LIC Nomura Mutual Fund has announced first of its kind unique scheme ‘Auto Premium Payment System’ (APPS) in collaboration with LIC of India for investors to ensure timely payment of their LIC insurance premiums.
It is for the first time in India that mutual fund investors will have a facility of paying their premium on time without any hassles. Through Auto Premium Payment System (APPS), the premium amount of the investor on due date will be remitted to LIC of India by LIC Nomura Mutual Fund, out of the investors fund.
The investor has to invest in any of the three schemes viz.
LIC Nomura MF Liquid Fund or
LIC Nomura MF Savings plus Fund or
LIC Nomura MF Income plus Fund.
Investing in these schemes will be beneficial as they give much higher returns than the interest on savings bank account, with the additional facility of easy liquidity whenever need arises.
Once the investor issues mandate & ensures sufficient funds in his/her cash schemes with LIC Nomura Mutual Fund, he/she is relieved of remembering due dates of payment of premium of his LIC policies.
The facility can be available at the time of taking new LIC policies or for the existing LIC policies as well. It will ensure timely payment of premium with minimum chances of lapsation. The facility is offered free of cost.
Mr. Nilesh Sathe, Director & Chief Executive Officer, LIC Nomura Mutual Fund said, “This scheme is one of its kind in India introduced by LIC Nomura MF in association with LIC of India. Auto Premium Payment System (APPS) will create a distinctive & hassle free avenue for payment of premium and will help us increase our retail base.”
Mr. K. Ganesh, Executive Director (CRM), Life Insurance Corporation of India, said, “The initiative is a boon to the policyholders of LIC and the investors of LIC Nomura Mutual Fund. This will help policyholders to ensure that the LIC Policy does not lapse due to non-payment of premium on time.”
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