesforces. This issues with the approval of competent authority.
