PREMIUM COLLECTION THROUGH MERCHANTS - SBA - Retired Employees - LIC Associate - Chief Organiser etc.,

PREMIUM COLLECTION THROUGH MERCHANTS

1. EMPOWERED AGENTS (PREMIUM POINT)

Selected Agents are authorized to collect premium at Premium Points in CASH or CHEQUE w.e.f. 18/09/2007. A valid receipt will be issued with their signature and no other receipt will be issued by LIC. The premium position will be updated on a real-time basis.

 

2. SENIOR BUSINESS ASSOCIATE(LIFE PLUS OFFICE)

Premium Collection is started from 01/06/2009 through this channel. Senior Business Associate(SBA) is the Development Officers selected on the basis of certain conditions. The Eligibility criteria for this scheme is decided by Central Office, Marketing Department.

3. RETIRED EMPLOYEES PREMIUM COLLECTION POINT(PREMIUM POINT)

Authorized Retired LIC Employees are allowed to collect the renewal premiums in CASH or CHEQUE and issue a valid receipt with their signature on behalf of LIC w.e.f. 01/09/2010.

4. LICA – LIC ASSOCIATE (LIFE PLUS OFFICE)

LIC Associate Premium Collection is started from 01/07/2016. LIC Associate(LICA) is the Retired Development Officers selected on the basis of certain conditions. The Eligibility criteria for this scheme is decided by Central Office, Marketing Department.

5. Chief Organizer (LIC Direct MARKETING )

Premium collection through Chief Organizer is started from 05/09/2018. The Eligibility criteria for this scheme is decided by Central Office, Direct Marketing Department.

Relevant Conditions for Premium collection.

1. The premium can be Collected only for In force, Ordinary policies under all modes (YLY, HLY, QLY & MLY ordinary) except for E-Term plan (Table 825).

2. The premium for policies under the Salary Savings Scheme (SSS) mode cannot be collected through this channel.

3. The premium for NACH mode cannot be paid through this channel. However, the premium will be accepted only if the last NACH transaction is dishonoured and during the pendency of the NACH mandate.

4. Renewal Premium can be collected for ULIP & HEALTH Policies also.

5. The premium can be paid IN CASH as well as through CHEQUE. Outstation cheques are not accepted. POS terminals are also allotted at selected Premium Points on a pilot basis.

6. Late fee is computed @ current rate i.e. 9.5%. Minimum late fee is Rs. 5/-.

7. Acceptance of premium can be done up to 30 days before the Due Date.

8. The premium cannot be collected for Next Financial Year. E.g. In March premium cannot be collected for April due.

9. It is advisable to refrain for paying premium through this channel if the policies are already registered under BILL PAY option of Electronic Debit to avoid duplicate payment.

10. No service charges are required to be paid by the policyholders to avail this facility.