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Home » Bottom Links » Recruitment of Assistants-2019

PUBLIC NOTICE TO ALL THE ESTEEMED POLICYHOLDERS OF LIC OF INDIA
NOT FOR DISTRIBUTION TO ANY ADDRESS LOCATED OUTSIDE OF INDIA


1.    You may have noted from press reports that the Government of India is very keen and desirous to make a public offering of equity shares of the Life Insurance Corporation of India (“LIC” or the “Corporation”) and list the equity shares on the Indian stock exchanges.

2.    As you may be aware by now, the Government of India, in the interest of the policyholders of LIC has passed an amendment to the LIC Act, 1956 permitting the Corporationto make a reservation on a competitive basis, in favour of its policyholders, at any time during the period of five years of the commencement of Section 131 of the Finance Act, 2021, i.e., five years from June 30, 2021, as one of the reserved categories in any public offering that the Corporation may undertake in the future, subject to necessary approvals.   

3.    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 – accordingly, policyholders should ensure that they have an active DEMAT account in place.

4.    In the interests of our policyholders, we have in the past been running advertisements calling upon  you to update your PAN in our records. If you have not yet provided this information to the Corporation, please do it at the earliest. This is very important from a KYC perspective, as well as your ability to participate in the proposed public offering by the LIC as and when it takes place, subject to receipt of requisite regulatory and other approvals in respect of such public offering. This will be used to help you participate in the proposed offering.

5.    The process for updating your PAN details with the Corporation is as set out below:
 
5.1    You may visit the Corporation website www.licindia.in OR https://licindia.in/Home/Online-PAN-Registration Keep ready your Policy number, PAN, date of birth and e-mail id which needs to be filled in while updating your PAN.

5.2    You may update the records for all of your LIC policies using the above link.

5.3    You can also check whether your Pan is registered in your policy or not by visiting Corporations website www.licindia.in OR  https://linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus?

5.4    Alternately, you may contact your LIC Agent for updating the PAN.

5.5    In case you do not have PAN allotted to you, we suggest that you may apply for the same as soon as possible. You may apply for PAN for which procedure is as given at https://www.incometaxindia.gov.in/Pages/tax-services/apply-for-pan.aspx
Once received by you, please do not forget to update PAN in your records with the Corporation.

5.6    In relation to DEMAT accounts, if you currently do not hold a valid DEMAT account, you should consider taking the following steps at your sole discretion and at your own cost, if any:

Contact a Depository Participant (DP) who can assist you with the opening of a DEMAT account for your benefit. You can refer to the following link to select the relevant DP to open the DEMAT account –

(i)    DP registered with NSDL -

https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=19

(ii)    DP registered with CDSL -

https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=18

(iii)    If your KYC by KRA (KYC Registration Agency) is not verified, then you need to provide following key documents to the DP to open the DEMAT account:
  • Recent photograph
  • PAN Card
  • Address Proof
  • Cancelled cheque

(iv)    The respective DP might also ask for some more relevant documents basis their internal requirements.
(v)    In case you require any assistance you may please consider contacting your banker or broker in this regard

6.    We once again reiterate that this notice or any information being shared with our policyholder’s is not an offering of equity shares of the Corporation, and that there will be no public offering of equity shares in the United States. Additionally, you would have to approach the Depository Participant yourself and you would be solely responsible for your DEMAT account and its functioning.

7.    This communication is not an offer or an invitation to subscribe to equity shares of the Corporation in a public offering or otherwise. The timeline and details of any such proposed public offering are presently unknown. The structure (including whether a reservation will be made for the policyholders on a competitive basis) has also not yet been approved by its shareholder(s) and the Corporation. There is also no assurance that all policyholders will be allotted any or all of the equity shares they apply for in the proposed offering if a reservation is made for the policyholders in such public offering as such reservation is on a competitive basis. The Corporation does not guarantee the performance of its equity shares and anyone who does apply in any proposed offering would need to be aware of the risks associated with investing in equity shares and resultant volatility.

You would incur costs towards opening of a DEMAT account and/or PAN issuance and maintaining the DEMAT account or other ancillary costs. All such costs would have to be solely borne by you. No costs would be borne by the Corporation.

Regards,

Team LIC


 
Last modified date :17/01/2020
 
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