Subhash Chandra Gangwar

Premium Payment through Electronic Clearing Service (ECS)
Electronic Clearance Service of Reserve Bank of India is a well-established, quick, reliable, and economic processing for periodic bill payments. LIC offers this facility to its valued customers for payment of premiums. The service comes free of cost. Presently, this system of premium payment is provided at Mumbai, Chennai, Delhi, Kolkata, Bangalore, Kanpur, Vijaywada, Patna, Jaipur, Chandigarh, Thiruvananthapuram and Hyderabad cities only. The policyholders having accounts in the banks in the cites mentioned above are members of the clearing house, which are entitled to avail of this facility for all policies irrespective of the LIC branch to which these policies are attached for servicing.
Benefits to the policyholders:

• Free service to LIC policyholders
• Save precious time
• Flexibility in premium payments.
• No more hassles in sending premiums through postal, courier service, etc.
• Fewer chances of the policy getting lapsed
• Signing of a Mandate form, this mentions the date by which the payment will be done from your account.
• This facility can be availed by the insured as well as the spouse and dependent children. It means the policyholder can claim I.T. relief for the payment of premiums.
• The procedure for availing of the service and the processes involved:
• In order to avail of this service, the policyholders should have their Bank Account in an ECS Centre and the Bank should be member of the Clearing House.
• Policyholder should fill up the ECS Mandate Form and get it verified and certified by the Bank where the Bank Account is maintained.
• The Mandate Form should be sent to the nearest LIC Branch Office or to the Manager (CRM) of the Divisional Office with a photocopy or a cancelled leaf of the MICR cheque for further processing.
• On the due date mentioned by the policyholder, LIC will debit the amount from the Account of the policyholder through the ECS process.
• The policyholder should have sufficient balance to cover the premium due amount, otherwise it will be treated as a case of cheque dishonour and the policyholder would be informed accordingly.
• The transaction process i.e. the first transaction after the authorisation takes around one month.
• LIC will send the policyholders the official receipt by post after the premium amount from the respective bank account has been made. Policyholders willing to make payments through ECS process can do so by clicking on the link given below. 

Through ‘Online Payment’ feature, you can make your insurance premium payments from the comfort of your desktop. With just a few mouse clicks, consider your insurance payments done and forget your tedious visits to the payment counters. 
Now, you can also make your payments through Electronic Clearing Service (ECS) procedure or via online route through listed banks and other authorised service providers. To know details of the banks, alternated channels and their respective procedure, scroll down.

Your online payment can be done from the list of the banks given below. Premium Payment can be done through NetBanking and Mobile Banking too. Given below are the details.

Basic Need Analysis
Worried about your family’s financial future in your absence.
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Comprehensive Insurance Needs Analysis
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Wealth Potential Analysis
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You have perhaps achieved everything a man could long for in life. A luxurious living for your family and wealth in abundance that could last several generations to come. Which means you have all the more reason to buy insurance.
Check out how the Wealth Potential Analysis tool can help you generate much more wealth than you can ever imagine.