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LIC Asks Policyholders To Update PAN Details, Open Demat Account Before IPO


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LIC Asks Policyholders To Update PAN Details, Open Demat Account Before IPO

The itemizing of LIC is about to be the nation’s largest ever IPO.

New Delhi: The Life Insurance Corporation (LIC) has requested its policyholders to replace their Permanent Account Number (PAN) and open demat accounts to be able to take part within the proposed preliminary public providing (IPO). The itemizing of LIC is about to be the nation’s largest ever IPO, with the federal government aiming to boost as much as Rs 90,000 crore ($12.2 billion) from its stake sale.

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“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. Further subscribing to any public offering in India is only possible if you have a valid DEMAT account,” LIC acknowledged.

“You would incur costs towards the opening of a DEMAT account and or PAN issuance and maintaining the DEMAT account or other ancillary costs. All such costs would have to be solely borne by you (policyholder). No costs would be borne by the Corporation,” the state-owned insurance coverage behemoth clarified.

The Centre is but to finalise the timeline for the LIC IPO. As per the plan, LIC will supply as much as 10 per cent of the problem dimension to it policyholders.

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How To Link PAN With LIC Policies:

* Keep your PAN card useful together with the checklist of insurance policies.

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* Enter your cellular quantity.

* An OTP (one-time password) might be despatched by LIC to the cellular quantity entered.

If PAN Is Not In LIC database, Here’s How You Can Update It:

* Select the ‘Online PAN Registration’ choice on official LIC web site.

* Click on ‘Proceed’.

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* Enter your electronic mail handle, PAN, cellular quantity, and LIC coverage quantity.

* Enter the Captcha code.

* From your registered cellular quantity, request an OTP.

* Enter the OTP and and click on ‘Submit’.

The LIC IPO is anticipated by the tip of March 2022.


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