IPO of LIC: The Life Insurance Corporation, or LIC, of India is set to launch its first public offering in the current fiscal year and preparations are underway for the implementation of it. LIC’s IPO is going to be one of the major such public issues in India. The Cabinet Committee on Economic Affairs (CCEA) had given its approval in principle for the listing of LIC in July. The government has already appointed 10 investment bankers for the transaction. Although the date or price range of the issuance has not yet been announced, the government recently clarified that this plan is underway for IPO in the last quarter of this fiscal year.
However, if you want to buy the shares of LIC’s IPO when it goes public, there are a few rules you need to make sure you follow. The first rule is that you must have a demat and a trading account – which is universal for all IPOs. Apart from this, the LIC recently announced that linking the PAN with an LIC account is a must for policyholders to invest in the IPO.
In a notification dated December 2, the insurance company said: “In order to participate in such a public offering, policyholders will need to ensure that their PAN details are up to date on the company’s records. Moreover, subscription to any public offer in India is possible if you have a valid demat account. Accordingly, policyholders should ensure that they have a valid demat account in place.
“In the interest of our policyholders, we have in the past run advertisements asking you to update your PAN details on 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 a KYC perspective as well as your ability to participate in the proposed public offering of LIC as it takes place. It will help you participate in the public offering,” said said the announcement.
If you, an insured, are interested in investing in LIC’s upcoming IPO, you should open a demat account. In addition to this, you need to update your PAN details on LIC records.
Here’s how to check the 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. Complete 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’s no need to worry. Read on to know how you can update PAN details on LIC database.
How to bind PAN-LIC
1. Access the official website of LIC through 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, then click Continue
3. Provide your contact information 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 phone number
6. Enter the OTP in the portal and then submit it
If you cannot link PAN online to LIC, you can also contact an LIC agent. If you do not have a saucepan, it is recommended to bind the two upon receipt of the document.
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