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Applicants, who have checked allotment status and were not allotted shares of LIC, will get back their money as initiation of the refund process began on Friday.
Retail individual investors bid for 13 crore shares as against 6.9 crore shares on offer for the segment, translating into an over-subscription of 1.99 times.
It is the biggest-ever IPO with Paytm second in the league.
According to statistics, the largest insurance company has currently around 29 crore policyholders, 2 lakh plus employees and 13 lakh agents covering 91 per cent of districts of the country.
The LIC IPO would be the biggest ever in the history of the Indian stock market.