Payment Through Alternative Channels

To pay your premiums through Internet, choose among any of the following service providers:

Authorised Banks:-

HDFC Bank

ICICI Bank

Bank of Punjab

UTI Bank

Federal Bank

Corporation Bank

Citibank

Authorised Service Providers (available only in select cities) :-

BillJunction.com

BillDesk.com

Premium Payment through Electronic Clearing Service (ECS)
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 Mumbai , Chennai, Delhi , Kolkata, Bangalore, Kanpur, Vijaywada, Patna, Jaipur, Chandigarh, Thiruvananthapuram and Hyderabad ECS 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.
Click here to download ECS Mandate Forms (PDF format)

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.
Click here to download Adobe® Acrobat® Reader®