LIC Nomura MF launches Auto Premium Payment System

LIC Nomura Mutual Fund has announced Auto Premium Payment System ( APPS) in collaboration with LIC of India to ensure the timely payment of their LIC insurance premiums for its investors.

The investor can invest in any of the three schemes namely LIC Nomura MF Liquid Fund, LIC Nomura MF Savings plus Fund or LIC Nomura MF Income plus Fund, with the minimum investment being Rs 5,000.

Once the folio is open, an investor can give a mandate to LIC to debit the premium amount for his LIC policy on the due date from this fund. Through Auto Premium Payment System (APPS), the premium amount of the investor on due date will be remitted to LIC by LIC Nomura Mutual Fund, from the investors folio. This will ensure timely payment of premium with minimum chances of lapsation.

The facility is offered free of cost to investors. The facility can be available at the time of taking new LIC policies or for the existing LIC policies as well.