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LIC IPO: As the government works out plans to launch the LIC IPO as soon as possible, policyholders are also preparing themselves to participate in the share sale of the state-run insurance giant. The initial public offering (IPO) of the Life Insurance Corporation of India (LIC) is likely to be the largest of its kind in the country. As per a report quoting department of investment and public asset management secretary Tuhin Kanta Pandey, the draft red herring prospectus is likely to be filed by Thursday or Friday.
Pandey had earlier indicated that LIC IPO shares will be offered for policyholders at a discount. “Under the retail window, certain reservation is there. We also have a policyholders’ window. We have made provisions under the LIC Act that up to 10 per cent of the issue can be offered to policyholders at some discount on the competitive basis. There will be reservation for employees also,” he was quoted.
The statement made by Pandey, and LIC’s move to reserve a portion specially for policyholders has seen a surge of interest among the category to bid for the shares during the initial share sale of LIC IPO, which is a major part of the government’s divestment targets. The LIC IPO is an ambitious project of the government.
In December last year, the insurance giant had urged policyholders to link their PAN with LIC to participate in the LIC and also open demat accounts. “In order to participate in any such public offering, policyholders will need to ensure that their PAN details are updated in the corporation’s records,” it said in an advertisement following the announcement of LIC IPO.
The LIC IPO participants will also need to ensure that they have a valid demat account. “You would incur costs towards opening of a demat account and or PAN issuance and maintaining the demat account or other ancillary costs,” the insurer added in the advertisement.
How to Link PAN-LIC for LIC IPO
1. Go to official LIC website via the link https://licindia.in/ or visit the direct link at https://linkpan.licindia.in/UIDSeedingWebApp/
2. Select the Online PAN Registration option from the home page and then click on Proceed
3. Provide your details, including PAN, LIC policy number, mobile number and email address. You need to 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 mobile number
6. Enter the OTP into 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 PAN, it is recommended to link the both as soon as you receive the document. You are now eligible to participate in the LIC IPO.
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