How to update PAN online to participate in the LIC IPO if you are a policyholder

LIC IPO: The insurer has asked LIC policyholders to update PAN online by visiting the LIC official website at licindia.in before India's biggest IPO.

LIC IPO: Policyholders can update PAN online by visiting the official website of LIC ahead of India's biggest IPO. (Reuters)

LIC IPO: The Life Insurance Corporation (LIC) policyholders have been asked to update their Permanent Account Number (PAN) and demat account online so that they can participate in its proposed initial public offering (IPO). Below we explain how to update PAN online, but before that read what LIC has to say. "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," LIC said in a public notice. So, all LIC policyholders who want to participate in its IPO should rush to update PAN online. LIC is is India's biggest insurance company and the IPO is expected to be gigantic with huge participation from LIC policyholders,

It also said that if a LIC policyholder currently does not hold a valid demat account, he or she should consider opening it at their own cost. "You would incur costs towards the opening of a DEMAT account and or PAN issuance and maintaining the DEMAT account or other ancillary costs. All such costs would have to be solely borne by you. No costs would be borne by the Corporation," it clarified, according to a report by PTI.

However, this is not the first time when LIC has asked its policyholders to update their PAN. The company has been running advertisements calling upon policyholders to update their PAN on its website.

While talking about the LIC IPO, up to 10 per cent of the LIC IPO issue size would be reserved for policyholders, according to the proposed plan. Regarding LIC IPO date, then know that the Union Finance Minister Nirmala Sitharaman had said in her Budget speech in February 2021 that the LIC IPO would be floated in 2021-22.

If you are an LIC policyholder, then here is how to update PAN online ahead of LIC IPO:

Step 1: Visit the official website of LIC or click on the link https://licindia.in/.

Step 2: From the homepage you will have to select the 'Online PAN Registration' option.

Step 3: On the Online PAN Registration page, tap the 'Proceed' button.

Step 4: Provide your email address, PAN, mobile number, and LIC policy number.

Step 5: After providing all the above mentioned details you will have to enter the Captcha code into the box.

Step 6: Request an OTP from your registered mobile number.

Step 7: As soon as you receive the OTP on your phone, enter the digits on the portal and submit.

Step 8: As you will submit the form, a message will be shown on the success of the registration request.

You can also check your PAN- LIC status. Here is how:

Step 1: Click on the link- https://linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus

Step 2: Enter Policy Number, Date of Birth, and PAN information, as well as the captcha.

Step 3: Press the Submit button.

And you are done!