LIC IPO: The Life Insurance Corporation, or LIC, of India is all set to float its maiden public offer during the current fiscal and preparations are on in a full blown manner for the implementation of that. The LIC IPO is going to be one of the major such public issues in India. The Cabinet Committee on Economic Affairs (CCEA) had in July given its in-principle approval for the listing of LIC. The government has already appointed 10 merchant bankers for the transaction. While the date or the price band of the issue has not yet been announced, the government has recently clarified that the that plan is on course for the IPO in the last quarter of this fiscal.
However, in case you want to buy the shares of the LIC IPO when it is made public, you need to make sure that you comply to a couple of rules. The first rule is that you need to have a demat and trading account — which is universal for all IPOs. Apart from this, the LIC has recently announced that linking of PAN with an LIC account is must for policyholders in order to invest in the IPO.
In a notification dated December 2, the insurance company said, “In order to participate in any such public offering policyholders will need to ensure that their PAN details are updated in the corporations records. Further, subscribing to any public offering in India is possible if you have a valid demat account. Accordingly policyholders must ensure that they have a valid demat account in place.”
“In the interest of our policyholders, we have in the past been running advertisements calling upon you to update your PAN details in our records. If you yet have not provided this information to the corporation, please do so at the earliest. This is very important from a KYC perspective as well as your ability to participate in the proposed public offering of LIC as and when it takes place. This will help you participate in the public offering,” stated the ad.
In case you, a policyholder, are interested to invest in the upcoming LIC IPO, you need to open a demat account. On top of that, you have to update your PAN details on LIC records.
Here is how you can check 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. Fill in Captcha. After this you will be able to see your LIC-Pan link status
If you have not linked PAN with LIC, there is no need to worry. Read on to find out how you can update PAN details on LIC database.
How to Link PAN-LIC
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 o not have a pan, it is recommended to link the both as soon as you receive the document.