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FAQ of Alternate Channels

FAQ of Alternate Channels

Alternate Channels Page

NACH

 

Can a Single mandate be used for multiple policies?

 

No, separate mandate is to be used for each policy.

Whether the NACH mandate form can be collected from any LIC Branch?

 

Since some fields on the mandate form are pre-printed with values specific to the division, it can be taken from any Branch of that division where policy is being serviced. There is no need to submit NACH mandate form for existing ECS policies.

How should the Bank Account Number be written on the mandate form?

 

Bank account number should be written from Left most box of the account number field without adding any extra zeros at the end.

When will the Premium be debited from customers’ account?

 

Premium will be debited Only after mandate is successfully validated by customers’ bank and the response is posted in NACH master at the NACH center of the zone.

 

Whether intimation about mandate acceptance/rejection is given to customer?

 

SMS is sent to customer for acceptance as well as rejection of mandate. Relevant letter is emailed to the customer for rejection of mandate wherever email-id is available and printed letter is sent to the customers where no valid email address is captured. Letters are printed at NACH Centers .

Whether intimation about mandate acceptance/rejection is given to Agent?

 

SMS is being sent to Agent for rejection of mandate on the Mobile number registered in agency attached Branch.

Whether premium will be accepted at cash counter during Pendency of the mandate i.e., awaiting response from the destination bank ?

 

Yes, premium can be paid at cash counter in Cash or Cheque during the pendency of the mandate.

What should be the course of action if the NACH mandate is rejected by customers’ bank?

Deposit up to date premiums for the policy ( all the dues) and re-register for NACH by submitting fresh mandate to Servicing Branch.

What are the different reasons of Mandate rejections?

 

There are about 60 reasons for mandate rejection. 30 to 40 percent rejections are due to signature mismatch.

Any Extra Amount is charged for this facility?


No extra amount is charged for this facility. 5% extra premium charged for MLY policies is also waived for MLY NACH mode policies.

Whether this facility can be taken for existing policies or available only for new Policies?


This facility is available to all new policies as well as existing policies including ULIP policies

When the premium amount will be deducted from bank account of the policy holder?


The debit dates fixed i.e. 7th, 15th, 22nd and 28th of the month.

If Bank account is changed then what is the procedure?


A separate mandate form with new bank details is to be submitted to LIC Servicing Branch office.

 

What is to be done in case of Mandate Failure?


Premium should be paid across the cash counter in the branch all the dues till the date of payment. Subsequent premiums will be collected thru NACH.

I have bank account in Mumbai, but my policy is being serviced by Delhi Branch. Can I opt for NACH?


Yes, it is possible. But Policy Holder should have account of corebanking facility.

 

 

 

EBPP/ ATM

 

How to register for premium payment through Bill Pay/ATM?
Registration through Bill Pay can be done through the Bank/Service provider's website or through a physical form issued by them. 

On being approached, the service provider obtains a written mandate from you, authorizing him to realize the billed amount directly from your bank account. You may have to give the bank account details and other requisite details as required by the service provider. 

Which Banks having the facility of paying the premium through ATM ?

ATM facility is available with AXIS BANK and CORPORATION BANK

Whether all policies can be registered through Bill Pay?

All inforce policies except ULIP, HELATH and E-TERM policies can be registered through Bill Pay. MLY and Salary Saving Scheme (SSS) mode policies are not accepted through this payment mode.

How much time is taken for the registration?
It is a one time process and forms are different for different banks / service providers. After submission of data to the bank / service provider the same is received by PCMC within 3-4 days for which confirmation / rejection is conveyed. Total time taken for registration may extend up to 10 days.

How to add the policy details at the authorised bank/service provider's web-site?
Using the login & password provided by the bank/service provider, you can log on to your account page at the bank/service provider's website. You have to add LIC as biller with the policy details and other requisite information. In general, you would have to enter the policy number, the installment premium, email-id and any other information. This is a one-time process for each policy. Some of the service provider's/bank's web-sites have a demo page showing the process of adding the billers.

How does LIC acknowledge the registered policy details?
The bank/service provider sends these details to LIC for validation & confirmation of the registration data at pre-determined intervals. LIC validates the registration data, appends the same to the database and informs the bank/service provider about the registration status. Bank/Service Provider inform the policy holder through SMS/mail/Message on their website.

When can I pay the insurance premiums?
On confirmation of the registration, LIC will regularly send the bills/invoices mentioning the due dates, premium amount, late fees, validity date, etc to the service provider/bank. As and when premium becomes payable under the registered policy, LIC sends the bills to the bank/service provider, and the information will be displayed by the bank/service provider in your net-banking account page. 

Amount can be paid through net banking/credit card/debit card or any mode through which the payment is registered by you. Standing instructions also can be given to the bank/service provider to debit the account on a specific date.

What are the charges for the payment through BILL PRESENTMENT?
The System is free for the customers. For LIC payments no extra amount will be charged by the banks or the service providers.

What are the important points to be noted for availing this payment facility?
Once registered for Premiums payments thru this facility, you should avoid paying via other payment modes, because there are many instances where payment for the same due-month is received twice. 

