Link your PAN card to your LIC policy and apply for the IPO.

Multiple initial public offerings (IPOs) are preparing to make their stock market debuts, and IPO season is in full swing. As of the 15th of December 2021, more than 50 IPOs have a stock exchange listing The LIC IPO, which is scheduled for the final quarter of the fiscal year 2021-22, is one of the most anticipated offerings to hit the market in recent memory.

The DRHP for the LIC IPO was submitted on February 23. Between May 4 and 9, subscriptions will be accepted for the IPO. The lot size for the LIC IPO is 15 shares, and the price range is Rs 902 to Rs 949 per share.

Do you have a policy with LIC?

If so, you'll need two things when the LIC IPO is released to the public: (1) proof that you are a policyholder, and (2) the IPO application form.

• Your LIC policy account number and PAN card

As part of mandatory Know Your Customer requirements, LIC has been harassing policyholders to link their PAN with their policies. LIC took advantage of the IPO to advertise to policyholders that they needed to have their PAN numbers on file with the company before they could take part in the IPO. “

So, if you want to sign up for the LIC IPO, you'll need to provide information from your PAN card. When making stock exchange transactions, PAN card information is requested. In this case, it's also important to make sure your PAN is associated with your LIC policy.

You will need a Demat account in your name if you want to buy stocks. Any full-service or discount broker will allow you to open a Demat account. In order to open a Demat account, you will need to provide basic Know Your Customer information, including but not limited to: proof of identity and age, proof of address, proof of bank account, proof of signature, etc. and shell out the account-opening fee (if any) Groww makes opening a Demat account simple, requiring only basic information.

Integrating Permanent Account Number (PAN) Data into LIC Insurance Policies

Existing policyholders of LIC who wish to apply for its IPO under the policyholder category, which confers certain benefits, are required to have their PAN cards linked with their policies. Now, in just a few easy clicks, you can link your PAN card to your LIC policy account online.  

To link your PAN card to your LIC policy, please follow these steps:

• The birthday listed on your Permanent Account Number (PAN) card.
• Gender
• Email ID
• Individual Identification Number or PAN
• Your full name (as it appears on your PAN card).
• Telephone number for mobile phones
• Specification of a Coverage Number

• Accept the declaration and click the box to add your PAN Card information to your policy.
• Please type in the captcha displayed.
• When prompted, select the "Get OTP" option.
• Your entered mobile number will receive an OTP.
• Confirm the One-Time Password

Moreover, your LIC policy account would be linked

You Should Know Before Investing in an Initial Public Offering of LIC

Modifying Your LIC Policy Information

To increase the likelihood that your LIC IPO application is accepted, you should verify that the Know Your Customer information listed in your LIC Policy is correct. Before applying for the IPO, you must update your LIC policy with your most up-to-date contact information, including any changes to your address, phone number, or email address. This is why LIC has been running campaigns asking policyholders to verify their identities and provide updated contact information.

To make changes to your LIC policy, please follow these steps:

• If you want to access the LIC website, go to https://licindia.in/ then select "eServices" from the menu that appears.
• A drop-down menu should appear; choose the "KYC update" option.
• You can now submit your most recent paperwork to the LIC for verification by clicking here.
• Once your identity has been confirmed, your KYC status will be updated.

Verifying the PAN and LIC connection is active

You can verify that your PAN Card has been properly linked with your LIC policy in advance of applying for the IPO by checking the status of the link. Further, after you have linked your PAN Card in the aforementioned manner, you can verify the linking status via the LIC website.  

Here's a quick breakdown of how it all goes down:

Consulting with LIC representatives

To link your PAN card to your LIC policy, you can also contact your LIC agent. Nonetheless, it's a digital process that takes only a few minutes to complete. As well as assisting you in linking your PAN card, your agent will also be able to provide you with updates on the linking process.  

The Case of the Person Without a PAN Card

To apply for the IPO as a policyholder of LIC, you will need a PAN card, which you can obtain by submitting a valid application. Online PAN applications are accepted by NSDL and UTITSL. Your PAN card will be issued as soon as you fill out the required fields, attach the necessary documents, and pay the application fee. Applying for an e-PAN will expedite the process of getting a digital version of your PAN card so that you can use it to open an LIC account and submit an IPO application.

The IPO and Some Extra Facts to Consider

Initial plans for an LIC IPO were included in the Union Budget for 2020-21. Listing the issue on the markets is expected to generate proceeds of between Rs 40,000 million and Rs 1,000,000 million. There has been a lot of talk about the government's disinvestment in LIC recently. While the IPO's specifics remain unknown, the government did the right thing by signaling that current policyholders would be given priority. Current LIC policyholders were proposed to be given the opportunity to bid on 10% of the IPO's total size by the Finance Ministry. Because of this, LIC IPO policyholders have a better chance of receiving an allotment than other investors.  

That's the gist of it

Every investor who has a Demat account and a valid PAN card can apply for the IPO, though the exact date has not yet been determined. The Finance Ministry suggested allocating 10% of the IPO to current LIC policyholders, giving them priority. So, if you are already a policyholder, you have a slightly better chance of being selected for the allotment. In order to apply for the IPO whenever it opens, you will need to open a Demat account in your name (if you don't already have one) and link your PAN number to your LIC policy. All of it can be done in a few minutes via an easy-to-use online interface. The question is, "What more could you want?"