The last date for updating PAN for LIC policy holders is February 28 only. Updating PAN is mandatory for the LIC insured who wants to invest money in LIC’s IPOs.
Whoever does not do this, he will not get reservation in the IPO. 31 crore 62 lakh 49 thousand 885 shares will be sold in LIC’s IPO. Of these, 10% i.e. 3.16 crore shares will be reserved for those people who have LIC policy.
Not much time is left for Life Insurance Corporation of India’s IPO to come. The government has also made it clear that LIC’s IPO will come around March. In such a situation, the country’s largest insurance company has asked its policy-holders to keep their PAN and Demat account ready. Make sure that your PAN number is linked with your policy.
LIC policy-holders will be able to take advantage of this IPO only if their PAN number is linked to the policy and they have a valid demat account.
Why should I link Policy-PAN?
- Explain that under the plan proposed by LIC, 10% of LIC’s IPO issue size will be reserved for LIC policy-holders only. Meaning 10% share will be available only to the policy-holders. If you are not a policy-holder of LIC and you apply for IPO, then you can get IPO allotted from the remaining 90%.
- LIC, the country’s largest insurer, has said that advertisements are also being given to inform its policyholders. It is clearly being said in the advertisement that it is necessary to have your PAN number with LIC record. To participate in the proposed Public Offering (IPO) it is necessary to update KYC.
- It has also been said that those who do not have a demat account, if they want to participate in the IPO, then they should get their demat account opened. It is also clearly stated that the demat account will have to be opened by the policy holder at his own cost. LIC will not pay any money for this.
Efforts are on to evaluate the company for 8 months
The IPO draft is likely to be submitted by LIC to market regulator SEBI in the first week of this month itself after the embeddate value of the firm is finalised. Since the process of accurate valuation of the firm is slow, the IPO is also getting delayed a bit. Explain that for the last 8 months, efforts are being made to evaluate the company.
One lakh crore may be IPO,
although it is not clear yet, still there is a possibility that LIC’s IPO may range from 40 thousand crores to 1 lakh crore rupees. That means there is a possibility of lifting so much money from the market. Bankers have put the value of the company at Rs 8 lakh to Rs 10 lakh crore and it is understood that around 5-10 per cent stake can be sold. Apart from this, the government can also open doors for foreign direct investment in this.
How to link PAN with LIC policy
- First of all, you have to go to the Corporation’s website www.licindia.in or you can also directly go to this link – https://licindia.in/Home/Online-PAN-Registration –
- Keep your PAN card number, date of birth and e-mail ID ready, as all this information will be required to update PAN. Through this link you can update the records of all your policies.
- You should visit the company’s site and check whether your PAN (Permanent Account Number) has been updated or not. For this you need https://linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus? Will have to go to the link.
- Apart from this, you can also get PAN updated through your LIC agent.
LIC policy must be linked with PAN
The IPO of Life Insurance Corporation of India (LIC) may come in March this year. In such a situation, if you have taken a policy of LIC and you want to participate in its IPO, then you have to update or link your PAN in LIC by 28 February. It is necessary to link PAN with the policy for investing in IPO. Therefore, you should check the policy holder whether the information of PAN given in the record is correct or not. If it is not correct, then update the PAN information.
