If you’re interested in investing in the LIC IPO, we recommend reading our article on applying for the LIC IPO, What is the LIC IPO Date in India which goes over the process of applying, including how to apply for the same.

LIC- A Life Insurer

LIC (Life Insurance Corporation of India) is the largest life insurer in the country with a market share of about 80% in the life insurance industry. The company is a government-owned corporation that is a part-state-part-private company established in 1956 to provide life insurance services to the public. The role of a life insurance corporation is to invest in the premiums that are paid by customers and to pay out death benefits in the event of the death of an insured. The Finance Minister “Nirmala Sitharaman” announced LIC IPO’s while briefing reporters after the Union Budget . The Finance Minister had also said that the government would ensure that the LIC’s financial health remains intact even as it plans to wind up the lifeline scheme. 

When will LIC go public?

The government-owned Life Insurance Corporation of India (LIC) is all set to issue its first public share offering (IPO). The government has set aside ₹1,000 crore for the share sale through the Issue Purchase Scheme (IPS) route. The IPO will provide the company with much-needed funds to meet its expanding business requirements. The IPO will be done through the Issue Purchase Scheme (IPS) route. The plan is to issue public shares in the Life Insurance Corporation of India. The IPO, if issued, will be one of India’s largest ever. The government wants to raise up to $2 billion by offering LIC shares to the public. The government will offer up to 2.5 billion shares to the public in the IPO. The firm has started with a needful process of public offerings. The issue of LIC IPO date is March 11, 2022 in India if the firm will get approvals from the institutions.

Who can apply for the LIC IPO?

There are three categories of people who can apply for the LIC IPO. They are-

• The first group of people who can apply to get LIC IPO are the employees of its member companies. The employees of LIC can get LIC IPO by paying a nominal fee of ₹1 and by submitting three documents. 
• The policy holders, few reports say that the policy holders will get discounts for buying IPO. For that they need to link their Pan card with the policies before 28 february, 2022.
• The investors of the share market. Anyone above the 21 year age group can open a Demat account and apply for an IPO.

Steps to apply for LIC IPO from your phone

The following steps will help you apply for LIC-IPO. 

• Install a trading app in your phone
• Register in the app using your phone number or ID and Password.
• Verify your account.
• Go in the invest section on the bar, look for the ongoing and upcoming IPOs. Select LIC IPO and read the details below.
• You will see the “Place Bid” option at the bottom. Click on it.
• You will have to enter your UPI ID for payment. Press continue.
• Fill in the information like the bid amount, lot size etc. Press continue.
• Check and confirm the order.
• The process will then redirect you to the payment app for the payment from your bank. Accept the mandatory and application will be submitted successfully.

Conclusion

The Life Insurance Corporation of India (LIC), the country’s largest government-owned life insurance company, is planning to raise 16,500 crore through its record-breaking IPO in India. The public offering is expected to make the firm the most valued company in India. But, it may spoil the liquidity of the market. The reports also say that the Indian government is planning to divide the IPO of LIC in two parts. One that will be completed before March 2022, and the other one (Follow on Public Offer) will be taken forward after a few months of the first month. The IPO may introduce more than a lakh new investors to the world of Indian stock market. So, save the LIC IPO date March 11, 2022.