According to the preliminary red herring prospectus, the Life Insurance Corporation of India (LIC) has urged all of its policyholders to amend their Permanent Account Number (PAN) details in their policy record by February 28 in order to participate in its impending public issue (DRHP).
On February 13, the state-run insurer submitted draught documents with capital market regulator Sebi for the sale of the government’s 5% stake for an estimated Rs 63,000 crore.
The insurance behemoth’s initial public offering (IPO) of around 31.6 crore shares, or a 5% government ownership, is expected to reach the market in March, with staff and policyholders receiving a discount off the floor price.
It went on to say that policyholders with one or more LIC policies as of the DRHP and bid opening date, as well as residents of India, would be eligible to apply in this offer under the Policyholder Reservation Portion.
The total number of reservations for qualified policyholders may not exceed 10% of the entire offer size. The part of the offer that can be allocated to qualified policyholders on a proportionate basis is contingent to the government’s approval.
The 28th of February has been set as the deadline for tying the policy to the PAN by LIC. If policyholders fail to meet the deadline, they will be judged ineligible to apply under the allocated quota. Employees and LIC policyholders would also receive a reduction on the floor price. The amount of the discount would be disclosed at least two days before the bid begins.
The total number of reservations for qualified policyholders may not exceed 10% of the entire offer size. The part of the offer that can be allocated to qualified policyholders on a proportionate basis is subject to the government’s approval.
In FY 2021, LIC issued roughly 21 million individual policies, accounting for nearly 75% of new individual policy issuances.
Here’s how to Pan link policy number
- Navigate to the LIC’s official website at https://licindia.in/.
- From the home page, select the Online PAN Registration option, and then click the ‘Click Here’ button.
- In the following box, read the instructions for the documents you require. Then press the ‘Proceed’ button.
- Enter your information, including your PAN, LIC insurance number, mobile number, and email address. Fill in the Captcha in the appropriate box.
- Request a one-time password (OTP) from your registered mobile number.
Enter the OTP into the portal before submitting it.
In addition, policyholders who are unfamiliar with the technology might have their agents handle it for them.
