LIC IPO: Last day to link PAN to apply under policyholder reservation; here’s how to do it

• To boost investment from its army of policyholders, LIC has created a policyholder quota under which those holding a policy of LIC can apply under the special quota and avail some discounts.
• Policyholders, who want to bid under the reserved quota, have been asked to link their policy with PAN number.
• Today, February 28, is the last day to link the PAN number with policy.

LIC’s initial public offering (IPO), the biggest public issue in India’s history, has created a lot of buzz in the market and is expected to open in March.

The insurance major’s IPO comes with a number of perks for people who own insurance policies of the company. LIC has about 29 crore policyholders and dominates with a market share of 74.6% in terms of a number of individual policies issued in FY21.

The IPO is selling about 31.6 crore shares or 5% of the government's stake. LIC has created a reservation quote for policyholders and employees wherein such investors will get a discount on the issue price.

However, to apply under the reserved policyholder quota, policyholders need to link their PAN with policy by February 28.

Here are the steps to complete, if you have an LIC policy and willing to apply to the LIC IPO:
Process to link your PAN details with the LIC:

• Visit LIC website www.licindia.in OR https://licindia.in/Home/Online-PAN-Registration
• Keep your policy number ready, PAN, date of birth and e-mail ID, which needs to be filled in while updating your PAN.
• You may update the records for all of your LIC policies using the above link.
• You can also check whether your PAN Is registered in your policy or not by visiting the Corporation's website www.licindia.in OR https://linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus?
• Alternatively, you may also contact your LIC Agent for assistance.

All policies that have not exited LIC’s records by way of maturity, surrender or by way of death of the policyholder are eligible for policyholder reservation.

To apply under the special quota the policy should have been issued on or before the date when LIC’s draft red herring prospectus (DRHP) was filed, that is February 13.

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