By now you must be aware of 'Aadhaar' linkage with everything that involves your hard-earned money. To make India a transparent financial market, where every law-abiding citizen is expected to pay taxes, the government intends to connect Aadhaar with all services including subsidy benefits, pensions, social benefits, banking services, insurance services, taxation services, education, employment and healthcare. It started with PAN and soon moved to mobile phone, bank account, mutual funds portfolio, post office account and then - the recent one - insurance policy. The deadline for all services is December 31, except mobile number for which it is February 6. With the IRDA making it mandatory to link Aadhaar with LIC insurance policy, you should know how to do it and what could happen if you fail to update the details. Here are four simple steps to link Aadhaar and PAN numbers with LIC insurance policy.
According to guidelines that have been given to insurance companies, it is likely that the policy will continue even if you fail to register Aadhaar and PAN with LIC before the deadline, though your Know Your Customer (KYC) details should be updated with the insurer. The government has made it mandatory to update Aadhaar and PAN with both life and general insurance policies, including health, motor, travel and home. The insurance companies are in talks with the Insurance Regulatory and Development Authority to stretch the deadline, but one needs to follow the latest guidelines before any new announcement.