LIC policyholder alert: Last day to link policies with PAN for IPO ends today

There is a lot of interest and buzz in the market for the upcoming initial public offering (IPO) of Life Insurance Corporation of India (LIC). Setting the stage for the country's biggest-ever IPO, Life Insurance Corporation on February 13 filed draft papers with capital market regulator Sebi for the sale of 5 per cent stake by the government for an estimated ₹63,000 crore.

The initial public offering (IPO) of over 31.6 crore shares or a 5 per cent government stake is likely to hit D-street in March. Employees and policyholders of the insurance behemoth would get a discount over the floor price.

LIC policyholders, who want to bid under the reserved quota, have been asked to link their policy with PAN number. LIC has announced 28th February as the last cut-off date for the linking of the policy with the PAN. Policyholders would be deemed ineligible to apply under the reserved quota if they fail to abide by the timeline.

Here is how LIC policyholders can link PAN with their policy number

1) Go to the official LIC website - https://licindia.in/.

2) Select the Online PAN Registration option from the home page and then select 'Click Here'.

3) On the next window, read the instructions regarding the documents you need. Then, click on 'Proceed'

4) Now, provide your details, including PAN, LIC policy number, mobile number, and email address. Fill in Captcha in the designated box.

5) Request an OTP from your registered mobile number.

6) Enter the OTP into the portal and then submit it.

The Union Cabinet on Saturday permitted up to 20 per cent foreign direct investment (FDI) under automatic route in IPO-bound LIC. The decision in this regard was taken by the cabinet, chaired by Prime Minister Narendra Modi.