LIC Thanjavur division aims at one lakh enrolment under Aam Aadmi Bima Yojana

Members of the unorganised sector welfare boards and women’s self-help group members need to be brought under the ambit of the Life Insurance Corporation’s group insurance schemes, Collector N. Subbaiyan said here on Thursday.

Insurance schemes such as the Aam Aadmi Bima Yojana could be the panacea for social security shortcomings of unorganised sector workers and marginalised sections of the society.

It is imperative that such insurance schemes were taken to the vast unorganised sector masses, he said while addressing the valedictory of the Social Security Month celebrations of the LIC focussing on the Aam Aadmi Bima Yojana.

Dr. Subbaiyan noted that there were 21 boards for the welfare of specific category of unorganised sector workers and there could be anywhere between seven and 1.5 lakh such workers in Thanjavur district.

B. Sathyavathi, Senior Divisional Manager, LIC Thanjavur Division, said under the AABY, the beneficiary insurer needed to pay as yearly premium only Rs. 100 while the Centre remits an equal amount for him through the Social Security Fund.

In the event of death of the member the sum assured of Rs. 30,000 would be paid to the nominee while for death due to accident Rs. 75,000 would be paid to the nominee and permanent disability because of accident would fetch the member the same amount.

In the LIC's Thanjavur Division, it had been planned to enrol one lakh members under the scheme during the current fiscal and so far 17,280 people had been roped in.

Last year, 81,790 members were enrolled under the scheme, she said.

T. Rajasekar, Senior Branch Manager, LIC Pension and Group Schemes, and Marketing Manager V. Renganathan spoke.

Courtesy : The Hindu

LIC is recruiting Agents: Apply now

Life Insurance Corporation of India (LIC) has invited applications for recruitment of Agents. LIC has around 11 lakh agents working for them and the recruitment will be made for vacancies. The candidates will be selected on the basis of written exam and personal interview. The interested and eligible candidates can apply for the post.

The candidates applying for this post should have passed class 10 or class 12 from any recognised school/board of India.

LIC develops bond with Indian Railways

LIC develops bond worth Rs 2,000 crore with Indian Railways

Life Insurance Corporation (LIC) will hand over a cheque of Rs 2,000 crore to Indian Railway Finance Corporation (IRFC), the first tranche of its financial assistance, tomorrow for investment in capacity augmentation projects.

Railways had signed an MoU with LIC in March this year for financial assistance of Rs 1.5 lakh crore over the next five years for implementing railway projects.

IRFC will issue bonds to be subscribed by LIC for the purpose, said a senior railway ministry official. Though the financial assistance is available from the current fiscal, there would be a five-year moratorium on interest and loan repayment. The official said that Rs 2,000 crore LIC fund will be utilised for laying new lines to decongest busiest rail corridors.

Railway Minister Suresh Prabhu will be the chief guest at the function to mark the handing over of the first cheque of Rs 2,000 crore by LIC to IRFC towards financial assistance to Railways as per the MoU.

Courtesy TimesofIndia

Dear Policyholder, Please submit Bank Account Details ( NEFT ) to LIC

The payment under your policy/ies will be to be credited, directly to your Bank account through electronic mode of payment only. For this purpose, we require your bank details for making the policy payment through NEFT (National Electronic Fund Transfer). The details of NEFT are described below.

You are requested to submit the NEFT mandate along with necessary enclosures to settle the payment under your policy through NEFT. Kindly note, it is not possible for us to settle the policy payment in any other mode of payment like cheque.

1. What is a NEFT ?

It is a nationwide system that facilitates to transfer a fund from one account of any bank branch to another account of any bank branch. This system is operated by Reserve Bank of India. For transfer of funds the participating banks have to be NEFT enabled. At present around 74000 Banks all over India are participating under NEFT system. For details please refer to RBI website on http://www.rbi.org.in/scripts/neft.aspx

2. Advantages of NEFT system for LIC Policy holders / Annuitants :

•  The policy holder / claimant will get the credit in his own account on the due date of payment irrespective of the location of his bank.

•  NEFT will ensure speedier and secure mode of payment.

• There will be no extra charges to the policy holders / claimant.

•  SMS and E-mail alerts may also be provided wherever the policy payment is made to the policyholder/ claimants’ account through NEFT.

•  Each payment from LIC through NEFT will create one UTR(Unique Transaction Reference) number. If there is any problem in credit to the account, policy holders / claimant can confirm from their bank by quoting this UTR no. In other words it is easy to track a transaction of NEFT, using UTR number.

3. important information to the Policy holder / claimants opting for NEFT :

•  All the items mentioned in the enclosed mandate form should be filled correctly. This mandate can be used for 6 different policy numbers of the same policyholder..

•  The completed mandate for NEFT should be sent to our Branch, servicing at least one of the policies, listed in the mandate.

•  The policy holder / claimant should also submit either a cancelled blank cheque leaf or the photo copy of the page of the passbook / cheque book where details of the Bank account are mentioned.

•  If within two days of the due date, the amount is not credited to your Bank Account, then you may contact the branch where you have submitted the NEFT mandate.

•  The account of the policy holder / annuitant should be operational at the time of receipt of policy payment.

•  Before submitting the mandate form, the policyholder/ claimant should confirm from his bank that it is NEFT enabled.

•  Policy holder’s/ claimants’ name under the policy should match with that of Bank A/c, else it is likely to be rejected.

•  NRI accounts are guided by FEMA regulations; LIC has decided not to include NRI accounts for fund transfer. So policy holders / annuitants are requested not to submit their NRI account details.

•  After submission of NEFT details, if there is any change in bank details then fresh mandate form will have to be submitted.

• If you are getting the annuity payments through ECS mode from our IPP cells, you may opt for payment by NEFT by submitting the mandate or continue to receive the annuity payment in the existing ECS mode.