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LIC, BillDesk in tie-up for electronic premium payment
(August 12, 2002 -

MUMBAI: Life Insurance Corporation of India has entered into a tie-up with BillDesk Services, a bill management service bureau, wherein the former's policyholders can pay premiums electronically through their banks.

Policyholders, who have accounts in Bank of Baroda and IDBI Bank can pay their LIC premium using the internet, LIC in charge and managing director A Ramamurthy told newspersons here on Saturday.

LIC, which has around 14 crore policyholders, would pay Rs three to BillDesk for every direct debit and Rs 5 to Rs 7 if the transaction is through the electronic clearing service, he said.

BOB, IDBI Bank and ABN Amro Bank have already tied up with BillDesk for this bill payment service.

Service providers like BSES, Hutch, Mahanagar Gas, MSEB, AirTel and Hughes Tele have also already joined hands with BillDesk for electronic bill payments.

IDBI Bank managing director and CEO Gunit Chadha said the bank has 84 branches and four extension counters with 247 ATMs. The customer base, which is doubling every year, currently stood at 6.4 lakh.

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