LIC Nomura Mutual Fund has launched an auto premium payment system in collaboration with Life Insurance Corporation to enable its mutual fund investors to pay their insurance premium.
Under the scheme, mutual fund investors will have a facility of paying their premium on time without any hassles. Through the facility, 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 can invest in 3 schemes — LIC Nomura MF Liquid Fund, LIC Nomura MF Savings Plus Fund and LIC Nomura MF Income Plus Fund. The facility can be available at the time of taking new LIC policies or for the existing LIC policies as well.
LIC MF will not levy any additional charges for availing the facility.
The company expects to get 1 lakh mandates through this scheme, said Nilesh Sathe, Director and Chief Executive Officer, LIC Nomura Mutual Fund.
During FY13, LIC settled 1.83 crore of claims amounting to Rs 70,000 crore. According to K. Ganesh, Executive Director of LIC, the life insurer has made many concessions for claim settlement for flood victims in Uttarakhand, and settled claims amounting to Rs 3 crore in the area so far.