Life Insurance Corporation (LIC), Established in 1956 is one of India’s oldest, reliable, prominent and a trusted insurance company. LIC has been providing insurance to millions of Indians. Currently, LIC has expanded its products and to cater to the insurance and financial needs of its customers.
LIC Payment Methods
LIC offers numerous methods through which customers can pay for their policies. Payments for LIC policies can be done online on the LIC website, at authorised banks, franchises, approved LIC agents and Paytm. View details below for payment methods:
LIC Online Payment – For Registered/Non-registered Users
The option to make premium payments online is now possible by LIC, this makes payments efficient and secure for customers. The payment process for registered and non-registered users are different but nevertheless customers will benefit from the same efficiency and security of making payments anywhere and anytime. Registered policyholders can choose to pay their policy premium via the e-Services facility offered on the LIC website. The steps are as follows:
- Step 1 – Visit LIC India website. Select from the two option “Pay direct” or “Through customer portal”.
- Step 2 – The following options will ask you to provide details and credentials of your LIC policy. The LIC login ID and password will be required if you select the customer portal option. Provide the necessary information and click on the Submit button.
- Step 3 – Once clicked, you will be asked to provide your policy number and the premium amount payable.
- Step 4 – After you have entered the details, you will be able to view all of your enrolled policies.
- Step 5 – After viewing your policy details on the portal, you will be able to see an option “Pay Premium online” to enable you to make the payment online.
- Step 6 – From this page, select the respective policies for which you want to pay the premium for and click the Submit option to confirm your selection.
- Step 7 – You will be redirected to the payment gateway page where you can select to make the prefered payment option either net banking or credit/debit card.
LIC Offline Payment
The National Payments Corporation of India (NPCI) has implemented a service comprising of an electronic payment gateway known as National Automated Clearing House (NACH). NACH will soon replace the existing ECS created by the RBI. Under the NACH system, mandate forms are to be submitted to the respective branch of LIC for premium payment. Premium can be paid through the ATMs of the following Banks: 1. Axis Bank 2. Corporation Bank This facility is absolutely free for all customers. The customer has to register his policies through the respective bank website.
LIC Payment Through Bank
LIC has partnered with two of India’s leading banks (Axis & Corporation) to provide an added convenience to all their customers in making premium payments for LIC policies. LIC customers can make their policy premium payments at Axis Bank or Corporation Bank branches as well. Here are some points to remember regarding payment through Bank:
|Payment can only be done for LIC policies that are still active||Payments will not be accepted for Salary Savings Scheme (SSS) policies|
|Premium payment can only be done 30 days in advance for regular life insurance policies||Term insurance policies & advance premium payment can only be done 15 days before due date|
|The authorized bank can issue a valid signed receipt upon receiving payment||Premium payment for ULIP and Health policies are not accepted|
|Payments at authorized bank branches are accepted either in the form of cash/ cheque or demand draft||Premiums cannot be paid for the coming financial year|
|Late premium payments attract a late fee at the rate of 8% of the premium|
LIC Payment Through Agent/Merchant
LIC has authorized selected personnel or agents who can collect premiums on behalf of them. Here are some important details regarding premium collection by authorized personnel
- Collection of premium by authorized personnel will be done for insurance, ULIP policies but not for health insurance.
- There is no service charge or fee levied for usage of service through authorised personnel…Read more>>