IPO LIC: policyholders can bind PAN-LIC to buy IPO, here’s how | Personal finance news

New Delhi: The Life Insurance Corporation of India has been considering an initial public offering, or IPO, for a long time. While the issue date and price range have not yet been disclosed, LIC is working hard to prepare for the public offering.

The life insurance company invited its clients to join the offer earlier this week and encouraged them to do so by opening demat accounts. By this week, LIC intends to file the draft IPO prospectus with market regulator Sebi. When the issue is listed on the markets, it should increase between Rs 40,000 and Rs 1 lakh crore.

The government will need LIC’s IPO to meet its divestment target of Rs 1.75 crore for the current fiscal year, which includes the privatization and sale of minority stakes.

LIC in an advertisement said, “In order to participate in such a public offering, policyholders will need to ensure that their PAN details are updated on company records. In addition, it is possible to subscribe to any public offering in India if you have a valid Demat account. Accordingly, policyholders should ensure that they have a valid mat account.

“In the interest of our policyholders, we have in the past run advertisements inviting you to update the details of your PAN in our records. If you have not yet provided this information to the company, please do so as soon as possible. This is very important from the perspective of KYC as well as your ability to participate in the proposed public offering of LIC as it takes place. This will help you participate in the public offering, ”the advertisement states.

If you want to invest in the impending IPO of LIC as a policyholder, you will need to create a Demat account. Additionally, you need to update your PAN information on LIC records.

Here’s how to check the status of the PAN-LIC link:

1. Go to https://linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus to check the status of your policy.

2. Fill in the appropriate fields with your policy number, PAN and date of birth.

3. The captcha must be completed. After that, you will be able to see the status of your LIC-Pan link.

There is no need to worry if you haven’t linked your PAN to your LIC. Read on to learn how to edit your PAN on the LIC database.

How to bind PAN-LIC

1. Visit the official LIC website at https://licindia.in/ or go to https://linkpan.licindia.in/UIDSeedingWebApp/ for a direct link.

2. From the home page, select Online PAN Registration, then click Continue.

3. Provide your personal information, such as your PAN, LIC policy number, phone number, and email address. During this phase, you must be careful and submit all the necessary information.

4. Fill in the Captcha in the appropriate box.

5. Request a one-time password (OTP) from your registered phone number.

6. Submit the OTP after entering it into the gateway.

If you are unable to link your PAN to LIC online, you can contact a LIC representative. If you don’t have a pan, you should link the two as soon as possible after receiving the document.

Finance Minister Nirmala Sitharaman first proposed the IPO of LIC in the Union budget for 2020-2021. The government plans to sell more than 10% of its shares in the state-owned Life Insurance Corporation. The government wants to launch the IPO of LIC as soon as possible, which is why LIC is expected to file its project with Sebi this week.

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Harry D. Gonzalez