In the run-up to the original public immolation (IPO), the Life Insurance Corporation (LIC) is asking its policyholders to modernize their Endless Account Number ( Visage) details and open demat accounts to share in the public issue Although the finance ministry is yet to finalise the timeline for the LIC IPO, the government may launch the public immolation in the January-March quarter. As per the proposed plan, LIC will offer up to 10 percent of the issue size to it policyholders.
Finance Minister Nirmala Sitharaman blazoned in the Budget this time that LIC would hit the primary request with an IPO in 2021-22, as part of a disinvestment drive to garner Rs1.75 lakh crore. The government is targeting Rs 1 lakh crore from the trade of stakes in public sector banks and fiscal institutions. The remaining Rs crore is likely to come from divestment of CPSEs The Union Cabinet cleared the balconies for disinvestment in LIC in July 2021 and authorised a panel led by Sitharaman to decide on the amount of stake dilution
“In order to share in any similar public immolation, policyholders will need to insure that their Visage details are streamlined in the pot’s records. Further subscribing to any public immolation in India is only possible if you have a valid demat account,”LIC said in an announcement in all leading journals The announcement also said streamlining the Visage details was important from the KYC perspective for participation in the proposed IPO Still, they should get one at their own cost, LIC said in the announcement, If policyholders don’t have a demat account You would dodge costs towards opening of a demat account and or Visage allocation and maintaining the demat account or other ancillary costs. All similar costs would have to be solely borne by you. No costs would be borne by the pot,”it clarified.
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