Do you own an LIC policy? Here is how you can link your PAN before applying for the LIC IPO

• LIC has carried out advertisements in newspapers asking policyholders to keep their PAN and demat account updated and ready before the IPO.
• The government has been making constant efforts to launch the LIC IPO.
• The IPO reportedly could garner between ₹40,000 crore to ₹1 lakh crore from the IPO, which may help in reducing the gap between government’s income and expenditure.

India’s largest insurance company Life Insurance Corporation (LIC), on Wednesday, released advertisements in newspapers asking insurance policyholders to keep their PAN and demat account updated and ready before the initial public offering (IPO).

According to several reports, the IPO is expected to launch between January to March 2022 and raise up to ₹1 lakh crore.

A Bloomberg report said that the government could raise between ₹40,000 crore to ₹1 lakh crore that will help plug a widening budget gap. The government may sell 5%-10% stake in the company as part of divestment plans and even allow foreign direct investment to ensure diversified and strong demand.

There is speculation that LIC might reserve 10% of the issue size for its policyholders, which means policyholders might have an edge in the IPO allotment.

Reportedly, there are about 6 crore demat accounts in the country and 25 crore customers of LIC, which is why LIC is asking its customers a.k.a policyholders to open a demat account.

Note that people who do not own a LIC policy can also apply for the IPO.

Here are the steps to complete, if you have an LIC policy and willing to apply to the LIC IPO:

Process to link your PAN details with the LIC:

• Visit LIC website www.licindia.in OR https://licindia.in/Home/Online-PAN-Registration
• Keep your policy number ready, PAN, date of birth and e-mail ID, which needs to be filled in while updating your PAN.
• You may update the records for all of your LIC policies using the above link.
• You can also check whether your PAN Is registered in your policy or not by visiting the Corporation's website www.licindia.in OR https://linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus?
• Alternatively, you may also contact your LIC Agent for assistance.
  

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