LIC Policy Holders Need To Update Their PAN Details By Feb 28: Here's How One Can Do It

New Delhi: In a bid to invest in much-awaited Initial Public Offering (IPO) of LIC, the policyholders are required to update their Permanent Account Number (PAN) details in their policy record by February 28.

The government-owned Life Insurance Corporation(LIC) in its draft paper filed on February 13 with SEBI asserted that those who does not update/her PAN details before February 28, 2022 will not be eligible to participate in its IPO under the portion reserved for them.

''A policyholder of our Corporation shall ensure that his / her PAN details are updated in the policy records of our Corporation at the earliest. A policyholder who has not updated his / her PAN details with our Corporation before expiry of two weeks from the date of the filing of this Draft Red Herring Prospectus with SEBI (i.e., by February 28, 2022) shall not be considered as an Eligible Policyholder," LIC Draft Red Herring Prospectus (DRHP) read.

The LIC's IPO is completely an offer for sale of 31,62,49,885 equity shares by the promoter, which holds a 100 per cent stake in the insurance behemoth.

Interestingly, the President of India, acting through the Ministry of Finance, Government of India, is the promoter.

The retail portion has been fixed at 35 percent of the offer. The policyholder reservation portion will not exceed 10 percent of the size and may also be offered at a discount.

Here's How To Update PAN card Details:

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

Also read: The LIC Story — History, Valuation & Why its IPO is Important

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