“It has been decided to mandate the requirements of PAN on all high-value insurance products,” IRDA told all insurance companies in a circular.
IRDA added that all insurers are advised to collect PAN from all persons purchasing insurance products where the contracted annual premium payable on the insurance policies, per policy basis, exceeds Rs 1 lakh.
IRDA said this norm is to be implemented with immediate effect and all insurers are to comply not later than August 1.
Commenting on the decision, IDBI Fortis Life Insurance Managing Director and Chief Executive Officer G V Nageswara Rao said, “It is part of know-your- customers norms. Since the cap is of above Rs 1 lakh, I don’t expect any significant impact on the business.”
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