LIC premiums can now be paid online through the credit card option. To avail this option, a mandate form has to be submitted with necessary credentials. The Electronic Clearing Service (ECS) enables people to pay their premiums on time every time.
The sector of insurance has evolved in many ways over the last few years. From a time when people needed the assistance of agents to people researching, comparing, and purchasing policies online in today’s date, the framework of insurance is evolving.
Amidst such times, being able to purchase LIC policy, update information, and more through the digital media is a breakthrough. One of these breakthroughs is the online premium payment mode made available by LIC for its users. From the comfort of their homes, customers can pay their monthly/quarterly/yearly premiums online and accomplish more tasks.
LIC Premium Payment Through ECS
Policyholders can choose to pay their premiums towards LIC in a variety of ways. One of the most hassle-free ways is through the means of Electronic Clearing Service or ECS. LIC offers this facility to its customers in order to make the process of paying premiums easy and fairly uncomplicated. Apart from the feature being free of cost, it acknowledges requests from every policyholder, despite the location of their home branch.
There are certain preconditions for this feature that LIC lays down for its customers:
The facility can be utilised either when the policy is incepted or later when the policy is completed.
During inception of the policy, the mode ECS(MLY) can only be selected.
For policies falling under the ECS(MLY) mode, no receipts will be handed out. Since the premium is paid on a yearly basis in this case, the servicing branch usually sends out a certificate for the same.
For people investing in ULIP policies and health insurance policies, ECS mode of payment can be used. However, in this case, ECS must be chosen at the inception stage (Proposal Stage) only and the mode can be ECS(MLY) only.
After the completion of policy, the ECS mode of payment can be opted by policyholders holding Non-Ulip, in-force policies as well. Additionally, after this stage, any payment mode can be selected by the customer.
The policyholder will be required to make the premium payment diligently to be able to avail the ECS facility.
How to Avail the ECS Facility
The policyholder will be required to submit a ‘Mandate Form’ to any branch of LIC that must have:
The policyholder’s signature
The account holder’s signature
The customer bank’s attestation
Cancelled cheque leaf
The policyholder will thereafter be required to cross-check the MICR code and bank details for any error, and resolve the same.
The policyholder will be required to fill in three separate copies of the Mandate form. The first copy will be sent to LIC, the second will be sent to the bank, and the third copy can be preserved by the customer for any future reference.
The policyholder has to have an account in any one of the cities mentioned under the ‘Present ECS Centers at LIC’ list. Additionally, he/she has to have the same account in the mandate form as well.
What are Some of the Other Benefits of ECS Facility?
Apart from rendering lives easy through its versatile feature, ECS facility also allows customers to make payments through debit and credit cards as well. The policyholder will only be required to provide his/her accurate details to the bank for a standard deduction every month. The bank deducts the money only upon receiving an intimation from LIC.
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I have used for 12 years, i have used the MONEY BACK i have received the amount for 4 years once. The maturity period is for 12 years and it gives the policy coverage is for self. The sum assured given with the policy was good. The customer support is good.
Since its long time term policy. If anything happens the policy covers for life and family will get secured. Last 6 years before, I took this policy. LIC is a government company and they are trustable hence I have purchased the policy with them. I have been paying the premium amount of Rs. 26026 for every six months. Iâ??m satisfied with the sum assured amount.
I have term plan with HDFC life, I have chosen the sum assured of Rs. 75 lakhs it has the duration of 50 years, life cover is upto 75 years. I make the premium around Rs. 800 per month, it has tax cover, critical illness, waiver on premium at disability. Cancer and Heart attack cover is also there.
The reason for getting the policy is because it has provided with the good service. I am using the plan from last more than 20 years. The maturity period is for 30 years and the coverage is for self. The premium paying for yearly once as 12K with the policy.
I have got the policy along with the home loan taken the DHFL. The maturity period is for 15 years where 10 years i have to pay for yearly once of 25K. It is a TERM PLAN, the documentation process was done and i have received the hard copy too of the policy.
I am holding the JEEVAN ANAND plan with LIC where i am using from last 11 years, the reason for taking the policy is it is good. The maturity period of the policy is for 25 years, the premium paying for monthly once. The coverage is for self with the policy.
I have taken a life insurance in LIC on 10 years before. The policy is for 20 years. I am paying premium in the quarterly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents on time. I use to do payment by providing a cheque to an agent.
I have taken a term insurance in SBI LIFE on 3 years before.The policy is money back for 10 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and delay to provide the documents. At an initial they have told to pay only for 3 times but later it for 7 years.
I have taken a life insurance in LIC before 4 years ago. The policy is for 20 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents on time. I use to pay the amount to an agent.
I have multiple policy with LIC and am just paying the policy, not availed the benefits. I pay online and never contacted the customer support. I am paying yearly 1.5L and the payment mode is easy. I took this policies for future savings and tax benefits.
I have taken a life insurance in LIC on 2 years before. The policy is for 15 years.I am paying premium in the quarterly package. While getting a policy my agent has given an information about the policy details and received a hard copy documents on time. Use to do payments by visiting directly to office.
I pay Rs. 50,000 per annum for multiple policies and it has different tenure period and all has tax saving coverage. Even the sum assured is get vary according to the payment which we pay. The agents are professional, I would like to recommended these policies to all.
At the time of my invest, LIC was a best company. I have chosen the policy 10 years back. I am paying the premium amount of Rs. 10,718 for the term period of 20 years. I select the annual payment mode. I will get a sum assured amount of Rs. 2 lakhs.
Life Insurance Corporation of India have given me a good amount money when it is paid back. I have invested a money of Rs. 1 lakhs and i have received Rs. 1.73 lakhs after 16 years with a maturity. I make the premium through my account as a Standing instructions.
I am using the accidental policy where using from last 8months with HDFC LIFE. The premium paying was monthly once with the insurance policy. The benefits with the policy is good but i have not received the hard copy, coverage is for 20L.
I am using the JEEVAN ANAND plan since from last 12 years with LIFE INSURANCE CORPORATION OF INDIA the maturity period is for 20 years with the insurance policy. The premium paying was yearly once, it gives the policy coverage for self.
I have taken a Pradan Mantri Plan from SBI Life when it was launched. I am paying 300 rupees annually for myself and my wife. I think, if accidental death is happened then the benefits can be claimed. I have enabled auto debit option for the payment.
I took a money back policy with Bajaj Allianz and the policy period is 16 years. It was recommended by one of my colleague. I have received the insurance copy and the payment mode is easy. It was taken for future savings because I am blessed with 2 daughters.
I have taken 3policies with LIC, all are endowment policies. LIC is a trusted company and they are reliable in India so have interested to take a policy. I am happy with the benefits. I need to pay the premium for 21 years. Previously I made cash payment and now its convenient to pay online.
No reason for choosing my insurance policy from HDFC. For income tax returns i bought the policy. I'm paying the premium upto 7 years and after 10 years i will get the returns to my account. I have been paying the premium amount of Rs. 12148 which is a annual payment. The premium is auto deducted from my account