Life insurance corporation of India, popularly known as LIC, is in the news again after the budget 2022 speech gave further information about its IPO. The largest insurance provider in India has an unmatchable customer base and is providing insurance to millions. According to the latest update, the LIC IPO is expected to open for the public on March 11, 2022. The subscription will be open for anchor investors but it will open in the next few days for other types of investors, including retail investors.
If you are an Indian citizen, chances are you or your family members have an insurance policy with them. But have you linked your PAN card and Aadhaar card number with your LIC policy? Aadhaar link to LIC policy online allows you to use your insurance policy to the maximum. LIC has announced that Last date to link PAN with policy number is 28 February 2022. But how to link PAN and Aadhaar with LIC policy? Let’s take a look.
While Aadhaar link to LIC policy is for smoothening out the identification and verification purpose and is not mandatory, LIC link with PAN card is compulsory, especially as the insurance giant heads for an initial public offering.
LIC is selling its shares to the public through the IPO and it has reserved up to 10 per cent of the issue size shares to its policyholders too. For you to avail the same, you need to have your PAN card linked with LIC. For this, you will also need to open a demat account.
Furthermore, a PAN card is necessary for all investments, especially ones that have a tax-saving component. Linking your LIC policy with a PAN card becomes important in that aspect too.
There are some prerequisites that you should understand before you begin the process here.
The online process of Aadhaar card and LIC policy linking is available through the LIC website.
First, visit the LIC website at https://www.licindia.in/Home.aspx. From here, select the “Link Aadhaar and PAN to LIC Policies” option
On the page that appears, fill in your details including your Aadhaar and PAN card number
Read the disclaimer carefully and accept the same
You will be asked to enter a captcha code, enter the same and click on ‘get OTP’
Your mobile number that is registered with Aadhaar will receive an OTP, enter the same on the page
Your request will be received at this stage and will be sent for verification
You will receive a confirmation of the approval, once approved.
There is an option to do the linking offline too. This is helpful for people who don’t have a mobile number registered with their Aadhaar.
Below are the steps for the same –
Download the Aadhaar/PAN mandate from the LIC website. Alternately you can collect the same from any LIC office as well. You will need to fill out this form furnishing all the required details including Aadhar and PAN card numbers.
Visit your nearest LIC office with the filled forms and copies of your Aadhaar and PAN cards. You might be asked to show the original documents as well for verification purposes and do remember to bring them along.
After verification and cross-checking, the LIC executive will collect the forms and submit them for further verification from UIDAI.
Once UIDAI verification is done, your PAN and Aadhaar card will be linked to your LIC policy. A confirmation message regarding the same will be sent to your registered mobile number as well.
The Government has reserved up to 10% of the LIC shares in the IPO for the policyholders. For you to avail the same, it is important that you complete the above step.
Buying shares will require you to have a demat account as well. You can easily create one from any stockbroker website. Getting your hand on the IPO of a company as big as LIC could do wonders for your investment and make sure you are ready for the same by linking your Aadhaar and PAN card with your LIC policy.
As mentioned above, opening a demat account is as important as linking your PAN and Aadhaar card to be ready to apply for LIC IPO. Make sure you open demat account with a trusted stockbroker to keep things simple and hassle-free. Open demat account and be one step closer to owning LIC shares today!
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