How to update PAN online for LIC IPO?

Find out the steps to update your PAN for LIC IPO online.

 LIC IPO for Policyholders - How to update PAN online

Life Insurance Corporation of India (LIC) is India's largest life insurance company. This government-owned company is now launching an Initial Public Offer (IPO). Upto 10% of the LIC IPO issue size would be reserved for policyholders in LIC schemes. Existing LIC policyholders will will be entitled to apply for this category's IPO up to a maximum of Rs 2,00,000. However, to apply for this Initial Public Offering, policyholders must first update their PAN online. In addition to this, policyholders also need Demat accounts.

How to add the PAN card to your LIC policy?

You need to keep your PAN card and registered mobile number with you to update your information. You must also have your policy number.

Here are the steps for policyholders to update these so you can apply for LIC IPO:

Also Read: Which Will Be The Top 5 Blockbuster IPOs Of 2022?

  • Go to the LIC website: https://licindia.in/.
  • Click on the 'Online PAN Registration' option: https://linkpan.licindia.in/UIDSeedingWebApp/.
  • Enter all your details as requested on the page. These include your date of birth, name, and gender as per your PAN records.
  • Now enter your email ID, PAN details, and the registered mobile number as per your PAN records.
  • Next, enter the LIC policy number you want to link with your PAN and click on ‘Add Policy’.
  • Check the box next to the declaration, enter the captcha as shown on the screen and press the 'Submit' button. 
  • Now click on the ‘Get OTP’ (one-time password) button. 
  • An OTP will be sent to your registered mobile number.
  • Enter the OTP and click on ‘Submit’.
  • You will receive a successful registration message on the screen as soon as your details have been submitted to the system. Your details will then be updated in the corporation’s database.

What are some other things to note?

Apart from updating your PAN card, you also require a Demat account if you are subscribing to any public offering. Therefore, all policyholders must open a Demat account after updating their PAN information. This is a mandatory prerequisite to investing in a public offering in India.

Another thing to note is that there has been no LIC IPO news on the release date so far. However, there may be a discount on the base price for existing policyholders along with the 10% reservation.

Also Read: A Woman's Guide To Investing In IPOs

What can you do if you have already updated your PAN card?

If you had already submitted your PAN card when you bought the policy, you could check your LIC Link PAN card status to confirm. Here are the steps to do the same:

To sum it up

Make sure that you follow these steps and that your PAN details are updated at the earliest if you want to invest in the LIC IPO. The corporation may announce the release date anytime now, so it can benefit you to be prepared with all the prerequisites.

Related: SEBI has relaxed IPO norms to ease LIC’s IPO rollout

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