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.
- Keep Aadhaar, PAN cards and the policy numbers with you. Your mobile number should be registered with LIC. If it's not, call up your LIC branch.
- Log on to the official website of the LIC (licindia.in). You will see a link for connecting Aadhaar and PAN with the LIC number on the home page.
- Click on the given link, read all the instructions carefully, and enter the details, including name, date of birth, email, PAN, Aadhaar and mobile number, you have registered with UIDAI. You will receive an OTP number on your mobile phone, put it on the website.
- Read the instructions and click on the 'Proceed' button and submit the details. After completion of the process, you will receive an SMS, though the verification may take a few days.
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.