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Bidders must link the PAN to the life insurance policy to claim this benefit

LIC IPO: In her 2022 budget speech, Union Finance Minister Nirmala Sitharaman said the public issuance of Life Insurance Corporation of India (LIC) was “expected shortly”. After its announcement regarding the IPO of LIC (Initial Public Offering), the market is speculating that the IPO of LIC may occur before the end of the current fiscal year. Life insurance policyholders are also eagerly awaiting the IPO of LIC, as 10% of the net supply should remain reserved for them. However, to claim this expected benefit of LIC policyholders and participate in the highly anticipated LIC IPO, a LIC policyholder needs a Demat account and their PAN card must be linked to their life insurance policy.

The Life Insurance Corporation of India previously asked LIC policyholders to link their life insurance policy and PAN card, so that they could participate in LIC’s highly anticipated IPO.

The LIC of India has already issued a notice in this regard citing: “In order to participate in such a public offering, policyholders will need to ensure that their PAN details are updated on company records. S ‘subscribing to any public offer in India is only possible if you have a valid DEMAT account.’ LIC has over 25 crores of policyholders compared to 8 crores of existing Demat accounts.

Commenting on the benefits of the PAN linked life insurance policy; Anuj Gupta, Vice President of IIFL Securities, said: “To participate in the IPO of LIC, one would need a Demat account and there are a large number of life insurance policyholders who do not have no Demat account.Thus, the LIC notice aims to make such policy holders are advised by reminding them to have a Demat account before the opening of subscription for LIC IPO.However, there are a large number of life insurance policyholders whose PAN is not linked to their life insurance policy.These policyholders will not be able to apply under LIC class of insured and claim the benefit of the LIC public offer reserved for its policyholders Thus, LIC policyholders are invited to check whether or not their PAN is linked to their life insurance policy.

The expert from IIFL Securities said that one can check online whether his PAN is linked to his life insurance policy or not. In case there is no link, you can do it online by logging into the official website of LIC of India.

PAN LIC Policy Link: How to Check Online

Life insurance policyholders who wish to check whether or not their PAN is integrated with their LIC policy are advised to log on to the official website of Life Insurance Corporation of India or LIC direct link – linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus and follow the step by step guide mentioned below:

1]Connect to LIC direct 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 on the “Submit” option below.

Your LIC policy status and PAN link will appear on the computer screen or on your mobile phone screen.

In case your PAN is not linked to your life insurance policy, you will be asked to click on the link given for the PAN LIC policy link. What you need is to click on the given link and fill the given form and submit your application to the LIC.

Warning: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.

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