Life Insurance Corporation of India (LIC) is all set to hit Dalal Street with its Mega Initial Public Offering (IPO). [pegged to be the largest in the history of Indian markets. In order to participate and avail of the discount, LIC policyholders need to ensure two things- First, they should have a Demat account and second their insurance policies should be linked with the PAN card
According to LIC, February 28 has been set as the deadline for linking the policy with the PAN card. This means LIC policyholders won’t be able to subscribe to the LIC IPO if their PAN cards are not linked.
LIC IPO: Discount for LIC policyholders
LIC policyholder can claim a 10 per cent quota reserved for them only when their LIC policy and PAN is linked.
LIC IPO: Eligibility of policyholders
As per the Draft Red Herring Prospectus (DRHP), the maximum bid amount under the Policyholder Reservation Portion by an eligible policyholder would not exceed ₹2 lakh(net of policyholder discount). It further said policyholders having one or more policies of LIC as on the date of DRHP and bid/offer opening date and who are residents of India would be eligible to apply in this offer, under the Policyholder Reservation Portion.
LIC has reserved 10% of the total shares on offer for the policyholders, and 5% for the employees. LIC has also reserved 35% shares for retail investors.
“Today is the last date for employees and policyholders to link their policy from PAN card to avail discount of 10% for policyholders and 5% for employees,” said Ravi Singhal, vice-chairperson of GCL Securities.
Here is how LIC policyholders can link PAN with their policy number
1) Go to the official LIC website – https://licindia.in/.
2) Select the Online PAN Registration option from the home page and then select ‘Click Here’.
3) On the next window, read the instructions regarding the documents you need. Then, click on ‘Proceed’
4) Now, provide your details, including PAN, LIC policy number, mobile number, and email address. 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.
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