LIC, UTI Bank tie up for payment of premium through ATM

LIC has tied up with UTI Bank to provide their common customers the facility to pay premium by using the private sector bank's ATMs.

Life Insurance Corporation of India has tied up with UTI Bank to provide their common customers the facility to pay premium by using the private sector bank's ATMs in the country.

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LIC chairman SB Mathur and UTI Bank chairman and managing director PJ Naik on Saturday inaugurated the facility for payment of premium through ATMs, the insurance company said in a release.

The premium could be paid during the grace period at any of the 1,200 ATMs anytime irrespective of the location of the LIC branch to which the policy was attached for servicing, it said.