ECS facility for payment of premium has been started in L.I.C. since March 2004. This is a facility by which premium is deducted by bank at pre-decided date and remitted to LIC. To avail of ECS facility, policy holder submits mandate form to LIC and also authorizes bank to deduct premium. Bank deducts premium on the basis of invoice received from LIC.
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. The policyholders having accounts in the banks in the 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.
MICR no. is of 9 digits. First 3 digits are for ECS center, middle 3 digits are bank code and last 3 digits are for bank- branch code. For the cheques with all India clearing, MICR no. is provided on first page of cheque book, this MICR number is to be mentioned on the mandate form.
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.A copy of the mandate form must be submitted to the bank.
- The Mandate Form should be sent to a LIC Branch Office where at least one policy mentioned in the mandate form is serviced with a photocopy or a cancelled leaf of the MICR cheque for further processing.
- Account number and MICR number must be correctly filled in the mandate form. First and last three digits of the MICR number should not be Zeroes. For at par cheques, MICR number for ECS is mentioned on the first page of the cheque book, same should be filled in the mandate form.
- 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.
- LIC will send the policyholders its official receipt by post after realizing the premium amount from the respective Bank A/c.
- User code of LICI for collection of premium payment through ECS is 4009056.
However, after 14th Aug, 2007, registration has been decentralized to branches and only 3 days are fixed viz 7th, 15th and 28th. ECS is now available for ULIP policies also. ECS for ULIP can be opted only for MLY mode and at the time of inception of the policy.
Click here to download ECS Centers at LICI:
Policyholders desirous of availing of this service may download the ECS Mandate Form given below.
Click here to download ECS Mandate Forms (PDF format)
Mandate form is 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®
_______________________________________________________________
Authorised Service Providers (available only in select cities) :-
Tech Process ( Bill Junction)
Bill Desk
Services of Tech Process are available in following cities
Mumbai, Pune, Delhi, Kolkata, Ahmedabad, Chennai, Bangalore, Hyderabad & Chandigarh
The TECH PROCESS collects premiums through banks
Services of Bill Desk are available in following cities
Ahmedabad, Ajmer, Bangalore, Bhopal, Chandigarh, Chennai, Coimbatore, Delhi, Goa,Hyderabad,Indore, Jaipur, Jabalpur,Kanpur, Kochi, Kolhapur, Kolkata,Lucknow, Ludhiana,Mangalore, Mumbai,Nasik, Nagpur, PUne, Rajkot,Surat,Trivandrum & Vadodara.
The BILL DESK collects premiums through banks
This facility is absolutely free for all customers. No charges are to be paid to LIC / Bank/Service Provider for this facility. LIC pays service charges to the Bank/Service provider as per pre-decided rates. Policies with Ordinary Mode of payment i.e. Yearly, Half-Yearly and Quarterly Mode of payment are allowed under this scheme.
You have to register your policy in the Banker's site who will send the policies for Verification to LIC. After Verifying the policies LIC will send acceptance to the Banker. For any reason (lapse policy, premium mis-match, particulars wrongly entered) if LIC rejects the registration, again you have to register the policy on banker's site. Old registration is treated as cancelled. Invoice from LIC will be generated before one month of its due date and send to the Banker for uploading on their site. You can logon to the banker's site and pay the premium online. E-receipt/hard copy of receipt will be posted to the address after two or three days of payment. Premiums can be paid for Inforece, non-SSS and Non-ULIP Policies Only.
All processing for this scheme will be done by PCMC, Mumbai.
_______________________________________________________________
