Tue, 22 Feb 2022 10:04 PM IST
Mumbai | Jagran Business Desk: For decades, the term insurance was synonymous with LIC for people all over the country. Now the Life Insurance Corporation is set to open for an Initial Public Offering (IPO). One can apply for LIC IPO using United Payments Interface (UPI).
LIC IPO: Who is eligible to apply?
Only the employees of Life Insurance Corporation of India (LIC) and its policyholders can apply for the IPO using UPI.
LIC IPO via UPI: How to apply?
For applying for using the UPI method, the investor has to select ‘Pay using UPI ID’ as the payment method while submitting the application. The investor also needs to notify the broker about the same. The retail investors will also have to authorise the UPI request in order to submit the bid through that channel.
LIC IPO via UPI: Step by Step
1. Download the LIC IPO Application form from the official website of Bombay Stock Exchange, bseindia.com.
2. Enter your UPI ID in the form and submit it.
3. On the UPI mobile application, the investor will receive a request to block the required fund.
4. Approve the request.
5. Now, the funds will be blocked in your bank account till the allotment process finishes. An upper cap of Rs 2 lakh has been fixed for such bids using UPI.
6. If allotted, the money will be automatically debited from the account. If not, the money will be released for other uses.
A public offering of shares by state-run Life Insurance Corp (LIC), set to be the country's biggest yet at $8 billion, is expected to open for anchor investors on March 11. The insurer's IPO will be a test of the depth of capital markets in India, where equity deals worth more than a couple of billion dollars are rare.
The 66-year-old company dominates India's insurance sector with more than 280 million policies. It was the fifth biggest global insurer in terms of insurance premium collection in 2020, the latest year for which statistics are available.