Hyderabad: Life insurance giant Indian Life Insurance Corporation (LIC of India) is coming up with a public issue. The retail segment is going to issue shares exclusively for its policyholders. For them, 10 per cent of shares will be allotted. It is already speculated that they will also be given a 5-10 per cent discount on the share price. In this context, what can be done to make the policyholders, who are still paying a premium for the policies, become shareholders in LIC and acquire shares at a discount?
If you are a LIC policyholder and want to participate in an IPO, you need to attach your permanent account number (PAN) to the LIC policy. However, by adding Aadhaar to the policy, it will be easier to make online transactions. Usually, a PAN card is not mandatory for taking a life insurance policy. But, since LIC is taking this as a standard for allocating shares to its policyholders, it is now required to register a PAN.
First, go to the LIC authorised website https://licindia.in/ website. There is a link called online PAN registration, click on it and read the information carefully and enter the details asked for authorisation through an OTP. Before this, create an online user account based on your policy number on the LIC website. This will make your task even easier.
To apply for shares in an IPO, a Demat account is required. Similarly, PAN, Aadhaar, bank account details are also required. It is easy to take a Demat account. If you do not have a Demat account .. take it as soon as possible through your stockbroker without waiting till the last minute.
Exide Life Smart Income Plan was launched to provide long-term income and life insurance cover by paying a premium for a limited period with a guarantee of income. You have to pay a premium of 6/8/10/12 years for this policy. After that, you can get income for 12/16/20/24 years respectively. There are two ways to choose this policy. If you take an Enhanced Maturity Plan .. the policy will provide you with a guaranteed return for the year during the payment period as well as bonuses applicable after the end of the policy term. For those who opt for the Enhanced Income option, the amount will be paid, along with the annual income guarantee, after the expiry of the policy. People between the ages of four and 60 can take this policy.
Read: LIC policyholders need to update PAN details by February 28 to participate in IPO
