IRDA made PAN compulsory for annual premium above 1 lac.

Text of IRDA Circular:

It ha s be e n de cide d to m a nda te the re quire m e nt o f P AN o n a ll high va lue insura nce
pro ducts.
All Insure rs a re the re fo re a dvise d to co lle ct P AN fro m a ll pe rso ns purcha sing
insura nce pro ducts whe re the co ntra cte d a nnua l pre m ium pa ya ble o n the insura nce
po licie s, pe r po licy ba sis, e x ce e ds R s. 1.00 la k h.
T his circula r co m e s into fo rce with im m e dia te e ffe ct. All Insure rs a re a dvise d to
co m ply with the dire ctio ns issue d in this circula r unde r co nfirm a tio n to the Autho rity
no t la te r tha n 01.08.2009.