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Life Insurance

Corporation Bank has been consistently in the forefront to provide new innovations and value additions to its customers. The Bank now provides through its branches total life solutions to meet all your insurance requirements through the products of India's leading insurers.

The Bank is the corporate agent for LIC of India and New India Assurance Company Ltd.

So, the entire life insurance product range of the world's largest life insurance company LIC of India are now available through the branches of Corporation Bank. Be it a pension plan or term insurance, endowment or investment type, Money back or Capital Market linked plan or a whole life product, the entire array of products are available to you depending on your individual choice and life cycle needs .

Collection OfLIC premium:
Corp e-Premium facility-Payment of LIC renewal Premium at all our branches

Signed Premium receipt will be issued by the bank immediately at the counter.Single receipt will be issued if payment is made for more than one policy by the policyholder.

The receipt is valid and acceptable to the Income Tax Authorities. It has Mudrank number in lieu of revenue stamp. No other receipt will be issued by LIC.

Premium can be paid for all policies, non-ULIP and non – SSS, which are in force.

Premium can be paid 6 months before the due date to till the policy is in force. However, last premium before maturity under Quarterly and Monthly mode cannot be paid through this mode.

No extra charges will be collected by the bank

Corp AnyTime Premium

Through this facility all ATM/Debit card (Corp Convenience) holders of the Bank can remit their LIC premium through CorpBank ATMs. The Bank had already enabled the payment of LIC premium through its internet banking facility CorpNet.

Customers, intending to avail this facility, may register with the Bank's branches furnishing basic details like Name, LIC Policy Number, ATM/Debit Card Number, Premium amount and Premium Payment frequency by way of separate application form. Through CorpBank ATMs, LIC accepts premia of all frequencies (whether quarterly, half yearly, or yearly) except monthly ones.

When the customer accesses the ATM, the screen will display details of policies and the policy holder will have option to choose the policies for payment. The system will then debit the policy holder's account with the Bank and remit the amount to LIC.

Customers can register multiple policies. However, at a time ATM screen will display four policies for which premium is due. Once a policy premium is paid by the customer, it will display next 4 (or less) policies and so on.

Corporation Bank had entered into a tie-up with the Life Insurance Corporation of India in June 2001 to synergise its operations for rendering better services to policy holders of LIC and customers of the Bank. As per the MoU signed by both the institutions, Corporation Bank now acts as a Corporate agent for selling bancassurance products of LIC through its branch network. The Bank has set up 100 service units including branches, Extension Counters and ATMs in LIC premises throughout the country.

* Insurance is the subject matter of solicitation.
* All the products offered are through LIC of India.

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