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LIC IPO: India’s largest ever public offering is all set to hit the market as Life Insurance Corporation of India (LIC) filed a Draft Red Herring Prospectus (DRHP) with capital market regulator Securities and Exchange Board of India (Sebi) for the sale of a five per cent stake by the government. However, to invest in the much-awaited LIC IPO, policyholders must have two things: policyholder’s PAN should be updated on the LIC portal, policyholder should have a demat account.
LIC IPO: Policyholder Portion and Discount
As per the prospectus, employees and policyholders of the country’s largest insurer will be getting a discount over the floor price. The portion planned to be reserved for policyholders can go up to maximum of 10 per cent. “The aggregate of reservations for eligible policyholder(s) shall not exceed 10 per cent of the offer size,” the DRHP stated. Employee quota will be capped at 5 percent. The quantum of potential discount will be specified closer to the bid opening date, at least two working days prior. The policyholders’ quota in the IPO – a first-of-its-kind – was created after the central government permitted LIC to designate policyholders as one of the reserved categories, as per an amendment made last year to the LIC Act, 1956.
LIC IPO: Last Date to Update PAN Details
According to the DRHP filed by LIC with 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 Corporation shall ensure that his / her PAN details are updated in the policy records of our Corporation at the earliest. A policyholder who has not updated his / her PAN details with our Corporation before expiry of two weeks from the date of the filing of this Draft Red Herring Prospectus with SEBI (i.e., by February 28, 2022) shall not be considered as an Eligible Policyholder.”
LIC IPO: PAN Link Policy Number: Here’s How to Go About it
- Go to the official LIC website – https://licindia.in/
- Select the Online PAN Registration option from the home page and then select ‘Click Here’
- On the next window, read the instructions regarding the documents you need. Then, click on ‘Proceed’
- Now, provide your details, including PAN, LIC policy number, mobile number, and email address. Fill in Captcha in the designated box
- Request an OTP from your registered mobile number
- Enter the OTP into the portal and then submit it
Also, policyholders who are not well-versed with 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 Submit button.
The insurance behemoth has, since last year, been running campaigns to get policyholders to update their PAN details in its records.
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