scorecardresearchHow to link your LIC policy with your PAN Card? A step-by-step guide

How to link your LIC policy with your PAN Card? A step-by-step guide

Updated: 28 Feb 2022, 12:00 PM IST
TL;DR.

Linking LIC policyholders with PAN Card is essential to share applications by existing policyholders.

LIC is one of the largest corporations in India and its IPO launch would be the largest public offering ever in the history of Indian financial market. Photo: Anushree Fadnavis/ Reuters

LIC is one of the largest corporations in India and its IPO launch would be the largest public offering ever in the history of Indian financial market. Photo: Anushree Fadnavis/ Reuters

The initial public offering (IPO) by LIC has already taken the stock investors by storm with many of them gearing up to make their biddings. This insurance company with the largest agent network in India is now using its mettle and goodwill in the market to lure policyholders to the IPO with an alleged 10 per cent discount. Considering its size and dominance over most other insurance players, a huge demand is expected from both institutional and retail investors. Looking at how the retail demand for IPOs has overshot companies’ expectations, there are high chances of retail oversubscription. Unfortunately, the extent of retail oversubscription may disappoint many investors as they would find it difficult to get even a single allotment. 

The discount factor

LIC has reserved 10 per cent of the issue size for its policyholders. The issue is slated to open on March 10 and close four days later. The issue price is expected to be somewhere between 2000 and 2100 for every share with the issue size being 31,62,49,885 shares. The offer for sale would be equal to 65,416.29 crores. The price band would be announced on March 07 while the anchor investors would be allotted shares on March 09. 

In all this melee and buzz created by the LIC IPO opening in March 2022, the insurance company has announced that life insurance policyholders inclined to apply for shares under the policyholders’ category must have their PAN Cards linked to their policies. Though most policies are linked to PAN Cards at the time of purchase, the organization has still urged their policyholders to verify and ensure linking their policies with their PAN Cards by February 28, 2022.

Linking PAN Card with LIC policy

If you are interested in bidding for LIC’s shares, you can check for your PAN Card and LIC policy link status by clicking on the LIC India weblink https://linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus and proceed by following the details mentioned on the site.

Step 1. Log on to https://linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus

Step 2. Enter policy number in the given space.

Step 3. Enter your birth details.

Step 4. Enter your gender (Male/Female/Other) details.

Step 5. Enter your PAN details.

Step 6. Enter your full name as per PAN Card.

Step 7. Enter your mobile number

Step 8. Enter Policy Number (Please click Add Policy once you enter policy number)

Step 9. Click on disclaimer – “I hereby submit my PAN as issued by Income Tax Department, Government of India and voluntarily give my consent to link my PAN to all my LIC Policies mentioned above. I also give consent for verification of my PAN with Income Tax Department through DigiLocker. LIC of India has informed me that my PAN details would only be used for validation, e-KYC purpose and for all service aspects related to LIC of India. I will not hold the LIC of India or any of its officials responsible in case of any incorrect information provided by me. I also authorize LIC to use my mobile number and email id as mentioned above for sending communications.”

Step 10. Enter CAPTCHA.

Step 11. Get OTP on your mobile phone.

Step 12. Click on the “Submit” option.

If you find that your PAN Card number is not linked with your insurance policy, you will be taken to the page wherein you would be asked to “click here to register your PAN with us”. After clicking on the link, you would be directed to a different webpage wherein you will need to fill out the form and get your life insurance policy linked with your PAN Card.

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First Published: 18 Feb 2022, 09:13 AM IST