Know how policyholders can tie PAN-LIC to buy an IPO
The Life Insurance Corporation of India has long been considering launching its initial public offering, or IPO. While the date or price range of the issue has not yet been announced, LIC is in the process of preparing for the public issue. The life insurance company earlier this week invited its policyholders to participate in the offer and urged them to open demat accounts to do so. LIC plans to file the draft IPO prospectus with market regulator Sebi by this week. The problem is likely to increase an amount from Rs 40,000 crore to Rs 1 lakh crore when quoted in the markets.
The IPO of LIC will be important for the government to meet its divestment target of Rs 1.75 crore under the current budget to privatize and sell minority stakes.
On Thursday, 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 announcement said.
If you, an insured, are interested in investing in LIC’s next IPO, you should open a Demat account. In addition to that, you need to update your PAN details on LIC records.
Here’s how to check the status of the PAN-LIC link:
1. Go to https://linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus
2. Enter the policy number, PAN details and date of birth in the required boxes.
3. Fill in the Captcha. After that you will be able to see the status of your LIC-Pan link
If you haven’t linked PAN with LIC, there is no need to worry. Read on to learn how to update PAN details on LIC database.
How to bind PAN-LIC
1. Go to the official LIC website through the link https://licindia.in/ or visit the direct link at https://linkpan.licindia.in/UIDSeedingWebApp/
2. Select the Online PAN recording option on the home page, then click Continue.
3. Provide your contact details including PAN, LIC policy number, cell phone number and email address. You must be careful during this step and provide all the details correctly
4. Fill in Captcha in the designated box
5. Request an OTP from your registered mobile number
6. Enter the OTP in the portal and then submit it
If you cannot link PAN to LIC online, you can also contact a LIC agent. If you do not have a pan, it is recommended that you link the two upon receipt of the document.
In the 2020-2021 Union budget, Finance Minister Nirmala Sitharaman first mentioned the idea of LIC’s IPO. The government intends to divest its stake in the nearly 10 percent state-backed life insurance company. LIC is expected to file its project with Sebi during the current week, as the government wants to launch LIC’s IPO as soon as possible.
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