How LIC policyholders can update their PAN to participate in the country's biggest IPO? See full process here

The Life Insurance Corporation (LIC) in the run up to its initial public offering, has asked its policyholders to update their PAN, so that they can participate in the proposed public offer.

As per the proposed plan, up to 10 per cent of the LIC IPO issue size would be reserved for policyholders.

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"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.

The Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any 'person' who applies for it or to whom the department allots the number without an application. The Life Insurance Corporation (LIC) policy-holders must note that they can link their policies with PAN. In case of any query regarding the linking of LIC policies with PAN, one can login to the official LIC website at licindia.in.

The process of linking the LIC policies with PAN is not difficult at all. One has to follow some simple steps to complete the entire process.

The steps for following the process are as follows:

Step 1: In the first place, one has to login to the official website of LIC at licindia.in

Step 2: Now, one has to select the 'Online PAN Registration' option which is present on the homepage

Step 3: The user now will have to keep the PAN card the list of policies to be linked in handy

Step 4: The user will now have to click on the 'Proceed' option

Step 5: The user will have to enter his or her e-mail ID, PAN number, mobile number, policy number and after entering the Captcha will have to click on 'Get OTP'

Step 6: The user will then have to enter the OTP received on the mobile number

Step 7: After submitting the form, a message will be shown on the success of the registration request.

One must note that the PAN-Aadhaar linking deadline, which was September 30, 2021, has been extended till March 31, 2022. The PAN card holders must also note that they can link their Life Insurance Policies (LIC) with PAN.

In case of further details and query, one can login to the official website of LIC at licindia.in.