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CORPORATION BANK INTRODUCES FACILITY TO PAY LIC PREMIUM THROUGH ITS ATMs

The facility was launched at the hands of Mr. S.B.Mathur, Chairman of Life Insurance Corporation of India, and Mr.K.Cherian Varghese, former Chairman and Managing Director of Corporation Bank , at Mumbai.

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.

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