Bidders must link PAN with Life Insurance policy to claim this benefit
LIC IPO: In her budget 2022 speech, Union Finance Minister Nirmala Sitharaman had said that the public issue of Life Insurance Corporation of India (LIC) is ‘expected shortly.’ After her announcement in regard to LIC IPO (Initial Public Offering), market is speculating that LIC IPO may come before the end of current financial year. Life Insurance policyholders are also eagerly waiting for the LIC IPO as 10 per cent of the net offer is expected to remain reserved for them. However, to claim this benefit expected for LIC policyholders and participate in much awaited LIC IPO, a LIC policyholder requires a Demat Account and its PAN card must be linked with its Life Insurance policy.
The Life Insurance Corporation of India had earlier asked LIC policyholders to link their life insurance policy and PAN card, so that they can participate in much awaited LIC IPO.
The LIC of India has already issued notice in this regard citing, “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 has over 25 crore policyholders, compared to 8 crore existing Demat accounts.
Commenting upon the benefit of PAN linked life Insurance policy; Anuj Gupta, Vice President at IIFL Securities said, “To participate in LIC IPO, one would need a Demat Account and there is huge number of life insurance policyholders who don’t have a Demat Account. So, LIC notice aims to make such policy holders aware by reminding them to have a Demat Account ahead of LIC IPO subscription opening. However, there are huge number of life insurance policyholders whose PAN is not linked with its life insurance policy. Such policyholders’ won’t be able to apply under LIC policyholders’ category and claim benefit of LIC public offer reserved for its policyholders. So, LIC policyholders are advised to check whether their PAN is linked with their life insurance policy or not.”
The IIFL Securities expert said that one can check online whether its PAN is linked to its life insurance policy or not. In case, it is not linked, then one can do this online by logging in at the official website of LIC of India.
PAN LIC policy link: How to check online
Those life insurance policyholders who want to check whether their PAN is seeded with their LIC policy or not are advised to login at official Life Insurance Corporation of India website or at direct LIC link — linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus and folow the below-mentioned step by step guide:
1] Login at direct LIC link — linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus;
2] Enter your life insurance policy number;
3] Enter your date of birth in dd/mm/yyyy format;
4] Enter your PAN card number;
5] Enter CAPTCHA; and
6] Click at the ‘Submit’ option given below.
The status of your LIC policy and PAN link will appear on the computer monitor or on screen of your cell phone.
In case, your PAN is not linked with your Life Insurance policy, you will be asked to click at the given link for PAN LIC policy link. What you need is to click at the given link and fill the given form and submit your request at LIC.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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