Maximizing Your Investment: Link Your PAN Card to Your LIC Policy and Apply for the IPO as a Policyholder
The stock market is presently awash with IPOs waiting to debut. Already over 50 IPOs have been listed since January 2021 to 15th December 2021. As the financial year 2021-22 draws to a close, investors eagerly anticipate another IPO, the much-awaited LIC IPO.
The LIC IPO DRHP was filed on 23rd February, and the subscription session runs from 4th May to 9th May. The price band for LIC IPO is Rs 902 to 949 per share, and the lot size is 15 shares.
Are you an LIC policyholder?
If indeed you are, you require two key items to buy into the LIC IPO as a policyholder:
Your PAN card, linked with your LIC policy account
LIC has lately been pushing policyholders to link their PAN cards with their policies as part of basic KYC compliance. The IPO is an opportunity for LIC to express 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.“
Consequently, for you to apply for the LIC IPO, your PAN card details must be up-to-date. Remember that the stock exchange requires PAN card details to trade. You ought to ensure your PAN number is linked to your LIC policy.
To purchase stocks, you must have a Demat account. You might open one with a discount or full-service stockbroker. Submit an application, your basic KYC documents, and other particulars required to open an account. The process of opening a Demat account with Groww is simple and requires minimal documentation.
Linking PAN Card with LIC policy
Policyholders should link their PAN details to the existing policies to apply under the policyholder category for LIC's IPO that offers several benefits. Fortunately, it's now easy to link your PAN details to your LIC policy account within a few minutes using the online mode.
Here are steps to follow to link your PAN card to your LIC policy -
Your date of birth (as on your PAN Card)
Gender
Email ID
PAN Card number
Full name (as mentioned on your PAN Card)
Mobile number
Policy number
Tick the declaration box accepting to link your PAN Card details to your policy
Enter the captcha code
Click on ‘Get OTP'
Enter the OTP on the mobile number that you provided
Verify the OTP
Your LIC policy account links with your PAN Card.
Also Read, Things to Know Before Investing in LIC IPO
Updating details on LIC policy
To ensure the validity of your LIC IPO application, verify whether your KYC details in your LIC policy are up to date. If your residential address, contact number, or email address is different from your current LIC policy details, update them first before applying for the IPO. That's why LIC has been focusing on campaigns to encourage updating KYC details.
Learn how to update your details in your LIC policy with ease:
Firstly, access the LIC website by logging in with your details at https://licindia.in/ and click on the 'eServices' option. After this, select the 'KYC update' feature from the dropdown and proceed to upload your required documents. Once completed, the LIC authorities will verify your documents and update your KYC accordingly.
To ensure your PAN and LIC link is active, check the status of the link online through the LIC website before applying for the IPO. You can always contact your LIC agent who can guide you with linking your PAN card and even check the linking status.
To apply for the LIC IPO, it's crucial to have a PAN card, which can be obtained online through NSDL or UTITSL. Once you have the PAN card, you can apply for the IPO and get your allotment early, especially as existing policyholders are given preferential treatment in the IPO.
The LIC IPO is expected to raise between Rs 40,000 and Rs 1 lakh crore and existing policyholders are encouraged to take advantage of the preferential treatment being offered. With online, simple, and quick processes, every investor with a Demat account and valid PAN card can apply for the IPO.
In conclusion, opening a Demat account and linking your PAN number to your LIC policy is essential for applying for the IPO whenever it becomes available. Enjoy the benefits of preferential treatment as an existing policyholder and be part of the buzz surrounding the Government’s disinvestment in LIC.
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