LIC Asks Policyholders To Update PAN Details, Open Demat Account Before IPO


LIC IPO: The listing is set to be the country’s biggest ever public offering.

New Delhi:The Life Insurance Corporation (LIC) has asked its policyholders to update their Permanent Account Number (PAN) and open demat accounts in order to participate in the proposed initial public offering (IPO). The listing of LIC is set to be the country’s biggest ever IPO, with the government aiming to raise up to Rs 90,000 crore ($12.2 billion) from its stake sale.

“In order to participate in any such public offering, policyholders will need to ensure that their PAN details are updated in the Corporation’s records. Further subscribing to any public offering in India is only possible if you have a valid DEMAT account,” LIC stated.

“You would incur costs towards the opening of a DEMAT account and or PAN issuance and maintaining the DEMAT account or other ancillary costs. All such costs would have to be solely borne by you (policyholder). No costs would be borne by the Corporation,” the state-owned insurance behemoth clarified.

The Centre is yet to finalise the timeline for the LIC IPO. As per the plan, LIC will offer up to 10 per cent of the issue size to it policyholders.

How To Link PAN With LIC Policies:

* Keep your PAN card handy along with the list of policies.

* Enter your mobile number.

* An OTP (one-time password) will be sent by LIC to the mobile number entered.

If PAN Is Not In LIC database, Here’s How You Can Update It:

* Select the ‘Online PAN Registration’ option on official LIC website.

* Click on ‘Proceed’.

* Enter your email address, PAN, mobile number, and LIC policy number.

* Enter the Captcha code.

* From your registered mobile number, request an OTP.

* Enter the OTP and and click ‘Submit’.

The LIC IPO is expected by the end of March 2022.

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