MUMBAI:
Life Insurance Corporation of India (LIC), the market leading insurer and financial conglomerate, has mentioned that every policyholder shall have to ensure that his / her PAN details are updated in the policy records of the Corporation on or before 28 th February 2022 in order to be considered an Eligible Policyholder for application in the forthcoming Public Issue.
The PAN updation can be done on LIC website either directly or with the help of agents:
https://licindia.in/Home/Online-PAN-Registration
Quota: The aggregate of reservations for Eligible Policyholder(s) shall not exceed 10% of the total Offer size. The portion of the Offer available for allocation to Eligible Policyholder(s), on a proportionate basis subject to the receipt of necessary approvals from the Government of India.
Policyholders (excluding such other persons not eligible under applicable laws, rules, regulations and non-Individual policy holders) of LIC having one or more policies as on the date of the DRHP (i.e., 13 th February 2022) and Bid / Offer Opening Date and are residents of India would be eligible to apply in this Offer under the Policyholder Reservation Portion and avail of the discount.
Policyholder Discount: LIC and the Government of India, in consultation with the BRLMs, may offer a discount to the Offer Price to Eligible Policyholder(s), subject to necessary approvals as may be required, and which shall be announced at least two Working Days prior to the Bid / Offer Opening Date.
Public Issue: LIC is proposing an Initial Public Offer (IPO) of up to 316,249,885 Equity Shares of face value of ₹10 each (“Equity Shares”) through an Offer for Sale by the President of India, acting through the President of India, acting through the Ministry of Finance, Government of India (“Selling Shareholder”). The objects of the Offer are to achieve the disinvestment agenda of the Government and for LIC to get benefits of listing the Equity Shares on the Stock Exchanges.
The Employee Reservation Portion shall not exceed 5.00% of LIC’s post-Offer Equity Share capital. LIC is a Domestic Systemically Important Insurer and a financial conglomerate. LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in India, with a 64.1% market share in terms of premium (or GWP), a 66.2% market share in terms of new business premium (or NBP), a 74.6% market share in terms of number of individual policies issued, a 81.1% market share in terms of number of group policies issued for Fiscal 2021, as well as by the number of individual agents, which comprised 55% of all individual agents in India as at March 31, 2021. (Source: the CRISIL Report).
10 things to know about LIC’s market-leading performance.
LIC has a pan-India network with 2,048 branch offices and 1,554 satellite offices in India covering 91% of all districts in the country. The LIC’s subsidiaries are LIC Pension Fund, one of the three companies appointed as a pension-fund sponsor under the Indian Government’s New Pension System, and LIC Cards Services Ltd. (credit cards). LIC’s associates in India are LIC Housing Finance Ltd., LICHFL AMC Ltd., IDBI Bank Ltd., IDBI Trusteeship Services Ltd., LIC Mutual Fund AMC Ltd. and LIC Mutual Fund Trustee Pvt. Ltd. LIC has a branch each in Fiji, Mauritius and the United Kingdom, and subsidiaries in Bahrain (with operations in Qatar, Kuwait, Oman and the UAE), Bangladesh, Nepal, Singapore and Sri Lanka in the life insurance industry.
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