LIC Policyholders Hurry for PAN Link with Their Policies : IPO Quota

The Life Insurance Corporation of India (LIC) has begun to witness an uptick in policyholders connecting their fixed account numbers (PANs) to existing LIC policies, indicating that they are eager to participate in the insurer’s first public offering (IPO) (IPO). In the last week, over 1.2 million PANs have been linked.

Demat accounts are connected to the LIC policies of around 9.2 million policyholders. By February 28, the deadline for the process, the insurer and the government hope to have connected the Demat accounts of more than 10 million policyholders to their respective policies.

The government has published draught papers through Sebi to issue a 5% interest in Life Insurance Corporation (LIC). In March, the D-street is expected to see an initial public offering of approximately 31.6 crore shares, or even a 5% government holding. LIC has set aside a maximum of 5% for its eligible staff and 10% for the policyholders. “The aggregate of reservations for the eligible policyholder(s) shall not exceed 10 percent of the offered size,” the DRHP stated.

LIC policyholders who would like to participate in the allocated quota must link their insurance to their PAN number. LIC has set the latest day for linking the insurance with the PAN as February 28. When policyholders do not adhere to the deadline, they will be judged ineligible to enrol under the allocated quota.

The floor price would be reduced for LIC policyholders and workers. At least 2 days prior to the bid begins, the amount of the discount will be revealed.

This is how to link PAN with policy number:

Go to https://licindia.in/, the authorized LIC website.
From the main website, go to Online PAN Registration and afterwards click ‘Click Here.’
Follow the instructions for the required documents in the following window. Then select ‘Proceed.’
Enter your personal information, including your LIC policy number, PAN, phone number, and email address. Enter in the Captcha inside the appropriate box.
Get a one-time password (OTP) from the registered phone number.
Input the OTP and upload it through the gateway.

Policyholders who already are unfamiliar with technology could also ask their agents to assist them.