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.
Visit : Online payment facilities
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|
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.
LIC Payment Through Debit/Credit Card
You can now make LIC premium payment for your policy using your debit/credit card. The process is simple and will be undertaken via the IDBI bank gateway. To start off with the process to make premium payment using your debit card/ credit card, follow the below-mentioned Steps to make payment:
1. After logging into LIC payments website, click the circle against ‘IDBI Gateway’, Identify your card type (debit/credit) and enter the amount of premium you have to pay to find out the tax and other charges applicable with your payable amount. click, Submit after completing the process.
2. You will be now be redirected to the page where you will be asked to enter the details of your card i.e. the debit/credit card number, card’s date of expiry, CVV2/CVC2 number, your name as on the card, email ID and mobile number. You will also have to enter the “captcha code” displayed in the box. Finally, you will be asked to enter a one time password (OTP) or ATM pin to complete the payment in full.
3. Click on Pay, you will receive a receipt regarding the payment made on your email id that you have registered with your LIC policy.
Benefits of Payment with Debit/Credit Card
- No further registration is required between you and the service provider
- There is no delay in time from the instance of payment to obtaining receipts.
- A secured method, as the data of your policy is not shared between LIC, the banks or any third party over the internet as only the amount to be paid is data encrypted and transported through a safe medium. The login id at both the sites (LIC and Bank) is known only to you.
- All of the above processes are free of charge for you to avail.