How the Premium Paid Receipt will be issued?

Receipt will be posted to the address mentioned in the policy records after two or three days of accounting by LIC in case of old registrations only. In case you have not received the renewal premium receipt, you may collect the premium paid certificate from any of the nearest LIC branch/Customer Zone. Duplicate receipts cannot be printed in any case. 

W.E.F. July’2016 E-receipt will be generated for all new registrations and it will be sent to registered mail-id. In case of any change in email id please get the same updated at LIC Branch Office/Customer Zone.

My account has been debited but I have not received Premium Payment Receipt from LIC.
As the payment is received by LIC through the Bank or the service provider, same may not be received on the same day of payment by the policy holder, hence there is short time-lag between the date of debit in your bank account and the date when the policy reflects the updated status. As and when amount received and accounted at LIC, the receipt will be dispatched/emailed to customer.

 

 

 

Premium payment through AXIS , CITY UNION and IDBI BANK

 

How can I make the payment through above banks?
Payment can be made in any bank branch or extension counter throughout the country by cash or cheque drawn on that Bank.

Whether I can make the payment through cheque drawn on any other bank?
No, payment can be made only by Cheque drawn on that Bank.

How I will get the premium receipt?
Valid, signed Premium receipt will be issued by the bank immediately at the counter. Single receipt will be issued if payment is made for more than one policy by the policy holder.

Whether the receipt issued by Banks can be submitted by IT authorities?
Yes, the receipt is valid, signed receipt.

 

Whether any other receipt will be issued to me?
No other receipt will be issued by LIC and sent by post.

When my payment will be updated in LIC?
The updation of premium normally is in real time.


Premium can be paid for which polices?
Premium can be paid for all Inforce ordinary policies except for ULIP, Health and E-term policies.


When the premium can be paid?
Premium can be paid 30 days before the due date to till the policy is in force. Last premium before maturity under Qly & MLY mode cannot be paid online.

Whether any extra charges be collected by the bank?
NO EXTRA CHARGES WILL BE COLLECTED BY THE BANK.

 

 

 

Franchisees – AP ONLINE, MP ONLINE, SUVIDHA, CSC

 

Whether I can make the payment through cheque?
No, presently payment can be made only by cash.

How I will get the premium receipt?
Valid, signed Premium receipt will be issued by the Collection Center immediately.

Whether the receipt issued by Cash Counter can be submitted by IT authorities?
Yes, the receipt is valid, signed receipt.

Whether any other receipt will be issued to me?
No other receipt will be issued by LIC and sent by post.

Premium can be paid for which polices?
Premium can be paid for all Inforce ordinary policies except for ULIP, Health and E-term policies


When the premium can be paid?
Premium can be paid 30 days before the due date to till the policy is in force. Last premium before maturity under Qly & MLY mode cannot be paid online.

When my payment will be updated in LIC?
The updation of premium normally is in real time.

Whether any extra charges be collected by the Service Provider?
NO, NO EXTRA CHARGES WILL BE COLLECTED BY THE E-SEVA CENTRE.

From where I will get the refund, in case it happens to be a double payment.
In case Unpaid Premium is not updated, transaction for the due will be created and distributed to the servicing branch which is to be refunded / adjusted by the servicing branch.

 

PAYTM APP

 

How the Premium can be paid via PayTM App?

Premium can be paid through Paytm App by clicking on the LIC logo under the Insurance category.

How I will get the premium receipt?
To download LIC premium receipt on Paytm App, policyholder is requested to visit  My order” section on Paytm app, select the order and click on “Download Receipt”.

Whether any other receipt will be issued to me?
No other receipt will be issued by LIC.

 

What are the Payment modes available on PayTM app?

PayTm Wallet, UPI, Debit Card, Credit Card and Net banking.

When my payment will be updated in LIC?
Premium position will be updated on real time basis.

 

LIC Premium Points- Empowered LIC Agents, Retired LIC Employees, Chief Organizers

Life Plus Offices – Senior Business Associates & LIC Associates

 

Which agents/retired employees and chief organizers can collect the premium?
Who authorized by MKTG, Central Office can collect the premium.


Whom to contact for getting authorization to collect the premium?
Mktg Dept, Central Office is to be contacted through proper channel.

What is the criterion to get the authorization?
It is decided by the MKTG Dept, Central Office.


How they can collect the premium?
Authorized Agents/Retired employees/Chief Organizers/Senior Business Associates/LIC Associates will be issued a login-id and password on LIC portal through which collections can be done. Maximum collection can be done up to a certain pre-decided limit after which the amount collected is to be invariably deposited in the Axis bank(cash only) or the selected LIC Branch or cash invoice may be deposited online on LIC portal using Net Banking Account.

For which policies payment can be done?
Premium can be paid for all in force non-sss policies. Premium for E-term policies cannot be collected.

 

When the premium can be paid?
Premium can be paid 30 days before the due date to till the policy is in force. Last premium before maturity under Qly & MLY mode cannot be paid online.

How the payment can be made?
Payment can be made in cash/cheque.

