Insurance Blog

LIC Policy premium ECS deducted on a different date than due date

If you have activated ECS  or direct debit on your lic policy, the amount for your policy premium will be deducted a different date from your policy due date in most of the cases. If the due date of your policy falls between 1st and 7th of any calendar month, your account will be debited on 8th of the month. If your policy due date falls between 8th and 15th of the month, account will be debited on 15th of the same month. If you policy due date falls on 16th or later, your account will be debited on the 28th of the month.