LIC policyholders need to update PAN by Feb 28

Mumbai: Life Insurance Corporation of India (LIC) has asked all its policyholders to update their PAN details in their policy record by February 28 to be eligible for participating in its upcoming public issue, according to the draft red herring prospectus (DRHP). On Feb 13, the state-run insurer filed draft papers with capital market regulator Sebi for sale of 5 per cent stake by the government for an estimated Rs 63,000 crore.

The IPO of over 31.6 crore shares or 5 per cent government stake is likely to hit the market in March and employees and policyholders of the insurance behemoth would get a discount over the floor price. "A policyholder of our Corporation shall ensure that his / her PAN details are updated in the policy records of our Corporation at the earliest. A policyholder who has not updated his / her PAN details with our Corporation before expiry of two weeks from the date of the filing of this DRHP with SEBI (i.e., by February 28, 2022) shall not be considered as an Eligible Policyholder," as per the DRHP.