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 taken a life insurance in LIC on five years before. The policy is for 20 years. I am paying premium in the quarterly package the amount which is nominal for me. While getting a policy the agent has given an information about the policy details.
On 10 years before, I took life insurance policy for my spouse in LIC with tenure period of 15 years. Since its money back policy, 5 years once I got amount of 5K which I have received for twice . I use to pay premium on quarterly basis of the amount of 3087 rupees which is nominal. The agent has given an information about the policy details and provided hard copy of documents on time.
I have taken a life insurance in LIC on 9 years before. Tenure period of 15 years. I am paying premium on half yearly package the amount of 6490 rupees which is nominal. The agent has given an information about the policy details. It covers myself and the policy name is Jeevan Anand.
I have taken Life Insurance policy directly through LIC agent .This was a maturity benefit policy for the tenure of 21 years.I am paying the premium on monthly basis .I am paying the premium through online .This policy is still alive and all the details about the policy was clearly explained by the agent.
HDFC Life is one of the worst companies you would want to take your life insurance from. I am writing this review with my personal experience + experiences of some other users who purchased the policy. They are running a scam where about 1 yr after issuing your policy, they automatically cancel it, citing "non disclosure of pre-existing illness" as the reason. The same thing happend with me and many others. I have no such reported illness of any kind. And even if I had, why was the policy issued in the first place? Upon my request to provide an explanation or more detail about this 'illness', no respone was given to me, neither by HDFCLife nor by Policybazaar, through which I had purchased this policy. I was cheated of my one-year premium amount and my policy was lapsed.
If you are at all serious about preserving your mental and financial well-being, do not go anywhere near any of these two companies. They are the biggest fraud in the life insurance market.
I have taken Life Insurance policy directly through LIC agent .This was a maturity benefit policy for the tenure of 15 years .This policy is still alive and got all the relevant details about the policy through the agent .The policy documents was shared on time .I am comfortable with the service.
I have taken Life Insurance policy which was taken through LIC agent.This was an endowement policy and paying the premium on yearly basis .The policy tenure is for 15 years and paying the premium through the agent .This policy is still active and i am comfortable with the service .
Bajaj Allianz life insurance is very flexible. I have taken a policy. The Premium was given as per my budget. Plans and benefits are great, If anyone wants to go a life insurance my first suggestion will be Bajaj Allianz life insurance. Thanks
I took my life insurance policy from LIC around 5 years back and this policy is going to matured in the year of 2026. It was for the safety and protection for the family. I have selected the payment option as very half year and i pay the premium amount of Rs. 2000. I will give the cash to my agent and he will pay in the LIC office.
LIC policy is safe and if you have a long term policy, it will be useful. If i go to their office, the response is fine. They have a good portal to know about the payment premium amount and existing policy details. I make the premium through online. I took the money back policy and it got matured already.
In LIC website, they are updating the policy details on a timely basis. I took my retirement plan in life insurance corporation of India. For the safety purpose, i have selected this company. I am investing the money of Rs. 10K every month. I get the returns after my age of 56. This is a tax benefitable policy.
I have taken money back policy from LIC its because of the safety reason. I have been investing the money of Rs. 10K every month. I purchased the policy 4 years ago. They are providing the sum assured amount of Rs. 1.2 lakhs. This is a tax beneficial policy. I make the premium amount through online.
I didn't use the customer care service till now in LIC where i have taken my life insurance policy. I'm not sure about the plan name but i pay the premium every year once. I have been paying the premium amount of Rs. 17699 and total term period of the plan is 16 years. For the savings purpose, i have chosen LIC.
I have taken Life Insurance policy directly through LIC agent .This policy tenure is 10 years .I am paying the premium through Half yearly basis and paying the premium through Online .The agent gave a clear picture about the policy and not yet faced any difficulties .I am satisfied with the service so far .
I have taken a life insurance in LIC since 1990. This policy term is 20 years. I am paying premium on monthly package and the amount which is nominal. I am paying premium in a cheque mode. While getting a policy my agent has given an information about the policy details and this is a money back policy.
I have taken Life Insurance policy taken through LIC agent.This was a Maturiy benefit policy and each and every details was shared by the agent .This policy is still active and there was no difficulties faced as well. Overall am happy with it.
I have taken a life insurance in LIC on 9 years before. Tenure period of policy is 20 years. I am paying premium on quarterly package the amount of 3K which is nominal. Agent is my neighborhood so he has given an information about this policy. It covers my whole family.
I have taken a life insurance in LIC on 3 years before. The policy is for 16 years. I am paying premium on monthly package the amount of Rs. 17k which is nominal. I am paying premium manually. While getting a policy my agent has given an information about the policy details. It covers myself. It is a jeevan anadha policy
LIC plan is a savings cum income plan and i get the good returns in future. Its covers for life. I took the policy through agent who is my relative recommended me about this policy. My father is taking care of the premium part hence I'm not sure about the coverage value.
I have taken a life insurance policy from LIC more than 5 years.The agent is very supportive and providing proper guidance and this is a JEEVAN ANAND policy. Policy is valid for life long and the tenure is 20 years after some years. I am paying annual premium is Rs.24k, this is a death benefit plan after that my wife will be getting some returns.