Need A Financial Product Forums Insurance How does payment gets accounted under the Insurance policy?

This topic contains 1 reply, has 2 voices, and was last updated by  Madhumita 2 years, 2 months ago.

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  • #47620

    Madhumita
    Member

    When it comes to payment, how will it get accounted under the policy?

    #47621

    Jai Mishra
    Member

    All the consolidated payments for premium and other heads from the service provider or the bank are received at main office of LIC whose address is LIC, Branch 883 (under Mumbai Divisional Office ? I), Yogakshema (West Wing), Ground Floor, Nariman Point, Mumbai-400 021. Premium receipts are generated for each and every policy, through batch processing in web module. The receipts for renewal premium are printed and dispatched by ordinary post. Premium transactions pertaining to other branches than branch 883are sent. All unsettled premium collections are refunded to the banks and service provider. Correspondence is sent to registered policyholder informing the status of payment and claim.

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