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LIC is planning to go public in the fourth quarter of the current fiscal year 2022. As a LIC policyholder, you are likely to gain from the listing because the insurance behemoth is planning to reserve some portion of the IPO for its policyholders.
This has been communicated to policyholders through advertisements and various other channels. The Ministry of Finance has indicated that up to 10% of LIC’s IPO issue size could be reserved for its policyholders. The government has allowed the insurance company to designate policyholders as one of the reserved categories in any LIC public offering in the future, as per an amendment made this year to the LIC Act, 1956.
LIC has also informed its policyholders in India about some of the requirements for investing in its proposed initial public offering (IPO). Policyholders who are interested in the IPO must update their PAN details and open a demat account.
If you are a LIC policyholder and have a demat account with FLATTRADE, please make sure you have linked your PAN with LIC policies. This means that LIC should have your PAN details present in their records. The name on PAN and the policies should be exactly the same.
If you have family members or friends with LIC but not a demat account, kindly open a demat account with FLATTRADE to participate in probably the biggest IPO in Indian history.
Steps to check PAN-LIC link status
1. Visit the following LIC page: https://linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus
2. Enter Policy Number, PAN details and date of birth in the required boxes an other detail you see in the screen and hit submit button
3. If it is linked, you will receive a message as seen below
If it is not linked, follow the steps to link PAN and LIC policies as mentioned below
1.Go to official LIC website via the link https://licindia.in/ or visit the direct link at https://linkpan.licindia.in/UIDSeedingWebApp/
2. Enter the details as requested on the screen. Please keep your LIC policy numbers and PAN card ready before you go to the website
3. Fill in Captcha in the designated box
4. Request an OTP from your registered mobile number
5. Enter the OTP into the portal and then submit it
Meanwhile, LIC has not come out with the Draft Red Herring Prospectus (DRHP). When they release the DRHP, we will write a detailed article on it.