Payment of final dividend for the financial year 2022-23

We are pleased to inform you that the final dividend of Rs. 3/- per equity share of Rs.10/- each for the financial year 2022-23 was approved by the Members at the 2nd Annual General Meeting (“AGM”) of Life Insurance Corporation of India (the “Corporation” OR “LICI”) held on Tuesday, August 22, 2023 at 11:30 a.m. (IST).

As per the mandate registered with your Depository Participant, the Corporation has remitted the dividend amount to your bank account through Electronic Mode (NACH/NEFT /DIRECT CREDITS) as per details.

Please check your bank statement / Passbook for the amount of final dividend credited to your account. In case the amount has not been credited to your bank account or in case of any discrepancy, please take up the matter with your bank based on the details given in this e-mail. Kindly preserve this email for income tax purposes.

As per the Income Tax Act, 1961, as amended by the Finance Act, 2020, dividends paid or distributed by an entity after April 1, 2020, shall be taxable in the hands of the members. The Corporation has, therefore, deducted tax at source from the dividend at the prevailing tax rates, with surcharge and cess wherever applicable at the time of making payment of the final dividend. The members have an option to claim the refund of tax deducted, if eligible, from Tax Authorities.

The TDS return shall be filed electronically as prescribed in the Income Tax Rules within the statutory timelines. Subsequent to this, Members can view the credit of TDS in Form 26AS, which can be downloaded with their login credentials (with valid PAN) at TRACES or e-filing website of the Income Tax Department of India at the links or Further, for the purpose of calculation of TDS, Members’ holdings in multiple folios / demat accounts as on record date have been clubbed based on common PAN.

Members holding shares in physical mode may please note that the Securities and Exchange Board of India (SEBI) has mandated furnishing of PAN, KYC details (i.e., Postal Address with PIN code, email address, mobile number, bank account details) and nomination details by such members. Any service requests or complaints received from such members, will not be processed by RTA till the aforesaid details/ documents are provided to RTA.

On or after October 1, 2023, in case any of the above-cited documents/ details are not available in the Folio(s), RTA shall be constrained to freeze such Folio(s). The securities in the frozen folios shall be eligible to receive payments (including dividends) and lodge grievances only after furnishing the complete documents. If the securities continue to remain frozen as of December 31, 2025, the RTA / the listed entity shall refer such securities to the administering authority under the Benami Transactions (Prohibitions) Act, 1988, and/or the Prevention of Money Laundering Act, 2002 (as on date of this communication, the Corporation has not issued any shares in the physical form).

We earnestly request all the members to register/update their KYC details and bank details with their respective Depository Participants, to receive timely communication from the Corporation. You are also requested to link PAN with Aadhaar, if not done.

All communications in this regard may be addressed to the RTA at the details given below, quoting Folio No./DP ID/Client ID No. and names of the members.

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