LIC Policy update online: State insurer Life Insurance Corporation of India (LIC) has authorised banks including HDFC Bank, ICICI Bank and authorised service providers like BillJunction.com and BillDesk.com to collect LIC Premiums through their net banking or phone banking facility. There are times when we want to update policy related details with the authorised bank/service provider’s web-site. Here is how you can do it, if you are finding problems doing it.

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Your guide for updating details on authorised bank/service provider’s web-site:

-- Login into your accounting using your User Id and Password provided by the authorised bank or service provider by visiting at its website.

-- You have to add LIC as biller with the policy details and other requisite information.

-- In general, you would have to enter the policy number, the installment premium, email-id and any other information. This is a one-time process for each policy.

-- Some of the service providers/banks’ web-sites have a demo page showing the process of adding the billers.

How to know if LIC has acknowledged the registered policy details:

-- The authorised bank or service provider sends these details to LIC for validation and confirmation of the registration data at predetermined intervals.

-- LIC validates the registration data and informs the bank/service provider about the registration status.

-- Since LIC’s database is decentralised, generally it takes a week’s time for confirmation of registration data. 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.

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-- LIC sends auto-mailers to the registered policyholders informing the registration status.