Dhanlaxmi Bank has tied-up with LIC to help policy holders receive payments through electronic funds transfer. Instead of LIC sending the cheques through post and customers depositing in their bank accounts, e-payment will now happen within 24 hours.
The good news is that this move is not only going to benefit customers of Dhanlaxmi Bank who hold LIC policies but also aid LIC policyholders having accounts with other banks. The bank will use the NEFT facility to transfer funds to policyholders' account across other banks.