Aadhaar, PAN to be linked to insurance policies by March 31, 2018

On November 8, the IRDAI had directed the insurers to link Aadhaar and Pan Card numbers with insurance policies

India's insurance regulator on Monday extended the time to link Aadhaar number to insurance policies till March 31, 2018. In a circular issued on Monday to all the life, non-life (including standalone health insurers) the Insurance Regulatory and Development Authority of India (IRDAI) said the date of submission of the Aadhaar Number and Permanent Account Number or Form 60 by clients to reporting entity is March 31, 2018.

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The IRDAI cited the central government's gazette notification on December 13, relating to Prevention of Money-Laundering (Maintenance of Records) (Seventh Amendment) Rules, 2017. On November 8, the IRDAI had directed the insurers to link Aadhaar and Pan Card numbers with insurance policies.

"These rules have statutory force and, as such, life and general insurers (including standalone health insurers) have to implement them without awaiting further instructions," the IRDAI had said in a statement.

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