Mumbai, July 27 :    Mumbai, July 27:  Life Insurance Corporation of India (LIC) has tied up with BillDesk Services, a bill management service bureau, to enable LIC policyholders to pay premiums electronically through their banks. 'Policyholders, who have accounts in Bank of Baroda and IDBI Bank can pay their LIC premium using the internet,' LIC managing director A. Ramamurthy told newspersons here today. 'As more banks offer such services, a large number of the corporation's policy holders would benefit. Currently, we have 14 crore policy holders,' he added. LIC would pay Rs 3 to BillDesk for every direct debit and Rs 5 to Rs 7 if the transaction is done through the electronic clearing service, Ramamurthy said. BoB, IDBI Bank and ABN Amro Bank have already tied up with BillDesk for this bill payment service. LIC follows service providers like BSES, Hutch, Mahanagar Gas, AirTel and Hughes Tele.com who have already tied up with BillDesk for electronic bill payments. According to director of BillDesk M N Srinivasu, the company partners with banks in enabling them to offer a ready, comprehensive bill payment service to their customers. The service model enables banks to offer this service to all their customers regardless of the technology employed by the banks. BoB executive director A.K. Khandelwa said the bank has of late been concentrating on technology initiatives and offering payment and collection service is one of them. IDBI Bank managing director and CEO Gunit Chadha said the bank has 84 branches and four extension counters with 247 ATMs.