If you have linked LIC premium EMI through any bank then money will get deducted through ECS (Electronic Clearing System) every month automatically. Your bank runs an ECS on the debit date and if there isn't enough funds, bank may run an ECS again at a later date (usually a … [Read more...] about What to do if your LIC ECS/NACH premium payment Bounced?
Banks are switching from ECS (Electronic Clearing System) to NACH (National Automated Clearing House). So if you want register ECS again with another bank account you need to give fresh NACH mandate, after clearing pending premiums. Things to do First: 1. If you want to … [Read more...] about How to Change LIC NACH/ECS Mandate from one Bank to another Bank?
What is NACH Reserve Bank of India (RBI) has set up a new nodal authority - National Payments Corporation of India (NPCI) for handling all electronic payments in the banking system. NPCI has set up a new mandate process, which is called - National Automated Clearing House or … [Read more...] about What is NACH and How it’s impacting your LIC Policy?
You get 30 days grace period for each LIC Policy after policy payment due date. If you have LIC Credit Card, it'll pay your premium automatically five days before the grace period (25 days after due date). Then, LIC Credit Card gives you 45 days time for Credit Card payment. So, … [Read more...] about How to get upto 70 days grace period for LIC Premium Payment?
If you are not happy with LIC, you can complaint to LIC via: 1. Online 2. Offline In the offline mode, you can complaint about any issues you are facing, such as: 1. Premium Paid Statement / e-Receipt not received 2. Not able to make the premium online 3. Change of … [Read more...] about How to File Complaint about your LIC Policy?
If policyholder name is misspelled in the policy bond or policyholder has changed name due to one of the following reasons: 1. the Assured having changed his/her name and/or surname, 2. the Assured having been adopted (here generally the change is in the assured's second name … [Read more...] about How to Change Policyholder Name in LIC Policy?
Things to Take Care 1. UMRN (Unique Mandate Registration Number) field should be left blank. 2. Tick Create Box for New Business & Conversion form Ordinary to NACH. 3. For New Business Cases Policy Number & Amount will be filled by LIC India officials. 4. Mobile … [Read more...] about How to Fill LIC NACH Form?
LIC India's Minimum Business Guarantee (MBG) norms for an LIC agent, during the agency year are : An agent has to achieve – EITHER 6 different lives AND Rs. 50,000/- First Year Premium Income (FYPI) OR 12 different lives OR Rs. 1 Lac First Year Premium Income … [Read more...] about What is Minimum Business Guarantee (MBG) norms for LIC Agents?
Now the LIC India policyholder can also update policy contact details in their policies online on the LIC portal. Step 1: Go to LIC India Website's “Help us to serve you better” Link. Step 2: Update Your Contact Details web page will open. Enter Policyholder's Full Name, … [Read more...] about How to Update your LIC Policy Contact details Online?
Most of us brought online/offline term insurance plans from various private companies. Let now learn the claim process: Step 1 - Notify the insurance company: You should contact the insurance company as soon as possible. You can use any method via email, phone, fax, letter … [Read more...] about How to File Claim under Online Term Insurance?