February 2007

LIC and UTI Bank have joined hands to bring about unique business to business technology integration for facilitating collection of LIC premiums at the branches and extension counters of UTI Bank. The process permits an LIC customer to pay his renewal premium at any branch/extension counter of UTI Bank. The customer has to simply walk to the UTI Bank counter, pay and get the receipt instantly. The facility opens in the Mumbai branches of UTI Bank from 23/02/2007 and in about 2 weeks from that date the same facility will be extended in all UTI Bank branches in the country.

To start with, ULIP Policies have not been covered in this system. UTI Bank has network of 455 Branches, 53 Extension Counters and 2223 ATMs across the country. The branches are spread across more than 298 cities, towns and villages. This will extend the ever widening interfaces that LIC is already offering to its customers through LIC’s 2048 Branches, 100 odd Satellite Branches, Internet, ATM etc.

This type of Business to Business integration initiative is a path breaking one. Both the organizations hope that with this new initiative the LIC customer will enjoy more options and more comfort in payment of premium.