The bank/service provider sends these details to LIC for validation & confirmation of the registration data at pre-determined intervals after which the LIC validates the registration data and informs the bank/service provider about the registration status. Since LIC’s database is de-centralized, generally it takes a week’s time for confirmation of registration data and giving an account of the same. A consolidated database of registered policies is maintained by LIC. This database is updated at regular intervals on the basis of changes received from the original servicing branches and the LIC also sends auto-mailers to the registered policyholders informing the registration status.
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How does LIC acknowledge the details of the registered policy?
