PAN is Mandatory for PLI/RPLI policies when the aggregated quoted premium amount is exceeded Rs.50,000 for New Customer and Rs.2,50,000/- for existing customer in Post Office
F.No.29-24/2020-LI Ministry of Communications
Department of Posts
(Directorate of Postal Life Insurance).
Chanakyapuri P.O. Complex
New Delhi-110021
Dated: 31st 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 250,000/-( Fifty Thousand Only) in a financial year as life insurance premium to an insurer.
2. 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; -
3-
a. New PLI/RPLI proposals where aggregate premium is exceeding 50,000/- (Rupees Fifty Thousand) in a financial year.
b. Existing PLI/RPLI policies, where premium exceeds or is likely to exceed 250,000/-in a financial year.
This information may be widely disseminated among CPCs, Counter Staffs and Sales forces.
This issues with the approval of competent authority.
Copy to:-
- All Head of Circles/Addl. DG APS
- Director, RAKNPA, Ghaziabad/CGM (CEPT)
- All Director, PTCs/Director, PLI, Kolkata
(Hariom Sharma) Deputy Divisional Manager-I
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