The following instructions come handy while paying the insurance premiums: 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 then debit your bank account and consolidate the payments. Then they will send the consolidated amount to LIC in form of bankers’ cheque/pay order. 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. Some service providers have auto pay facility or phone-banking facility too.
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How can someone pay the insurance premiums through the bank service providers?
