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HomeFinance   HOW TO LINK PAN CARD WITH LIC POLICY

   HOW TO LINK PAN CARD WITH LIC POLICY

LIC announced February 28 as the deadline for linking the policy with the PAN card. This deadline, therefore, prohibits LIC policyholders from subscribing to the LIC IPO if they do not have their PAN cards linked.

Do you have LIC Policy? I think everyone in India does have a LIC policy. The LIC is the oldest Life Insurance Policy in India. LIC ensures a person for their lifelong and it is also a financial investment where your money doesn’t get wasted.

The Life Insurance Corporation of India, or LIC, is a government-owned insurance company in India. It was founded in 1956 and is the largest life insurance company in India.

LIC offers a wide range of life insurance products, including term life insurance, endowment life insurance, whole life insurance, and annuities. The company also offers pension plans and group life insurance products.

There are over 250 million families joined with the LIC. It is the most trusted insurance company in India. In 1818 LIC came to India in its modern form from England; the Europeans started its first Oriental Life Insurance company in Culcutta City in India.

As LIC is one of the oldest and most trustable Insurance companies in India, in 2022, the LIC is listed on top of the IPO list, and the date of issuance is on 31st  March 2022. The LIC announced that the policyholders have to link their PAN details with their LIC policy on or before 28th February 2022.

LIC has buzzed the market with its upcoming IPO, which will come on March 2022; all the policyholders need to link their Pan Card with their LIC policy.

For doing so, you need to follow the below-given procedure;

Step 1- Login to the official website of the LIC.

Step 2- Enter your Date of Birth as per your Pan Card.

Step 3- The gender option will appear, click and select your gender.

Step 4-  Enter your Email Id

Step 5- Enter your accurate PAN number.

Step 6-  Enter your Full name as per your Pan Card.

Step 7- After that, you need to enter your mobile number.

Step 8- Then, you need to enter your Policy Number.

Step 9- After Entering your Policy Number, you need to enter the CAPTCHA and receive an OTP.

Step 10- Enter that OTP.

Step 11- You will receive a message on your mobile number that you have successfully linked your Pan Card with your policy, or it will also show you on your computer device after following all the steps.

LIC IPO Details

IPO Opening Date10th March 2022
IPO Closing Date14the March 2022
Type of IssueBook Built Issue IPO
Face Value of IPORs. 10 per equity share.
LIC IPO Price Band Rs.2000 INR to Rs.2100 INR
LIC IPO sizeRs.100,000 Crore
QIB (Qualified Institutional Buyer) Quota50 Percent
Retail Investors quota35 Percent
LIC IPO Allotment Date 25th March 2022
Registrar of LIC IPOKfintech Technologies Pvt Ltd.

Pros And Cons Of LIC IPO In 2022

Pros:

  1. All policyholders can bid in LIC IPO, but the policies should be active, and the policyholder should be alive.
  2. There will be no lock-in period for retail investors; you can sell the share at any time.
  3. Above 18 years of age, all can bid in LIC IPO.
  4. Pradhan Mantri Vaya Vandana Yojana policyholders also can bid for the IPO.
  5. It is expected that the policyholders will get a discount of upto 5 to 10 Percent, but LIC does not confirm the percentile as it is yet to decide.

Cons:

  1. There won’t be any tax exemption in LIC IPO; the Policyholders only will get tax exemption for the policy.
  2. If you have a Joint Life Insurance Policy, then only one of them can bid for LIC IPO.
  3. There is no guarantee that all the policyholders will get the shares in IPO as it depends on the allotment.
  4. You can’t apply for the LIC IPO by having another company’s policy; you need to have Life Insurance Policy by LIC itself.

If your policy is linked with your pan card and you want to check status, whether the Pan Card is linked with your policy or not. To check the status, follow the given steps;

Step 1-  Login to the official website of the LIC.

Step 2-  Enter your policy number. 

Step 3- Then, you need to enter your Date of Birth.

Step 4- Enter your Pan Number.

Step 5- You need to enter the CAPTCHA and click on the submit option.

Step 6- Your Linked Pan details will show on your screen.

How To Apply For LIC IPO

Are you a policyholder and want to know how to apply for LIC IPO? Here, I will give step-wise details, but before that, you need to apply for an IPO through Zerodha or any other Supported UPI app, once you have installed BHIM UPI and then register yourself in it and follow the given steps;

Step 1- Login in the Console, and there will be a portfolio menu in that select IPO.

Step 2- Choose the IPO from the given list you want to apply.

Step 3- Then, you need to enter your UPI ID number.

Step 4-  After entering your UPI ID, place your bid.

Step 5- Then, after filling in all the above details, click on the checkbox by confirming that you have read the RHP (Red Herring Prospectus) and related documents and click on the submit option.

Step 6- Then, you need to accept the mandate request, which will appear on your BHIM UPI app.

Step 7- After completing all the following steps, you will receive an SMS as confirmation of your exchange, and if you want to check the status of your bid, you can select your IPO for which you are bidding and click on it, and you will get an update of your IPO.

About LIC:

LIC is the biggest insurance company in India. It has different participating insurance products and non-participating insurance products such as unit-linked insurance products, saving insurance products, term insurance products, health insurance, and annuity and pension products.

It is a government-owned Life insurance and investment corporation. LIC collects money through various insurance policies from the public and invests in the world’s financial markets and different government securities.

In LIC guidelines, it is mentioned that 75 percent of collected funds are to be invested in Central and State Government Securities. LIC also provides direct loans to industries, housing loans, and various national projects.

LIC has 2048 branches across India, and 13.5 lakh agents are joined with LIC.

 Conclusion

As we know, LIC is a big and trustworthy insurance company of India; about LIC IPO is very much discussed in 2022.

It seems that this year LIC will be going to rock in the market, which is great news for the investors who are going to invest in LIC IPO.

It is also suitable for the policyholders as they will also get a chance to bid for LIC IPO.

For applying for LIC IPO, you need to link their Pan Card with your policy, and also, I have mentioned the steps on how you can link your Pan card and check the status and how you can apply for the LIC IPO. 

Frequently Asked Questions

When will LIC IPO open for bidding?

Ans- You can start bidding for LIC IPO after 10th March 2022, and the last date for bidding is 14th March 2022.

Is it necessary for all policyholders to link the Pan Card with Policy?

Ans- Yes, all the policyholders must get their Pan Card linked with their policies on or before 28th February 2022.

Can policyholders bid for LIC IPO?

Ans- Yes, if you are a policyholder and your Pan card details are linked with your policy, you are eligible for bidding.

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