Citizens' Issues
Public Interest: Purse Strings Attached

Indians are reluctant to give without strings attached. We should think twice before attacking...

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Public Activism: Relentless Crusader

Dogged campaigns by Pune-based activist Vijay Kumbhar have made a tremendous impact, finds...

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Federal Bank, LIC tie up for paying maturity proceeds of LIC policies

The proceeds will be credited directly to the beneficiary’s account by way of NEFT on due date

Federal Bank has signed an agreement with Life Insurance Corporation of India for paying maturity proceeds of LIC policies. Hitherto the maturity proceeds were paid by cheques from the respective branch offices of LIC across the country and it used to be sent to the beneficiaries one month prior to the due date.

Now the proceeds will be credited directly to the beneficiary’s account by way of NEFT on due date. This move will be cost effective for LIC and improve the payment system. Clients need not wait for the cheque to get cleared since the payment is credited directly into the account. Question of cheques lost in transit or fraudulent encashment etc would not arise.

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