LIC IPO subscription not possible if policyholders’ PAN card, DEMAT a/c not up-to-date –Check how to do it

New Delhi: Life Insurance Corporation of India has issued a public notice to all the policyholders of LIC of India regarding subscription of the company’s upcoming IPO.

“You may be aware by now, the Government of India, in the interest of the policyholders of LIC, has passed an amendment to the LIC Act, 1956 permitting the Corporation to make a reservation on a competitive basis, in favour of its policyholders, at any time during the period of five years of the commencement of Section 131 of the Finance Act, 2021, I.e., five years from June 30, 2021, as one of the reserved categories in any public offering that the Corporation may undertake in the future, subject to necessary approvals," said LIC.

The insurance behemoth added that 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 - accordingly, policyholders should ensure that they have an active DEMAT account in place.

In the interests of our policyholders, LIC said that it has been running advertisements calling upon policyholders to update PAN in LIC records.

If you have not yet provided this Information to the Corporation, LIC has urged policyholders to do it at the earliest because it is very important from from a KYC perspective, as well as your ability to participate in the proposed public offering by the LIC, as and when it takes place.

Here is the process for updating your PAN details with the LIC online

1. Visit the Corporation website www.licindia.in OR https://licindia.in/Home/Online-PAN-Registration

2. Keep ready your policy number, PAN, date of birth and e-mail ID, which needs to be filled in while updating your PAN.

3. You may update the records for all of your LIC policies using the above link.

4. 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.

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