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.
Under the proposed plan, up to 10 per cent of the LIC IPO issue size would be reserved for policyholders.
“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.
It also said that LIC has been running advertisements calling upon policyholders to update their Permanent Account Number (PAN) as it is important from a Know-Your-Customer (KYC) perspective for participation in the proposed public offering, as and when it takes place, subject to regulatory clearance.
If a policyholder does not hold a valid demat account, he or she should consider opening it at their own cost, LIC said.