The Life Insurance Corporation of India has long been planning to launch its first public offering or IPO. While the date or price range of the issuance has not yet been announced, the LIC is in full swing preparing for the public issuance. 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 submit the draft IPO prospectus to market regulator Sebi this week. The matter is likely to raise an amount from Rs 40,000 crore to Rs 1 lakh crore when listed in the markets.
The IPO of the LIC will be important for the government to meet its divestment target of Rs 1.75 crore in the current fiscal situation of privatization and sale of minority stakes.
On Thursday, LIC said in an advertisement: “To participate in such a public offering, policyholders must ensure that their PAN records are updated in company records. Furthermore, registering for a public offering in India is possible if you have a valid demat account. Accordingly, policyholders must ensure that they have a valid demat account.”
“In the interest of our policyholders, we have placed advertisements in the past urging us to update your PAN information in our records. If you have not yet provided this information to the corporation, please do so at the earliest. This is very important from a KYC perspective, as is your ability to participate in LIC’s proposed public offering as and when it takes place. This will help you participate in the public offering,” the ad reads.
As a policyholder, if you are interested in investing in LIC’s upcoming IPO, you must open a demat account. In addition, you need to update your PAN information on LIC records.
Here’s how to check PAN-LIC link status:
1. Go to https://linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus
2. Enter policy number, PAN details and date of birth in the required boxes
3. Fill in Captcha. After this you can see your LIC-Pan link status
If you haven’t linked PAN to LIC, don’t worry. Read on to find out how to update PAN details in the LIC database.
How PAN-LIC . to link
1. Go to the official LIC website at the link https://licindia.in/ or visit the direct link at https://linkpan.licindia.in/UIDSeedingWebApp/
2. Select the Online PAN Registration option on the home page and then click Continue
3. Provide your details including PAN, LIC policy number, mobile number and email address. You must be careful during this step and provide all details correctly
4. Enter Captcha in the appropriate box
5. Request an OTP from your registered mobile number
6. Enter the OTP in the portal and then submit
If you cannot link PAN to LIC online, you can also contact a LIC agent. If you don’t have a pan, it is recommended to pair both as soon as you receive the document.
In the 2020-2021 Union budget, Finance Minister Nirmala Sitharaman first put forward the idea of LIC’s IPO. The government plans to divest its nearly 10 percent stake in the state-backed life insurance company. LIC is likely to submit its draft to Sebi during the current week as the government wants the LIC IPO to float as soon as possible.
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