Have you got any LIC plans? Or, do you hold an Aadhaar card?
It may be beneficial for you to know that you can link the two together. Not only will it help you receive all the benefits, but it has now been made mandatory by the Union Government.
So, if you haven’t linked your Aadhar to your LIC policy yet, then read our step-by-step guide to link Aadhaar with LIC plans.
Is the process offline or online?
Both offline and online facilities are available, making it easy to link Aadhaar and PAN to your policies.
The Online Method for LIC Plans:
- Register your mobile number with UIDAI.
- You’ll receive an OTP on the number given.
- Once verified, you’ll receive the confirmation via SMS or email.
The LIC Plans Offline Method:
- Fill a form and submit the relevant documents at an LIC branch.
- Your request will be processed soon.
Link Your Aadhaar with LIC Policies – Online Method
1# Get all your LIC policy documents, PAN Card and Aadhaar Card in one place.
2# Log into your LIC account. LIC login process is safe and convenient.
3# Locate the link tab ‘Aadhaar and PAN with Lic Policies.’ Click to proceed to the next step.
4# Your mobile number should already be registered with UIDAI. You will receive an OTP using which you will be able to link your Aadhar with your policies.
5# Next, you’ll be taken to a form page where you have to fill in details like your Aadhaar number/PAN number, policy number etc.
6# Fill in details like:
- Your full name as per Aadhaar records.
- Date of Birth.
- Name of Spouse/Father.
- Policy information
7# Once done, click on GET OTP, and another code will be sent to the registered mobile number.
8# You’ll get a message of congratulations and will receive a verification message through email/SMS. However, the verification process may take a few days to be completed.
Link your Aadhaar with LIC Policies – Offline Method
You will need the correct forms, documents and other details, and can get it posted to the nearest LIC branch. However, compared to the online method, this process will be longer.
Aadhaar and Other Services
It was a move made by the Government to create a more transparent financial market in India. And so, Aadhar card has to be linked with all of these services:
- Banking services.
- Social benefits.
- Subsidy payments.
- Tax services.
- LIC plans and insurance services.
Now, mutual funds portfolio, post office accounts and mobile phone numbers have to be linked with Aadhar.
The deadline for linking all the services is December 31st, with exception to your mobile number which is February 6th.
What Happens If You Don’t Link Aadhar with LIC Policies
The policy will continue (as long as you collect the KYC documents). However, things can get complicated— most notably with your health insurance plans. If you were to make a claim, the insurers would ask for KYC documents linked with Aadhaar before paying the subjected claims.
Hence, not linking you Aadhar with your policies can result in unnecessary stress and hassle and may even affect your claim.
Avoid this situation by registering today. It won’t take you more than ten minutes if done online.
Reserve Bank of India on Aadhar-linking of policies
In a press release, the bank stated that the linking an Aadhaar number to a bank account is mandatory under the law that prevents of money-laundering. (Maintenance of Records, Second Amendment rules)
The law came into being on June 1st, 2017, and all Indian banks began implementing it without any further ado.
If you don’t already have an Aadhaar card, then you are missing out on the following benefits:
Simplify tax returns (by using the online guide) – reduced documentation.
You can login to the Tax department website with your PAN number and e-file your ITR with the option to generate a one-time password.
Then, you can upload your ITR (Tax Return) forms.
Better Passport Service
You can get a passport within ten days using your Aadhar.
Open Bank Accounts Instantaneously
Opening an account is a lot quicker and easier.
Accurate Pension Repayments
For senior citizens, you can receive your payments on time while also getting to skip all the documentation involved.
No Hassle in Provident Fund Disbursement
By linking Aadhaar card, the funds can be transferred directly to the pensioner’s bank account. It saves effort and time.
The Bottom Line
Not only have we told you how to link Aadhaar card with LIC plans, but we have also highlighted all the advantages of doing so. It saves time, paper, effort, and money – plus it’s now the norm.
So if you haven’t done so already, make sure you write down your next job: link Aadhaar with LIC plans.
The post A Step-By-Step Guide on How to Link Aadhaar With LIC Policies appeared first on Tenoblog.