LIC Nomura MF, LIC introduce auto premium payment system

India Infoline News Service | Mumbai |

Through APPS, the premium amount of the investor on due date will be remitted to LIC by LIC Nomura Mutual Fund, out of the investors fund.

LIC Nomura Mutual Fund today announced an auto premium payment system (APPS) in collaboration with LIC of India for investors to ensure timely payment of their LIC insurance premiums.

It is for the first time in India that mutual fund investors will have a facility of paying their premium on time without any hassles. Through APPS, the premium amount of the investor on due date will be remitted to LIC by LIC Nomura Mutual Fund, out of the investors fund.

The investor has to invest in any of the 3 schemes viz. LIC Nomura MF Liquid Fund or LIC Nomura MF Savings plus Fund or LIC Nomura MF Income plus Fund. Investing in these schemes will be beneficial as they give much higher returns than the interest on savings bank account, with the additional facility of easy liquidity whenever need arises.

Once the investor issues mandate and ensures sufficient funds in his cash schemes with LIC Nomura Mutual Fund, he is relieved of remembering due dates of payment of premium of his LIC policies. The facility can be available at the time of taking new LIC policies or for the existing LIC policies as well. It will ensure timely payment of premium with minimum chances of lapsation. The facility is offered free of cost.

Nilesh Sathe, Director & Chief Executive Officer, LIC Nomura Mutual Fund said, “This scheme is one of its kind in the country introduced by LIC Nomura MF in association with LIC of India. Auto Premium Payment System (APPS) will create a distinctive and hassle free avenue for payment of premium and will help us increase our retail base.”

K Ganesh, Executive Director (CRM), Life Insurance Corporation of India, said, “The initiative is a boon to the policyholders of LIC and the investors of LIC Nomura Mutual Fund. This will help policyholders to ensure that the LIC Policy does not lapse due to non-payment of premium on time.”
 

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