Need A Financial Product › Forums › Insurance › How is the premium payment accounted under the policy? › How-is-the-premium-payment-accounted-under-the-policy_REPLY
samkapoor77All consolidated payments from the Banks/Service providers are received at LIC, Branch 883 (under Mumbai Divisional Office ? I), Yogakshema (West Wing), Ground Floor, Nariman Point, Mumbai-400 021 after which they are sent through batch processing in Internet module, premium transactions & renewal premium receipts are generated for each policy number. Then the renewal premium receipts for the same are printed and dispatched by ordinary post. All the premium transactions pertaining to branches other than Branch 883 are sent to the respective servicing branch through the present network programs.