IMPORTANT – Regulatory Reiteration On Mandatory Aadhaar & PAN

Dear Business Associates,

Attached circular is self-explanatory. Please note below on some of  the immediate actionable-

  1. With immediate effect “Aadhaar” & “PAN” both are mandatory during policy issuance/claim settlement/refunds FOR ALL POLICIESIf Aadhaar not available: copy of application for Aadhaar to be obtained. If PAN is not available: Form 60 to be obtained.
  2. Policies will be issued for all cases inwarded till today. From tomorrow, cases without aadhaar/PAN will be kept under DISCREPANCY. No policy will be issued if the aadhaar/PAN is missing.
  3. We shall also be providing all possible avenues to customers/IMD’s to update the details of AAdhaar and PAN for existing policy holders and will keep you posted on the same.
  4. For Companies & Partnership firms: Aadhaar Number and PAN of the persons authorised to open account (sign proposal forms in our case) necessary (or application for Aadhaar and/or Form 60).
  5. For Corporate Clients (Companies) , the PMLA regulations have prescribed the following requirements/documents to be collected –
  6. Certificate of incorporation;
  7. Memorandum and Articles of Association
  8. A resolution from the Board of Directors and power of attorney granted to its managers, officers or employees to transact on its behalf;
  9. (a) Aadhaar numbers; and (b) Permanent Account Numbers or Form 60 as defined in the Income-tax Rules, 1962, issued to managers, officers or employees holding an attorney to transact on the company’s behalf or where an Aadhaar number has not been assigned, proof of application towards enrolment for Aadhaar and in case Permanent Account Number is not submitted an officially valid document shall be submitted: Provided that for the purpose of this clause if the managers, officers or employees holding an attorney to transact on the company’s behalf are not eligible to be enrolled for Aadhaar number and do not submit the Permanent Account Number, certified copy of an officially valid document shall be submitted.
  10. Similar requirements have also been prescribed for partnership firms and Trusts etc. We will get back to you with more details on this.
  11. If more than one member is covered under a retail policy- The regulations require the details of the Policyholder. For Health Policies, the details would be required for all members under the retail policy.
  12. For existing Policyholders, the Aadhaar and PAN/Form 60 (if not obtained already) or application for Aadhaar, as the case may be to be obtained – by 31 December 2017 – failing which the Account should be made inoperational. For Insurance, this would mean that no claims would be released until the requirements are fulfilled by the client and no service requests would be taken by the Company for the said account.

For “Compulsory PAN, Aadhaar under PML Rules” Attachment Click Here

For further clarification, kindly contact us at  or call us at 011-4244758 /833 or 9818587904

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