ECS stands for Electronic Clearance Service. Policy holder gives standing
instructions to LIC through a mandate to debit his bank account on settlement
date for payment of his premium.
Policy Holder has to submit a duly signed Mandate Form attested by his bank
to the Branch Office. Copy of the mandate form is to be submitted to his bank
It is an authorization letter from Policy Holder for deduction of Premium,
from his account.
Bank Name and address, Account holder's Name, Account number of the customer,
Account type (Saving or Current etc), MICR Code (available on the cheque
leaf).It is to be signed by the policy holder and also by account holder and
must be attested by the Bank Official. Phone numbers and email-id also should be
To any LIC Branch Office which is a servicing branch at least one policy
mentioned in the mandate.
No extra amount is charged for this facility. 5% extra premium charged for
MLY policies is also waived for MLY ECS mode policies.
This facility is available to all new policies as well as existing policies
including ULIP policies
The debit dates fixed by Central Office are 7th, 15th and 28th of the month.
A separate mandate form with new bank details is to be submitted to LIC
office which comes under the ECS Centre of your Bank Account. "Form for change
of Bank Details" should be marked prominently on the mandate form.
Premium should be paid across the cash counter in the branch all the dues
till the date of payment. Subsequent premiums will be collected thru ECS.
Yes, it is possible. Policies can be serviced by any LIC Branch in India but Policy Holder should have his Bank Account in specified areas. LIC is having more than 51 ECS centers. The Customers bank account should be in any bank-branch under ECS center.
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