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LIC shareholders should do 'this' immediately, otherwise there will be less dividend

economictimes | July 10, 2024 10:20 AM CST

The Board of Directors of LIC in its meeting held on 27 May 2024 has recommended a final dividend of Rs 6 on each share of face value of Rs 10.

MUMBAI: There is big news for the shareholders of Life Insurance Corporation of India (LIC). LIC shareholders should do this quickly, otherwise, their dividends may be reduced. LIC has advised its shareholders to update their PAN on 5th July 2024. The advertisement said that the board of directors of LIC in its meeting held on May 27, 2024, has recommended a final dividend of Rs 6 on each share of face value of Rs 10.
Only they will get a dividend.
This was announced by the Board of Directors of LIC in the third Annual General Meeting to be held on Thursday, August 22, 2024, for the financial year 2023-24. The dividend will be paid in real or electronic form to members holding shares of LIC as of the record date of Friday, July 19, 2024. The final dividend will be paid to the eligible members within 30 days from the date of dividend declaration or by 20 September 2024. Members who have updated their bank account details with their depository participants can take payments online and through other modes.

Stakeholders should update this information.
LIC said in the newsletter that members who have not updated their bank account information are requested to update it immediately. The dividend will be transferred by July 19. Dividends will be paid as per the information of any member's bank.

This rule
, according to LIC's website, will not deduct any tax if the total dividend paid to resident members (individuals) does not exceed Rs 5,000 during the financial year 2024-25. Where the PAN is not registered or invalid the tax will be deducted at source at the higher of the prescribed TDS rates or the rate of 20 percent. Members will also be able to view TDS credit in Form 26AS, which can be downloaded from their e-filing account.