Date:17/07/2004 URL: http://www.thehindubusinessline.com/2004/07/17/stories/2004071701801900.htm

Back LIC premium through ECS

Our Bureau

Chennai , July 16

LIFE Insurance Corporation today announced that it has introduced the facility of paying the premium through the Electronic Clearance Service for its policyholders in Chennai.

The facility, which takes effect on July 17, would allow policyholders' premiums to be automatically deducted from their bank balances.

To use the scheme, policyholders would have to get a mandate form from any LIC branch office, and submit details on the premium amount, due date of the same and attendant details to LIC.

LIC, and a bank appointed by it as a nodal agency, would subsequently debit the premium amount from policyholders' bank balances when the due date comes around.

Chennai is the second city where LIC has introduced the ECS facility. Earlier, LIC had introduced the same in Mumbai.