LIC IPO: Can Policyholders with Lapsed Insurance policies Apply for Shares?

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LIC IPO: Forward of its mega IPO, Life Insurance coverage Company of India (LIC), authorities is banking large on retail traders together with its policyholders. On Sunday, the state-run Life Insurance Corporation of India (LIC) has confirmed its plans to create policyholder quota and provide them low cost to situation worth in its much-awaited draft papers.

LIC IPO: Portion Reserved for Policyholders

The portion deliberate to be reserved for policyholders can go as much as most of 10 per cent. “The combination of reservations for eligible policyholder(s) shall not exceed 10 per cent of the provide dimension,” the DRHP said. The quantum of potential low cost can be specified nearer to the bid opening date, a minimum of two working days prior.

LIC IPO: Can Policyholders with Lapsed Insurance policies Apply?

Beneath the policyholder reserved portion, the policyholders who’ve a coverage in a lapsed situation may also be eligible to use for shares in LIC’s preliminary public providing.

“All insurance policies which haven’t exited our information by means of maturity, give up or by means of dying of the policyholder are eligible for reservation underneath the Policyholder Reservation Portion,” says the draft pink herring prospectus of LIC.

LIC IPO: Policyholders With out Paperwork

In case you are a policyholder who has utilized for a LIC policy however are but to obtain the coverage doc, in that case, the prospectus states that the coverage ought to have been issued on or earlier than the date when the Draft Purple Herring Prospectus was filed.

“To be eligible for reservation underneath the Policyholder Reservation Portion class, the coverage ought to have been issued on or earlier than the date of this Draft Purple Herring Prospectus and shouldn’t have exited by means of give up, maturity or dying declare on the Bid/Supply Opening Date,” says the DRHP.

LIC IPO: Demat Account Necessary for Policyholders

Policyholders, who intend to use for share of LIC, might want to have a demat account. As per SEBI ICDR Laws, no fairness share could be issued by any firm in bodily kind, and the fairness shares can solely be issued in dematerialised kind.

LIC IPO: Are Joint Life Policyholders eligible?

Solely one of many two can apply for the fairness shares underneath the Policyholder Reservation Portion class. The PAN variety of the applicant bidding within the provide (you or your partner) must be up to date within the coverage information. The applicant has to have a demat account in his/her title, and in case the demat account is joint, the applicant must be the primary /main holder of the demat account.

LIC IPO: Most Bid per LIC Coverage

Particular person, resident Indian policyholders with a number of LIC insurance policies as on the date of DRHP and bid/provide opening date can be eligible to use underneath this reserved portion. The utmost bid per policyholder is capped at Rs 2 lakh. Policyholders who fail to replace their PAN particulars by February 28, 2022 won’t be eligible for this quota.

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