Is pan card mandatory for insurance

Yes, a PAN card is mandatory for insurance in India as part of the compulsory Know Your Customer (KYC) process mandated by the IRDAI. This applies to all types of insurance, including life, health, and motor insurance.

• Mandatory for KYC: Providing a PAN or Form 60 is required for both purchasing new policies and renewing existing ones.
• Premium Threshold: PAN is specifically mandatory for policies with an annual premium of ₹50,000 or more.
• Tax Compliance: It ensures correct TDS deduction on payouts and facilitates smoother claim settlements and refunds.