Cus­tomer Ser­vices at Life In­surance Cor­po­ra­tion of In­dia (LIC)

Consumer Voice - - Real Estate Matters -

In the year 1956, LIC was carved from the amal­ga­ma­tion of more than 250 com­pa­nies, to pro­vide bet­ter ser­vices to cus­tomers. Since then, the or­gan­i­sa­tion has reached a cus­tomer base of 41 crore with a well-spread in­fra­struc­ture of more than 2,000 branch of­fices, 1,400 satel­lite of­fices, 1,200 mini of­fices, 115,000 em­ploy­ees and 1,050,000 agents. LIC is an ex­cel­lent case study of an or­gan­i­sa­tion con­tin­u­ously rein­vent­ing it­self to match cus­tomer as­pi­ra­tions.

LIC is pro­vid­ing ser­vices to its cus­tomers right at their doorsteps. LIC’s cus­tomer por­tal is user-friendly and fa­cil­i­tates a range of cus­tomer-re­lated ser­vices like pre­mium pay­ments and pol­icy-re­lated in­for­ma­tion at a click. The claims pay­ments are di­rectly be­ing cred­ited to pol­i­cy­hold­ers’ ac­counts. LIC is reach­ing out to its pol­i­cy­hold­ers in re­mote ar­eas through their mini of­fices and pre­mium points ca­ter­ing to all their in­sur­ancere­lated ser­vices. LIC has moved to pro­vid­ing e-ser­vices to its cus­tomers. It is con­tin­u­ously ed­u­cat­ing its cus­tomers about get­ting nom­i­na­tion done in their poli­cies, in­ti­mat­ing change in ad­dress, pro­vid­ing con­tact de­tails and bank de­tails so that the pol­icy pro­ceeds are di­rectly cred­ited to their bank ac­count, and so on.

LIC has added the fol­low­ing modes of pre­mium pay­ment in ad­di­tion to the con­ven­tional cash counter in its branch of­fices:

On­line through LIC cus­tomer por­tal, through credit/debit card, NET bank­ing, etc.

Na­tional Au­to­mated Clear­ing House (NACH) Bank Elec­tronic bill pre­sent­ment and pay­ment (EBPP) Coun­ters of Cor­po­ra­tion/Axis Bank and City Union Bank Pre­mium Points and Life Plus Cen­ters Fran­chisees: AP On­line; MP On­line; Su­vidha; CSC LIC’s mo­bile ap­pli­ca­tion Di­rect debit through Cor­po­ra­tion/ICICI ATM Of Cor­po­ra­tion/Axis/ICICI Bank UPI/BHIM

Pol­i­cy­hold­ers are well in­formed about their due pre­mi­ums so that they are able to pay the same on time. LIC en­cour­ages re­vival of lapsed poli­cies so that all its cus­tomers who could not pay pre­mi­ums on time and whose poli­cies are in lapsed con­di­tion have a chance to re­vive their poli­cies and re­store risk cov­er­age.

LIC is set­tling claims most ef­fi­ciently and main­tains ac­cu­racy in all its pay­ment to pol­i­cy­hold­ers. Last year, more than two crore claims were set­tled and more than one lakh crore ru­pees was given out to pol­i­cy­hold­ers to­ward claim dis­burse­ment. Where the pol­i­cy­holder is not sat­is­fied with claim set­tle­ment, the dis­pute re­dres­sal ma­chin­ery is op­er­a­tional in all di­vi­sional of­fices, zonal of­fices and the cen­tral of­fice of LIC. Some­times de­ci­sions are taken be­yond the per­mis­si­ble ju­ris­dic­tion, keep­ing in view the wel­fare of the pol­i­cy­holder.

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