To
pay your premiums through Internet, choose
among any of the following service providers:
Electronic Clearance Service of Reserve
Bank of India is a well established, quick,
reliable and economic processing for periodic
bill payments. LIC is happy to offer this
facility to its valued customer totally
FREE for payment of premiums. Presently,
this system of premium payment is provided
at only. The policyholders having accounts
in the banks in these cites , which are
members of clearing house can avail of
this facility for all policies irrespective
of the LIC branch to which these policies
are attached for servicing. This would
be gradually extended to other ECS centers
and the information would be made available
on our web site.
I) Benefits to the policyholders
:
- This is a free service to our policyholders.
- This will save their time in visiting
LIC Office to pay the premiums.
- This will save their cost and effort
in sending across the premium payments
to LIC through postal/courier service/
through their representatives.
- This easy and automatic method of
premium payment will keep the insurance
protection intact and the chances of
lapse of the policy will be eliminated.
- The one time standing instructions
in the form of a Mandate is sufficient
to pay the future premiums as and when
they fall due.
- This facility of easy premium payment
can be availed of not only in respect
of the policies of self but also on
the policies effected on the lives of
the close relatives like spouse and
dependent children (i.e.) the relatives
on whom policies the policyholder can
claim I.T. relief for the payment of
premiums.
II) The procedure for availing
of the service and the processes involved
:
- In order to avail of this service,
the policyholders should have their
Bank Account in an ECS Centre and the
Bank should be member of the Clearing
House.
- Policyholder should fill up the ECS
Mandate Form and get it verified and
certified by the Bank where the Bank
Account is maintained.
- The Mandate Form should be sent to
the nearest LIC Branch Office or to
the Manager (CRM) of the Divisional
Office with a photocopy or a cancelled
leaf of the MICR cheque for further
processing.
- As and when the premium becomes due,
LIC will raise a debit to the Account
of the policyholder through the ECS
process and collect the proceeds.
- The debit will be raised on the date
indicated by the policyholder which
should be between one month in advance
of and the grace period allowed for
in paying the due premium.
- It is understood that on the due
date of debit, the specified Bank Account
will have sufficient balance to cover
the premium dues, otherwise it will
be treated as a case of cheque dishonour
and the policyholder would be informed
accordingly.
- The first transaction after the authorisation
may take one month time in getting through
the process commenced.
- LIC will send the policyholders its
official receipt by post after realising
the premium amount from the respective
Bank A/c.
Policyholders desirous of availing of
this service may download the ECS Mandate
Form given below.
Claim forms are in PDF format. Adobe®
Acrobat® Reader® is a free software
that lets you view and print Adobe Portable
Document Format(PDF) files.
|
Claim forms are in PDF format. Adobe®
Acrobat® Reader® is a free software
that lets you view and print Adobe Portable
Document Format(PDF) files. 
