Federal Bank joins hands with LIC
Posted on: 17/Nov/2011 5:48:06 AM - No. of views : (2827)
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.
Federal Bank is among the few banks which have signed agreement with LIC since the IT solutions of the Bank are strong and the Bank has systems in place to ensure that NEFT payments from each Divisional Office numbering to more than 10000 Nos daily can be sent smoothly.
Commenting on this occasion Mr. Antu Joseph - Deputy General Manager of Federal Bank says �We at Federal Bank feel proud to announce this association with LIC; this alliance will create a win- win situation for all parties involved also giving the customers a hassle free convenient claims option.
Further Mr. Sri. V K Kukreja (ED, Finance and Accounts, LIC) states �We are very excited about the potential of our tie-up with Federal which is one of the leading Banks with a strong focus on asset quality, excellence in banking technology and delivery of service quality�.
