How to pay the insurance premiums through the banks/service providers?
• You have to log on to the bank/service provider’s website. • On the web page, you have to signify the date on which you want your account to be debited and click the consent for the payment. You may even specify a particular account in case of multiple bank accounts. • The authorized Bank will debit your bank account, consolidate the payments and send the consolidated amount to LIC in form of bankers’ cheque / payorder. • The authorized service provider will send the instructions to the bank branch (as mentioned in your mandate form) through the RBI’s Electronic Clearance System and the bank will debit your account and credit the same to the service provider’s bank account, who’ll then remit the amount to LIC.
