New Delhi: The Life Insurance Corporation of India has been contemplating an initial public offering, or IPO, for a long time. While the issue's date and price range have yet to be disclosed, the LIC is hard at work preparing for the public offering.
The life insurance firm invited its clients to join in the offering earlier this week and encouraged them to do so by opening demat accounts. By this week, LIC intends to file the draught IPO prospectus with market regulator Sebi. When the issue is listed on the markets, it is expected to raise between Rs 40,000 and Rs 1 lakh crore.
The government will need the LIC IPO to reach its Rs 1.75 crore disinvestment objective for the current fiscal year, which includes privatisation and minority stake sales.
LIC in an advertisement 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,” the advertisement read.
If you want to invest in the impending LIC IPO as a policyholder, you'll need to register a demat account. In addition, you must update your PAN information on LIC records.
Here is how you can check PAN-LIC link status:
1. Go to https://linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus to check the status of your policy.
2. Fill up the appropriate fields with your policy number, PAN, and date of birth.
3. Captcha must be completed. After that, you'll be able to see the status of your LIC-Pan link.
There's no need to be concerned if you haven't linked your PAN to your LIC. Continue reading to learn how to change your PAN on the LIC database.
How to Link PAN-LIC
2. From the home page, select Online PAN Registration and then click Proceed.
3. Provide your personal information, such as your PAN, LIC policy number, phone number, and email address. During this phase, you must be cautious and submit all of the necessary information.
4. Fill in the Captcha in the appropriate box.
5. Request a one-time password (OTP) from your registered phone number.
6. Submit the OTP after entering it into the gateway.
If you are unable to link your PAN to LIC online, you may contact a LIC representative. If you do not have a pan, you should link the two as soon as possible after receiving the document.
Finance Minister Nirmala Sitharaman first proposed the LIC IPO in the Union budget for 2020-2021. The government plans to sell over 10% of its stock in the state-owned Life Insurance Corporation. The government wants to float the LIC IPO as soon as feasible, therefore LIC is expected to file its draught with Sebi this week.