As per the Exchange circular dated 9th March 2022, you need to link your Aadhaar with your PAN before 31st March, 2022. If you do not link your Aadhaar to your PAN, you will not be allowed to trade from 1st April, 2022 onwards and your PAN shall be considered as invalid.
Steps on linking PAN to Aadhaar
The Link Aadhaar service is available to individual taxpayers (both registered and unregistered on e-Filing) who have a valid PAN and Aadhaar number. With this service, you can:
Link Aadhaar with PAN on the e-Filing portal: Pre-login on the e-Filing homepage (for both registered and unregistered users) Post-login to the e-Filing portal (for registered users) View your Link Aadhaar status from the e-Filing homepage2.
Prerequisites for availing this service ▪️Valid PAN ▪️Aadhaar number ▪️Valid mobile number
Step-by-Step Guide
✅Link Aadhaar (Pre-Login and Post-Login)
👉Pre-Login: Go to the e-Filing portal homepage, and click Link Aadhaar.
👉Post-Login: On your Dashboard, under the Link Aadhaar to PAN option, click Link Aadhaar.
Step 1b: Post-Login: You can also access this service from My Profile > Link Aadhaar.
Step 2a: Pre-Login: On the Link Aadhaar page, enter your PAN, Aadhaar Number, Name as per Aadhaar and a valid Mobile Number.
Step 2b: Post-Login: On the Link Aadhaar page, your Name, Date of birth (DOB), and Gender as per PAN will be pre-filled and non-editable. Enter your Aadhaar Number and Name as per Aadhaar.
Step 3: If you have only year of birth in your Aadhaar card, click I have only year of birth in Aadhaar card. It is mandatory to select I agree to validate my Aadhaar details. Then, click Link Aadhaar.
Step 4: Pre-Login: You will receive a 6-digit OTP on the mobile number you entered in Step 2a. On the Verification page, enter the Mobile OTP and click Validate. If you are using this service post-login, you won’t go through this step.
Note:
OTP will be valid for 15 minutes only.You have 3 attempts to enter the correct OTP. The OTP expiry countdown timer on screen tells you when the OTP will expire.On clicking Resend OTP, a new OTP will be generated and sent.
On success, you will get a message about your Aadhaar-PAN linking request being sent to UIDAI.
▶️View Link Aadhaar Status (Pre-Login)
Step 1: On the e-Filing portal homepage, click Link Aadhaar Status.
Step 2: Enter your PAN and Aadhaar Number and click View Link Aadhaar Status.
On successful validation, a message will display your Link Aadhaar status.
▶️View Link Aadhaar Status (Post-Login)
Step 1a: On your Dashboard, click Link Aadhaar Status.
Step 1b: Alternatively, you can go to My Profile > Link Aadhaar Status.
Note:
If the validation fails, click Link Aadhaar on the Status page, and you will need to repeat the steps to link your PAN and Aadhaar.If your request to link PAN and Aadhaar is pending with UIDAI for validation, you will need to check the status later.You may need to lodge a request (e-Nivaran) or contact the e-Filing Helpdesk to un-link Aadhaar and PAN if: your Aadhaar is linked with some other PANyour PAN is linked with some other Aadhaar
On successful validation, a message will display your Link Aadhaar status.
LIC is the largest insurance provider company in India. It has a market share of above 66.2% in new business premium. The company offers participating insurance products and non-participating products like unit-linked insurance products, saving insurance products, term insurance products, health insurance, and annuity & pension products.
As of 30 Sep 2021, it has a total AUM of Rs. 39 lakh crore. LIC operates through 2048 branches, 113 divisional offices, and 1,554 Satellite Offices. It operates globally in Fiji, Mauritius, Bangladesh, Nepal, Singapore, Sri Lanka, UAE, Bahrain, Qatar, Kuwait, and the United Kingdom.
Key positive factors
LIC is a part insurance and part investment products company. Their plans are a combination of insurance and investment with a guaranteed return.
LIC has over 13.5 lakh agents who play brings most of the new business. LIC plans offer ‘fixed returns’ along with life insurance coverage. This makes it easy to sell by agents and brings peace of mind to the insurers.
LIC has high trust in the public for both life insurance as well as investment done with them. LIC is synonymous with insurance in India.
LIC manage asset of Rs 39 lakh crores. That is more money than the entire mutual fund industry combined. They invest these funds across stocks and bonds. They own 4% of all listed stocks in India and more government bonds than the RBI.
Leading insurance provider company in India and fifth largest global insurer by GWP.
A range of life insurance products to meet varied insurance needs of individuals.
Key challenges
LIC has poor new policy growth as they continue losing market share to private insurance players, especially in urban areas.
The margin in insurance + investment products is low.
It’s very difficult to value LIC as the business model is unlike any other company. LIC collects money upfront and then promises to compensate policyholders at a later stage. The premiums they collect (part insurance and part investment) cannot be recognized as revenue.
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