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Life Insurance Corporation of India (LIC), the market-leading insurer and financial conglomerate, has mentioned that every policyholder shall have to ensure that his / her PAN details are updated in the policy records of the Corporation on or before 28th February 2022 in order to be considered an eligible policyholder for application in the forthcoming public issue.

Anuj Gupta, Vice President at IIFL Securities said, "To apply under the category of LIC policyholders, one's life insurance policy has to be linked with PAN. An applicant won't be able to claim this benefit if one's LIC policy is not seeded with its PAN card."

The PAN updation can be done on the LIC website either directly or with the help of agents.

PAN link policy number: Here's how to go about it

  • Go to the official LIC website - https://licindia.in/.
  • Select the Online PAN Registration option from the home page and then select 'Click Here'.
  • On the next window, read the instructions regarding the documents you need. Then, click on ‘Proceed’
  • Now, provide your details, including PAN, LIC policy number, mobile number, and email address. Fill in Captcha in the designated box.
  • Request an OTP from your registered mobile number.
  • Enter the OTP into the portal and then submit it.

Quota for LIC policyholders

The aggregate of reservations for Eligible Policyholder(s) shall not exceed 10% of the total Offer size. The portion of the Offer available for allocation to Eligible Policyholder(s), on a proportionate basis subject to the receipt of necessary approvals from the Government of India.

The Employee Reservation Portion shall not exceed 5% of LIC’s post-Offer Equity Share capital.

LIC policyholders eligible for IPO

Policyholders (excluding such other persons not eligible under applicable laws, rules, regulations and non-Individual policy holders) of LIC having one or more policies as on the date of the DRHP (i.e., 13th February 2022) and Bid / Offer Opening Date and are residents of India would be eligible to apply in this Offer under the Policyholder Reservation Portion and avail of the discount.

Policyholder Discount

LIC and the Government of India, in consultation with the BRLMs, may offer a discount to the Offer Price to Eligible Policyholder(s), subject to necessary approvals as may be required, and which shall be announced at least two Working Days prior to the Bid / Offer Opening Date.

Public Issue

LIC is proposing an Initial Public Offer (IPO) of up to 316,249,885 Equity Shares of face value of 10 each (“Equity Shares") through an Offer for Sale by the President of India, acting through the President of India, acting through the Ministry of Finance, Government of India (“Selling Shareholder").

 

 

 

 

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