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The Life Insurance Corporation (LIC) has asked its policyholders to update their PAN, so that they can participate in the proposed initial public offering (IPO).

"In order to participate in any such public offering, policyholders will need to ensure that their PAN details are updated in the Corporation's records. Further subscribing to any public offering in India is only possible if you have a valid DEMAT account," LIC said in a public notice, PTI reported.

If a policyholder currently does not hold a valid DEMAT account, he or she should consider opening it at their own cost.

"You would incur costs towards the opening of a DEMAT account and or PAN issuance and maintaining the DEMAT account or other ancillary costs. All such costs would have to be solely borne by you. No costs would be borne by the Corporation," it clarified.

LIC has been running advertisements calling upon policyholders to update their Permanent Account Number (PAN) on its website.

Documents needed

-Keep your PAN card handy along with the list of policies.

-Mobile Number is to be entered.

-An OTP will be sent by LIC to the Mobile number entered.

If your PAN is not in the LIC database, then here is how you can update it

1) Visit the official LIC website https://licindia.in/

2) Select the 'Online PAN Registration' option.

3) On the Online PAN Registration page, tap the 'Proceed' button.

4)Input your email address, PAN, mobile number, and LIC policy number.

5) Enter the Captcha code into the box.

6) From your registered mobile number, request an OTP.

7) Once you've received the OTP, input the digits into the portal and submit.

8) After submitting the form, a message will be shown on the success of the registration request.

How to check PAN-LIC status

1) Visit https://linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus

2) Enter Policy Number, Date of Birth, and PAN information, as well as the captcha. Then press the Submit button.

LIC IPO

As per the proposed plan, up to 10 per cent of the LIC IPO issue size would be reserved for policyholders. The government has already brought in required legislative amendments in the LIC Act for the proposed IPO through the Finance Act 2022.

In her Budget speech in February this year, Finance Minister Nirmala Sitharaman said the IPO of LIC would be floated in 2021-22.

-With agency inputs

 

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