LIC IPO subscription: Steps to follow

CHENNAI:As the largest bid opens today, the Life Insurance Corporation of India (LIC) states that policyholders residing in India and having one or more policies are eligible to apply for IPO under the policyholder reservation area.

A retail investor can apply for a maximum of 14 shares. Policyholders can apply for a maximum investment of ₹ 4 lakh under the policyholder and retail investor categories.

LIC has priced the IPO at Rs 902-Rs 949. According to LIC DRHP, the policyholder will get a discount of Rs 60 and retailers will be get a discount of Rs 45 per share.

However, LIC advises policyholders to keep two important points in cheque when applying for an IPO.

*The policyholder must ensure that their LIC policy is linked to an updated PAN number.

* Also make sure that you have a Demat account and that it matches your PAN card.

What is Demat account?

Demat Account is an electronic account created to account for the shares purchased by an individual in the Indian stock trading system.

How to link your PAN number with your LIC policies?

1.Keep your PAN card with your list of policies ready.

Click here.

https://licindia.in/Home/Online-PAN-Registration

2. Click on the 'Proceed' option in the instruction below.

3.The details mentioned in the PAN card should include the PAN number, mobile number, date of birth, gender and email address. If you have more than one policy, select 'Add' and enter the policy numbers

4.When the above process is complete, click on the less check box.

5.A unique captcha will be available on the screen. Then click on the 'get OTP option'.

6.LIC will send OTP to your registered mobile number. Add it to the required box and click 'Submit'.

7.After submitting the form, the message about the success of the registration request will be displayed.

Another way to apply for an IPO is through internet banking

1.The bidder must log in to their online net-banking account, it will be displayed on the home page.

2.Go to Investment area and click on IPO / e-IPO option.

3.You will need to fill in the depository details and bank account details. After doing so, the verification process will be completed.

4.Once the verification process is complete, investors should click on the 'Invest in IPO' option

5.You have to select the IPO you want to apply for. Click on the LIC IPO and add the number of shares and the "Auction Price".

6.Investors should make sure that they have carefully read the terms and conditions of the auction in the LIC IPO before placing their bids.

7.When done, investors can confirm their order by selecting the 'Apply Now' option.

8.At the bank level, the application will be finalised on the basis of allotment and will wait until it gets finalised.

9.Also, the amount will be debited after the shares are allotted

10. Investors can check stock allotment details in the stock markets here:

https://www.bseindia.com/investors/appli_check.aspx