In the budget presented by Finance Minister Nirmala Sitharaman on February 1, the initial sale of LIC shares was proposed.
The much-awaited initial sale of shares of Life Insurance Corporation of India (LIC) is expected to take place during January-March of the current financial year, the current financial year. LIC has offered the policyholders the opportunity to become shareholders through the sale of shares and has proposed to reserve 10 per cent shares for them. As a result, LIC will have to provide details of PAN to the policyholders in order to acquire shares from this reserve.
In a public statement issued on Wednesday, LIC urged policyholders to file their permanent income tax account-PAN details in order to acquire shares from the reserve. She will soon launch an awareness campaign among policyholders in this regard.
In the budget presented by Finance Minister Nirmala Sitharaman on February 1, LIC proposed an initial share sale. The Ministry of Finance is planning to bring this sale to the capital market between January and March 2022 after completing all the required submissions. Through this, the partial sale of government stake in LIC will add about Rs 1 lakh crore to the exchequer. The Center plans to raise Rs 1.75 lakh crore through investment in the current financial year.
A valid demat account is required!
Even if they are policyholders, they need to have a valid demat account to own the shares. She also appealed to the policyholders to open the demat account at their own cost as soon as possible if there is no demat account at present.
How to register?
Go to LIC’s website https://licindia.in/Home/Online-PAN-Registration, mobile number and received ‘OTP’ policyholders will have to mention to register ‘PAN’. This will update the status of the policy and PAN held by the policyholders.