Electronic collection of LIC Premium payments
Posted on: 02/Mar/2017 3:35:20 PM
With the increasing trend of electronic exchanges all over the country, the country’s premier Public Sector Insurance Company LIC (Life Insurance Corporation of India) is set to collect all premium payments on policy in electronic mode.
In order to facilitate electronic collection, it will be providing the agents with PoS devices.
LIC is undertaking this development activity in order to reduce the extent of hard cash exchanges.
LIC expects to collect about Rs. 1.5 Lakh Crore Premium payments through this electronic mode. In the 1st phase of this activity, LIC has already provided PoS devices to lakhs of its agents on a test basis. Since the process is already initiated and test, the senior officials expressed confidence that it will not at all be difficult to change over to the electronic mode of collection of premiums.
Further, LIC has also planned another electronic collection mode through the linkage with Aadhar Cards. This would enable the policy holders from rural areas to pay though electronic mode instead of hard cash exchange. Also, the agents need not have to handle the difficulty of cash on hand.
In the 1st phase, LIC plans to proved with 1 Lakh agents with PoS devices. This will be increased gradually.
As on March 2016 statistics, there are 20.16 Lakh agents in LIC.
