LIC IPO Is Banned For These LIC Policyholders! Do This Immediately To Get LIC Shares

Considering the forthcoming public issue from LIC, the  eligible policyholder for application must ensure that his / her PAN details are updated in the policy records.

Update Pan No In Policy

While mentioning the same, the Life Insurance Corporation of India (LIC) said that every policyholder shall have to ensure that his / her PAN details are updated in the policy records of the Corporation on or before 28th February 2022, in order to be considered an eligible policyholder for application in the forthcoming public issue.

“To apply under the category of LIC policyholders, one’s life insurance policy has to be linked with PAN. An applicant won’t be able to claim this benefit if one’s LIC policy is not seeded with its PAN card,” said Anuj Gupta, the Vice President at IIFL Securities.

How To Update Or Link Pan No In Your Policy ?

For updating the PAN, the users can go to the LIC website directly or it can also be done with the help of agents.

1. Simply go to the official LIC website – https://licindia.in/.
2. On the home page, select the Online PAN Registration option and click on ‘Click Here’.
3. This will open a new page having the instructions regarding the information which you need to feed in the system. Here click on ‘Proceed’ option.
4. In this page, provide your details including PAN, LIC policy number, mobile number, and email address. 
5. Now, fill in Captcha in the designated box and request for an OTP from your registered mobile number.
6. After getting the OTP, enter it into the portal and then submit it.That’s it.

How Does This Help?

Basically, the upcoming LIC IPO will have a quota for LIC policyholders.

As per the rules, the aggregate of reservations for Eligible Policyholder(s) shall not exceed 10% of the total Offer size. 

Further, the portion of the Offer available for allocation to Eligible Policyholder(s), on a proportionate basis subject to the receipt of necessary approvals from the Government of India.

Apart from this, the Employee Reservation Portion shall not exceed 5% of LIC’s post-Offer Equity Share capital.

Which LIC Policyholders Are Eligible For IPO?

LIC said that the Policyholders (excluding such other persons not eligible under applicable laws, rules, regulations and non-Individual policy holders) of LIC having one or more policies as on the date of the DRHP (i.e., 13th February 2022) and Bid / Offer Opening Date and are residents of India would be eligible to apply in this Offer under the Policyholder Reservation Portion and avail of the discount.

Beside this, the LIC and the Government of India, in consultation with the BRLMs, may offer a discount to the Offer Price to Eligible Policyholder(s), subject to necessary approvals as may be required, and which shall be announced at least two Working Days prior to the Bid / Offer Opening Date.