LIC IPO: In her Budget 2022 speech, Union Finance Minister Nirmala Sitharaman had said that a public issue of Life Insurance Corporation of India (LIC) is ‘expected soon’. After his announcement regarding LIC IPO (Initial Public Offering), the market is speculating that LIC IPO may come before the end of the current financial year. Life insurance policyholders are also eagerly waiting for the LIC IPO as 10 per cent of the net offering is expected to be reserved for them. However, in order for LIC policyholders to claim this benefit and participate in the much-awaited LIC IPO, the LIC policyholder needs to have a demat account and his/her PAN card should be linked to his/her life insurance policy.
Life Insurance Corporation of India had earlier asked LIC policyholders to link their life insurance policy and PAN card, so that they can participate in the much-awaited LIC IPO.
LIC of India has already issued notice in this regard, “For participating in any such public offering, policyholders shall be required to ensure that their PAN details are updated in the records of the Corporation. It is possible to subscribe to any of the Public Offerings in India only if you have a valid Demat Account.” LIC has over 25 crore policyholders as against 8 crore existing demat accounts.
Commenting on the benefits of PAN linked life insurance policy; Anuj Gupta, Vice President, IIFL Securities said, “To participate in the LIC IPO, one would need a demat account and a large number of life insurance policyholders who do not have a demat account. Hence, the purpose of the LIC notice is to create such a policy. Made aware the holders by reminding them to have a demat account before opening LIC IPO membership. However, there are a large number of life insurance policyholders whose PAN is not linked to its life insurance policy. Such policyholders will not be able to apply under LIC. LIC Public Offering claim benefits reserved for the category and its policyholders. Hence, LIC policyholders are advised to check whether their PAN is linked with their life insurance policy.”
IIFL Securities expert said that one can check online whether his PAN is linked with his life insurance policy or not. If this link is not there, one can do it online by logging on to the official website of LIC of India.
PAN LIC Policy Link: How To Check Online
Those life insurance policyholders who want to check whether their PAN is linked with their LIC policy are advised to login to the official website of Life Insurance Corporation of India or direct LIC link – linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus And follow the step by step guide given below:
1]Direct login on LIC link – linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus,
2]Enter your Life Insurance Policy Number;
3]Enter your date of birth in dd/mm/yyyy format;
4]Enter your PAN card number;
5]Enter the captcha; And
6]Click on the ‘Submit’ option given below.
Your LIC policy and PAN link status will be displayed on the computer monitor or the screen of your cell phone.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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