Payment channels, where policy is required to be registered in the data base at LIC, receipt sent by post:
- Electronics Clearance System (ECS): This facility is presently available at more than 53 centers. Total places where ECS can be offered as per RBI is 64. Through ECS premium can be collected for ULIP and Health Insurance policies also.
- Portal Payment Gateway: Online premium payment on LIC website, www.licindia.in with the help of NET Banking facility of 33 major Banks. Premium can be paid for ULIP policies also.Reciept Issued Instantly.
- ATM: Available with two banks Corporation Bank and Axis Bank. Through EBPP & ATM Premium can be collected for in force policies only which are NOT with MLY/ SSS mode or under ULIP or Health Insurance Plan. Payment channels through Online, Valid Receipt issued instantly:
- Agents Collection payments: This mode was stared on 18/09/2007 and restructured from 01/09/2008. Agents authorized to collect the premium can collect the premium in Cash or Cheque and issue a valid receipt with their signature. Premium for ULIP policies also can be collected by the agents, however this facility is not yet available for health insurance policies.
- Electronic Bill Presentation and Payment (EBPP): Premium can be paid through various banks like Citibank, HDFC, ICICI, Federal Bank, Corporation Bank, Axis Bank, and through service Providers – Bill Desk and Tech Process which cover almost all other banks throughout the country. Premium can be paid through credit card also availing this facility.
- Axis Bank: Premium can be paid at any of the Branches or Extn. Counter of Axis Bank in cash or cheques drawn on Axis Bank.
- MP Online : MP online is the joint venture between the MP state government and Tata consultancy services. This move of payment is started from 20/06/2008. It has more than 200 franchise across the state with a presence in almost every mandal. Premium collection is in cash only.
- Suvidha infoserve Pvt Ltd: premium collection through SIPL is started from 24/07/2008. It has more than 3000 collection center across the country at present.
- Comat Payment: Comat is a company which enable access to the information based services to citizens in the rural India. There are approx 775 centers called Nemmadhi Kendra in the karnataka and 1200 Rural Business Center in other state like Haryana, Sikkim, Premium started from 28/04/2009.
- SREI Sahaj Payment: SREI sahaj E-village LTD is a subsidiary of SREI infrastructure Finance LTD. Total 24755 common services center(CSCs) have been awarded to SSEVL, 12,500 are already functional in 6 states WB, TN, Orissa, Bihar, UP, Premium facility through SREI sahaj stared on 01/05/2009.
- AP Online :It is a joint venture between AP state government and Tata Consultancy services. There 250 franchise in the twin cities and more than 1000 franchise across the state. This mode of payment is started from 03/12/2007.
- Senior Business Associates: Senior business associates premium collections was stared from 01/06/2009. Senior business associates (SBA) are the development officers selected on the basis of certain conditions. The eligibility criteria for this scheme is decided by central office, marketing department,procedure is same as for agents, collections. Payment is online using LIC Portal. Receipt are issued and signed by the SBA and no other receipt is issued by LIC.
- Satellite office: With a vision of providing easy access to its policy holders, LIC has open 810 satellite office as on 30th June, 2009. This satellite offices which are attached to this respective parent branch offices are basically and extension of large parent branches for services to policy holders. Processing of new proposal and collection of renewal premium are main functions of these offices.
