LIC policy holders have to update PAN details. Life Insurance Corporation of India , the market leading insurer and financial conglomerate, has mentioned that every holder shall have to ensure that his/ her Permanent Account Number details are updated in the records of the Corporation on or before 28 February 2022 in order to be considered as an Eligible holder for application in the forthcoming Public Issue.
The PAN updation can be done on the website either directly or with the help of agents: https://licindia.in/Home/Online-PAN-Registration
The aggregate of reservations for Eligible holder(s) shall not exceed 10% of the total Offer size. The corporation and the Government of India, in consultation with the BRLMs, may offer a discount to the Offer Price to Eligible holders, subject to necessary approvals as may be required.
LIC Is Proposing An Offer
The corporation is proposing an Initial Public Offer (IPO) of up to 316,249,885 Equity Shares of face value of Rs 10 each through an Offer for Sale.
It is a Domestic Systemically Important Insurer and a financial conglomerate. It has been providing insurance for life and everything important in life, in India for more than 65 years and is the largest life insurer in India.
It has a pan-India network with 2,048 branch offices and 1,554 satellite offices in India covering 91% of all districts in the country.
In 1955, mean risk per rules of Indian and foreign life insurers amounted respectively to ₹2,950 & ₹7,859.
Life Insurance in India was nationalized by incorporating Life Insurance Corporation in 1956. All private insurance companies at that time were taken over by the corporation.