LIC launch annuity for group pensioners with UTI

Mumbai, May 18: The public sector Life Insurance Corporation of India (LIC) has tied up with UTI Bank to launch a prepaid 'Annuity Card' for the disbursement of annuity/ pension to customers of LIC.

The Annuity Card would be a Debit Card, which will be reloaded with the amount of pension whenever due, said a LIC release issued here.

All group annuitants from Mumbai, to start with who opt for the same, would be issued the Annuity card, along with a manual on its usage.

UTI Bank has approached Reserve Bank of India for necessary approval and the final roll out will follow the regulatory approvals. The proposed card would be issued on International VISA platform, usable like any ATM-cum-Debit Card.

The Cardholder will be able to use the card to withdraw the amount of cash they want from not only UTI Bank ATMs, but also ATMs of partner Banks of UTI. It can also be used to make purchases at the numerous merchant outlets across India and abroad. The annuitant need not open a bank account with UTI Bank.

LIC Chairman T S Vijayan said, ''In keeping up with our endeavour to provide the best of services to our customers and as a golden jubilee year bonanza to our customers, LIC has come up with an annuity card for over 4 lakh pensioners of group pension.'' With the growing importance of plastic money, LIC has opened a new payment gateway for LIC pensioners in the form of annuity card, which will enable the pensioners to have round-the-clock cash withdrawals from anywhere in India. The pensioners will now have an option of getting their pension through ECS, Cheques or Annuity Card.

Existing customers can download the application form from LIC's internet site www.licindia.com. Annuity card will be issued to the annuitants free of cost. To start with, the facility will be provided to 1.75 lakh pensioners of Mumbai and will later on be extended all over India.

UTI Bank Chairman and Managing Director P J Nayak said, ''This is yet another example of our constant endeavour to harness top class technology to provide convenient solutions to customers. Just as it would lead to a host of benefits to the customers, it would surely lead to enhanced operational efficiency for LIC.''

UNI