LIC NACH Mandate Form | What is NACH in LIC? | Benefits | Process | Features | Review
LIC NACH Mandate Form – What is LIC NACH? -: The simplest and convenient way to make LIC premium payment was introduced in LIC from November 08 2016, this facility is a migration from RBI’s ECS. The NACH (National Automated Clearing House) facility is available throughout India and works on NPCI Platform in Bank branches affiliated with Core Banking (CBS). This is very convenient for the policyholders because the deduction of premium is automatically done through their bank account.
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In order to avail this facility, the current policyholder has to submit a duly filled LIC NACH Mandate Form in his LIC branch. The branch office processes the registration of the LIC NACH Mandate Form. After this, when the premium of the policy will be payable, the premium will be deposited in the corporation itself by the policyholder’s bank account. The registration of LIC NACH Mandate Form can be done not only with the proposal form of the new insurance but also in pre-existing policies, whether the policy is monthly, quarterly, half and yearly, annual payment method.
Due to LAPSED LIC POLICY, the policy expires and the policyholder’s risk cover finished. Therefore, the policyholder is always concerned that the premiums of his policies will be deposited on time. Once the policies are registered under the LIC NACH Mandate Form, the policy holder will be relieved of this worry as further premiums will be deposited in the corporation after deduction from the bank account of the policy holder. The premium receipt will be sent by post to the policyholder (excluding the monthly payment method) when the premium is due, in advance, the information will be forwarded to the policyholder via SMS.
Please contact your LIC Agent or Branch Office immediately to take advantage of this excellent LIC NACH Mandate Form facility.
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