IPO IPO: India’s largest-ever public offering will hit the market as Life Insurance Corporation of India (LIC) has filed a Draft Red Herring Prospectus (DRHP) with the capital market regulator Securities and Exchange Board of India (SEBI) for a five-percent sale from the government. However, to invest in LIC’s highly anticipated IPO, policyholders need to have two things: the policyholder’s PAN must be updated on the LIC portal, and the policyholder must have a demat account.
LIC IPO: Insurance part and discount
According to the prospectus, employees and policyholders of the country’s largest insurer receive a discount on the floor price. The portion planned for policyholders can be up to a maximum of 10 percent. “The total of reservations for eligible policyholder(s) must not exceed 10 percent of the supply volume,” the DRHP said. The employee quota is limited to 5 percent. The amount of the potential discount will be specified closer to the opening date of the offer, at least two business days in advance. The policyholder quota in the IPO – a first – came into being after the central government authorized LIC to designate policyholders as one of the reserved categories, according to an amendment to the LIC Act 1956 made last year.
LIC IPO: Last Date To Update PAN Details
According to the DRHP submitted by LIC to SEBI, a policyholder who does not update his/her PAN before February 28, 2022 will not be eligible to participate in its IPO. According to the LIC DRPH: “A policyholder of our Company must ensure that his/her PAN details are updated in our Company’s policy records at the earliest. A policyholder who has not updated his/her PAN records with our Corporation prior to the expiration of two weeks from the date of submission of this Draft Red Herring Prospectus to SEBI (ie by February 28, 2022) will not be considered an Eligible Policyholder.”
LIC IPO: PAN Link Policy Number: Here’s How To Do It
- Go to the official LIC website – https://licindia.in/
- Select the Online PAN Registration option on the home page, then select ‘Click here’
- In the next window, read the instructions regarding the documents you need. Then click on ‘Continue’
- Now provide your details including PAN, LIC policy number, mobile number and email address. Enter Captcha in the appropriate box
- Request an OTP from your registered mobile number
- Enter the OTP in the portal and then submit
Also, policyholders who are not well versed in the technology can ask their agents to do it for them.
How to check PAN-LIC status?
- Visit https://linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus
- Enter policy number, date of birth and PAN information as well as the captcha. Then press the Send button.
The insurance giant has been campaigning since last year to get policyholders to update their PAN records in its records.
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