Link PAN to LIC policies for IPO quota

Life insurance major LIC has asked its policyholders who also have a demat account to link their income tax PAN with their policies so that they can apply in its IPO under the reserved category. Those LIC policyholders who do not have a demat account yet could open one and link PAN to their policies under this facility to apply in the IPO under this category.

The government is eyeing around Rs. 1 lakh crore by divesting part of its stake in the life insurance major through the IPO, expected in the next few months. This is sure to be the largest IPO in India, far ahead of the recently closed PayTM offer that was worth about Rs 18,300 crore, official data showed.

Earlier this year, the government amended the LIC Act, 1956 to allow the company to offer shares to its policyholders when it goes for an IPO. Through an advertisement, LIC also informed its policyholder7ns surge, NPAs fall ahead of IPO

Life Insurance Corporation (LIC) of India has provided heavily against its debt portfolio and managed to bring down its net non-performing assets (NPAs), as well as gross NPAs, in 2020-21 (FY21). The corporation has made provisions to the tune of Rs 37,341.6 crore, of which Rs 34,934.97 crore is towards doubtful, sub-standard, and loss assets.