How I'll get the premium receipt?
Signed, valid premium receipt will be issued immediately. Single receipt will be issued if payment is made for more than one policy by the policy holder.

Whether the receipt issued can be submitted by IT Authorities?
Yes, the signed receipt is valid.


Whether any other receipt will be issued to me?
No other receipt will be issued by LIC and sent by post.

When my payment will be updated in LIC?
The updation of premium normally is in real time.

Whether any extra charges be collected by the agent?
NO EXTRA CHARGES WILL BE COLLECTED.


In case of cheque dishonour, who will take the dishonour action?
LIC Branch where the amount was deposited by the AGENT/SBA has to take the dishonour action.

 

 

 

LIC PORTAL

Payment made, Account debited but e-receipt not received.

(For payment made using portal user id)

If the account is debited and receipt is not generated, it may be due to session timed out or any other technical reason. As mentioned in the message displayed at the time of premium payment, for such cases receipt is generated within 3-4 working days when the payment is received, and will be sent to the mail-id mentioned in the profile.

However, if the date of payment is prior to at least a week, kindly send the bank details where debit of premium is reflected and send a mail with bank statement to bo_eps1@licindia.com.

(Where payment is made through DIRECT PAY)

We request you to kindly go “View Transaction Status” bar of “Pay Direct” option under “Pay Premium Online” option through which premium was paid by you. Receipt can be obtained by giving policy number and transaction date.

Double payment is made while making payment through online portal site .

Duplicate payment is being refunded to our service provider to be credited back to your account. The refund process may take 6 to 8 days.For further queries please contact bo_eps1@licindia.com

One payment made through online portal and one payment made through Bill pay/Smart Pay

Duplicate payment made through Bill Pay will be refunded to our service provider to be credited back to Policyholder’s account. The refund process shall take 6 to 8 days.

Also, If receipts for both the transactions have been received by customer, then the excess payment made through Bill desk/Online portal will be refunded by servicing branch of LIC through NEFT.

We request you to kindly adopt only one mode of premium payment. If standing instructions for premium payment are given to any of the bank, premium should not be paid through other modes to avoid double payment.

Forgot User-Id and Password / Changes in online portal profile

Kindly use the options “Forgot user-id” and “Forgot Password” available on LIC website.

For further help regarding login issues and any changes in online portal profile, you may mail at portalsupport@licindia.com

Digital Signature not present on receipt.

The process of sending e receipt with digital signature is discontinued w. e. f. November 2014. This e receipt is valid for income tax purpose.

 

Convenience Fee and other charges for different payment modes.

is levied to customer for all transactions made through Credit Cards (AMEX/VISA/Master/Rupay Card).Slabs for which are available on the portal and can be seen while making payment. This convenience fee is not collected by LIC, but is paid to the card network.

However, Axis Bank card holders are extended a facility by Axis Bank by absorbing convenience fee for their customers.

For payment through Debit Card, Net-Banking, UPI and wallets Nothing is charged to customer.  A flat fee for Debit Card and Net Banking transactions is absorbed by LIC.

 

Unable to make payment online

There can be multiple reasons for not being able to make payment online-

Policy is in lapsed condition, which is generally after 6 months from last premium due date. In such case, kindly contact nearest LIC branch for revival of policy.

Premium entered is incorrect in case of going through LIC Pay Direct. Premium has to be the basic premium (without any taxes) that is mentioned on the policy document.

If you have taken any RIDER along with your policy, then payment has to be made within the grace period only. After grace period is over, the same cannot be accepted through online portal.  Grace period is 30 days in case of YLY, HLY and QLY mode, whereas it is 15 days in case of ECS/NACH monthly mode.

Amount debited but premium not adjusted.

If the amount has been deducted from your account and has not been adjusted in your policy for more than 10 days, kindly contact your banker as the amount would be lying in the suspense account of your banker to be reversed in your account.

 

What are the benefits of paying your LIC premiums through PORTAL?

24 X 7 anywhere & anytime access to internet. You can make premium payment within the comforts of your home or office, and avoid personal visit to LIC branch. It will save time by not waiting in long queues for making the payment. You can avail the free service from LIC, as you don't have to pay any charges to LIC or its authorized agencies for this additional benefit. You can choose the bank account you want to pay from. You can also view your premium dues and other policy details. The Payment and updation of master happen in real time. Receipts issued immediately.
Which policies are eligible for payment of premiums thru this facility?
Premium can be paid only for In Force policies. 
All modes are allowed for premium payment except Salary Saving Scheme policies. 

What is an e-receipt? Whether it is valid for Income tax purpose?
E-receipt is online, and is valid for IT purpose.


Do I get any other receipt by post?
No other receipt is sent by post for online payments.

What are the charges to be paid for availing this facility
?
This facility is absolutely free for the policyholders of LIC. 

LIC has agreements with the authorized banks/service providers wherein LIC will pay a mutually agreed charge per transaction on monthly basis. Customer will not be charged for availing this payment facility.

 

 

Life Insurance Corporation of India – Corporate Office : Yogakshema Building, Jeevan Bima Marg, P.O. Box No – 19953, Mumbai – 400 021 IRDAI Reg No- 512
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