New Delhi: The Life Insurance Corporation of India (LIC) has informed the policyholders that they need to have their Permanent Account Number (PAN) details updated if they want to invest in the state-owned insurer’s proposed initial public offering (IPO).
LIC put an advertisement in major newspapers on Wednesday; where it asked all the policyholders to update their PAN details and open demat accounts to take part in the mega public offering.
LIC stated in the ad, “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 possible if you have a valid demat account. Accordingly, policyholders must ensure that they have a valid demat account in place.”
In the advertisement, LIC has asked the policyholders to update their PAN details to participate in corporation’s proposed IPO.
“If you have not yet provided this information to the corporation, please do so at the earliest. This is very important from a KYC perspective as well as your ability to participate in the proposed public offering of LIC, as and when it takes place.”
- To subscribe to the LIC IPO, the individual needs to visit the official website of LIC.
- On the homepage, the user has to select the option ‘Online PAN Registration.’
- Then the individual needs to enter the email address, PAN, mobile number, and LIC Policy number.
- Enter the CAPTCHA code and an OTP will be sent to the registered mobile number.
- Enter the OTP and click on the submit option on the portal.
Besides, the PAN details can also be updated by applying offline with the help of the LIC agent.
The date for the LIC IPO hasn’t been set by the company, however preparations for the introduction of IPO have already started. Though the progress of the IPO’s launch has been taking time, it is expected to rise upto Rs 1 lakh crore in what is considered to be India’s biggest public issue.
Reportedly, 10% of the IPO will be reserved for policyholders, as per the proposed plan.