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PAN Requirement in PLI/RPLI policies – DOP Instructions

PAN Requirement in PLI/RPLI policies

DOP issued order to obtain PAN in New PLI/RPLI proposals and premium exceeding 50,000 Rs. in a financial Year Order Dated 31th August 2021

F.No. 29-24/2020-LI
Ministry of Communications
Department of Posts
(Directorate of Postal Life Insurance)

Chankyapuri PO complex
New Delhi 1110021
Dated 31th August 2021

OFFICE MEMORANDUM

Sub: 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 Rs. 50000/- ( Rs. Fifty thousand Only) in a financial year as life insurance premium to an insurer.

2. Through requirement of PAN may not be necessitated in all PLI/RPLI proposals/RPLI proposals/ premium collections. However, considering the above guidelines, PAN may be now compulsorily be obtained in the following cases.

(a) New PLI/RPLI proposals where aggregate premium is exceeding Rs. 50000/- (Rs Fifty Thousand) in a financial year.

(b) Existing PLI/RPLI policies, where premium exceeds or likely to exceed Rs. 50000/- in a financial year.

3. This information may be widely disseminated among CPCs, Counter Staffs and Sales force.

This Issues with the approval of the competent authority.

(Hariom Sharma)
Deputy Divisional Manager – II

Copy to :-

  1. All Heads of Circles/Addl. DG APS
  2. Director, RAKNPA, Ghaziabad/CGM (CEPT)
  3. All Director, PTCs/Director, PLI, Kolkata

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