If you had activated the ECS or direct debit payment mode on
your LIC policy, the premium will be debited from your bank account on a specified
ECS date. But unfortunately, the ECS for your policy may fail due to reasons like
insufficient funds in your bank account. If your ECS has failed, your next ECS
due will not also be debited from your bank account until you pay your pending
due to the current ECS failure.
paying the due amount of your failed ECS, you shall pay the outstanding due
with any late fees and bank charges by visiting any of the LIC’s branch
offices. It’s not necessary that you have to go to your home branch office. You
shall pay it as Cash or Cheque towards – Life Insurance Corporation of India.
Once you had paid the pending due at any of the counters, your next due ECS
would go normal.
if you are paying premium for your LIC policy on monthly premium payment mode
through ECS from your bank account and your policy premium due date is 13th
of every month. In this case, your monthly ECS date would be 15th of
every month. So, your policy premium would be deducted from your bank account
on 15th of every month or if 15th is a bank holiday, then
premium would be deducted on the next working day. If the ECS has failed for a
particular month, then you shall pay your pending dues within 28th
of the same month without any late, since 15 days of late fee free grace period
are given for all the LIC policies with monthly premium payment mode. Still,
you will have to pay the bank charges of Rs.125 for the ECS failure. If you are
paying the pending due post 28th of the month, you will have to pay
the next month due in addition with the current month due. So totally, you have
to pay 2 month due at once along with the late fee for the current month due
and the bank charges.