I set up an LIC e-mandate through Paytm for my policy premiums. How can I cancel it and stop the auto debit without any issues?
Paytm has many policyholders who pay LIC premium through e-mandate, thereby automating the payment annually or monthly. Although it is convenient, you want to stop auto-debit at times, perhaps you wish to change the mode of payment or cancel the policy, or to prevent unintentional withdrawal. It is a simple procedure, though, actual experience teaches you the specific details of what and how to do.
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How to Cancel LIC e-Mandate From Paytm Directly
When I wanted to cancel my LIC e-mandate, I went to the Paytm account and then went to the Bank Accounts and Cards option. There I could see all the active e-mandates and choose LIC to cancel. The system confirmed me that it has been received; the auto-debit was revoked instantly. This went a lot easier than I thought and it was nice to see the confirmation message to prevent a repeat payment.
How to Stop LIC e-Mandate Using the LIC Customer Portal
One of my friends was facing certain issues when cancelling via Paytm which is why he entered LIC Customer Portal. He would be able to view all the associated e-mandates under the premium payment section and disable the Paytm-linked mandate. The auto-debit was canceled within a day, and he was informed via email by LIC that it had been canceled. This indicates that the LIC portal is a good alternative to use as a backup.
How to cancel LIC e-Mandate using Customer Care.
One of my colleagues tried Paytm and the LIC portal but was interested in having a first hand confirmation. He phoned LIC customer care and gave policy and bank information. The representative verified the cancellation of e-mandate in the spot and sent the confirmation via e-mail. This proved effective on him and provided some additional confidence that no further auto-debits would be made.
How to Cancel LIC e-Mandate Through Customer Care
Based on my experience or other cases, one should always verify his/her bank account or Paytm transaction history after cancellation. One of my friends did not check up and received one more auto-debit before it was recorded as canceled. A fast check helps to feel safe and to prevent making mistakes with deductions.
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