Don’t worry about LIC Premium Pay through mutual fund
Don’t worry about LIC Premium
Auto Premium Payment System
No need to remember your LIC Premium due dates
- Invest in LIC MF Schemes (Liquid Fund, Savings Fund or Banking & PSU Debt Fund under Growth Option) in your name.
- To register for Auto-SWP Facility, fill up the mandate form completely.
- Submit the mandate form to the LIC MF Investor Service Centre
- Premiums for the registered LIC policies will be directly paid to LIC from your LIC MF Schemes.
- Once registered, no hassle to remember due dates of various policies.
- Risk of policy lapsation is eliminated.
- Avail benefit of a grace period too.
- Periodic SMS/ Email alert to the investor.
How Apps Works?
All LIC Policies allowed for Premium Deduction through APPS except lapsed, Salary Savings Scheme, Monthly Mode, Single Premium, ULIP and Health Insurance Policies.
Debit date can bee ither Premium Due Date or 5 days prior to last date of grace Period.
Policy holder should keep sufficient balance in his MF folio on debit date
The smart way to make investment
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Eligible schemes for premium deduction
01
Low Risk
- Regular income for short term
- Investment in debt / money market instruments with maturity of upto 91 days.
02
Moderate Risk
- Regular income for medium term capital appreciation with current income
- An income fund that invests predominantly in debt and money market instruments issued by Banks, PSU’s, PFIs and Municipal Bonds.
03
Moderate Risk
- Regular Income for short term
- A fund that focuses on low duration securities
What benefits do I get if I register for apps?
No need to remember policy due dates. Just keep sufficient balance in your folio.
Enjoy grace period benefit too.
Periodic SMS/ Email alert to the investor.
Risk of policy lapsation is eliminated
Calculate how much you can earn more while paying policy
premium through Mutual Fund
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Terms and Conditions:
- This facility is allowed only to LIC MF unit holders who have invested in LIC MF Liquid Fund – Growth OR LIC MF Savings Fund – Growth OR LIC MF Banking & PSU Debt Fund – Growth.
- The APPS mandate form should be submitted in original along with the self-attested photocopy of PAN card and the first page of the policy document/Status Report/First Premium Receipt of each policy to be registered to POA’s (Point of Acceptance) of LIC MF. If the same is not enclosed then the mandate form will be rejected.
- Policy holder name in the LIC policy and first unit holder name in the folio has to be identical. No third party transfer will be allowed.
- Multiple folios are not allowed for debit of single premium amount.
- Minimum subscription amount in above funds is Rs.5,000 and in multiple of Rs.1 thereafter.
- NRIs are not allowed to be registered LIC Policies through APPS.
- Exit Load will be applicable as per the Schemes.
- Minimum amount of redemption will be Rs.500 & above.
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