How to pay LIC premium using IMPS

12:40 pm IMPS, LIC, PAYMENT, PREMIUM

What is IMPS?

Currently majority of interbank mobile fund transfer transactions are channelised through NEFT mechanism. Under NEFT, the transactions are processed and settled in batches, hence are not real time. Also, the transactions can be done only during the working hours of the RTGS system. In the above context, NPCI has carried out a pilot on mobile payment system initially with 4 member banks viz State Bank of India, Bank of India, Union Bank of India and ICICI Bank in August 2010. Yes Bank, Axis Bank and HDFC Bank have joined this pilot in month of September, October and November 2010 respectively. Interbank Mobile Payment Service (IMPS) public launch happened on 22nd November 2010 by Smt. Shyamala Gopinath, DG RBI at Mumbai and this service is now available to the Indian public. IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones. IMPS facilitate customers to use mobile instruments as a channel for accessing their bank accounts and put high interbank fund transfers in a secured manner with immediate confirmation features. This facility is provided by NPCI through its existing NFS switch. Objectives of IMPS To enable bank customers to use mobile instruments as a channel for accessing their banks accounts and remit funds Making payment simpler just with the mobile number of the beneficiary          To sub-serve the goal of Reserve Bank of India (RBI)  in electronification of retail payments To facilitate mobile payment systems already introduced in India with the Reserve Bank of India Mobile Payment Guidelines 2008 to be inter-operable across banks and mobile operators in a safe and secured manner To build the foundation for a full range of mobile based Banking services.    Following information to be entered for paying the LIC premium Merchant Bank : STATE BANK OF INDIA Merchant mobile number – 9745746454 Merchant MMID – 9002858 Payment Reference – Enter 8-digit policy number After you made the payment please send a mail to jeevantharalic@gmail.com quoting your MMID number. In case amount paid is falling short of actual premium the money will be refunded to your account. Your premium receipt will be mailed to after the payment For example : Send a message to 9223440000 using the following keywords: <MIMPS> <Merchant Mobile No> <Merchant MMID> <amount> <User ID> <MPIN> <Payment Reference> MIMPS 9745746454 9002858<premiumamt><userid><MPIN><Policy No>   List of participating banks in IMPS : http://www.npci.org.in/impsmerpay10.aspx  For any queries do drop a comment