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LIC Premium Payment Process
  • For Registered User
  • For Non-Registered Users
  • Payment Via Different Modes
  • Offline Payment Modes
  • Payment Via PayTM Wallet

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LIC Online Payment

Life Insurance Corporation of India (LIC) was set up on 1st September 1956, with the aim of expanding the concept and importance of Life Insurance all over India. From then to now, LIC has crossed many milestones and has set unprecedented performance records in the Life Insurance business. In earlier days, the premium amount was paid through LIC agents or visiting the nearest branch office.

Hence, to reduce the effort for the policyholders, LIC India has started this online payment services for paying the premium amount. Stilt, most policyholders are not aware of the LIC Online Payment, and they still depend on the LIC agents. To make the process more faster and increase independency, LIC started LIC online payment services where one can pay premiums easily in a few minutes, check the policy status and whether the policyholder is a registered user or non-registered user. Additionally, one can pay for more than one policy from a single account (but this is not recommended by LIC). Read the whole article to make easy and secure Online Premium Payment for the policies offered by LIC.

LIC Online Premium Payment Modes

LIC’s WebsiteNet bankingCredit card / Debit cardBHIM UPIOnline Wallets
Authorized BanksAxis BankCorporation Bank
FranchiseesAP (Andhra Pradesh) OnlineMP (Madhya Pradesh) OnlineSuvidha InfoserveEasy Bill Pay
Authorized MerchantsPremium Point AgentsLife-Plus (SBA)Retired LIC Employees’ Collection

LIC Offline Premium Payment Modes

  • Offline Cash Bill Pay (In LIC offices).
  • Payment by Cheque.
  • National Automated Clearing House (NACH) Pay.

Premium Payment Procedure [Registered Users in LIC Website]

Premium Payment Procedure [Non-Registered Users in LIC Website]

LIC Online Premium Payment via Credit/Debit Cards

The policyholder can also use his/her credit/debit card to make the online payment for LIC premiums apart from net banking. The online LIC payment of premiums using credit/debit cards is processed via IDBI Gateway. The credit/debit card payments shall be initiated in 3 simple steps:

  • When you click on the option of 'IDBI Gateway', a page will be redirected where you can see the different card types attached with the convenience fees and service tax. Choose the card type through which you wish to make the payment and then it will show the total payable amount along with the applicable service tax on it. After selecting the card type, proceed to click on the ‘Submit' option.
  • Once submitting, you shall be redirected to a page where you have to enter the debit/credit card details to process the transaction, this includes the card number, date of expiry, CVV number (3-digit number on the back of the card), your exact name on the card, registered e-mail address and phone number. You also need to enter the captcha code shown in the box.
  • After taking all the necessary details, click on the 'Pay' option. A payment receipt will be generated and sent to your registered e-mail address and phone number for your convenience.

Things To Consider While Making LIC Premium Payment With The Above Banks

  • Pay your premium easily in any extension counters or nearest bank branches.
  • You can make you premium payment via cash or cheque mode only from the above-mentioned two banks.
  • You can make the premium payment for only active, non-ULIP (Unit Linked Insurance Plan) and non-SSS (Salary Savings Scheme) policies under this payment method.
  • Make the payment 30 days prior to the due date of the policy. However, there are a few term insurance policies that have the option to pay the premium only 15 days before the due date. They are:
Anmol Jeevan-II (Table No. 822)Amulya Jeevan-II (Table No. 823)
  • The premium payment is not acceptable for a few ULIPs and specific health protection policies. The policies are as follows:
Future Plus (Table No. 172)Bima Plus (Table No. 140)
Jeevan Plus (Table No. 173)Market Plus (Table No. 181)
Money Plus (Table No. 180)Fortune Plus (Table No. 187)
Profit Plus (Table No. 188)Market Plus (Table No. 191)
Jeevan Saathi (Table No. 199)Money Plus (Table No. 193)
Health Protection plus (Table No. 902)Health Plus (Table No. 901)
  • In case of late payment, the customers might have to pay a late payment charge that includes 8% of interest rate.
  • You cannot pay the premiums for the subsequent financial year, which means, one is not allowed to make the premium payment for March, 2021 in March, 2020.
  • After the successful completion of the premium payment customers shall receive a receipt from the bank in the registered e-mail ID or mobile number. This receipt will be considered as a valid and original receipt, LIC will not give any receipt for active policies other than this receipt. You are allowed to make advance premium payments before 6 months.

Additional LIC Premium Payment Facilities

Today, everyone is busy, that is why it is necessary to offer online facilities to reduce the time and labour of society.

Like most of the other insurance companies, LIC has also made it easier for customers to pay premiums online and check the status of the policy anytime from anywhere. The update feature of the same also makes it more reliable.

LIC comes out with a large client base to assure that the customers of LIC need not wait in long queues to make the payment or to make renewals. LIC offers several online premium payment options. Now people can go online to make premium payments and can also deposit premium in one of the authorized centres.

Only 2 banks are authorized by LIC for collection of premium payments:

  • Axis Bank
  • Corporation Bank

LIC Payments via Franchisees & Authorized Banks

Most of the customers find it difficult to pay the premiums as they are not very much familiar with the online services or internet, they prefer to make payments by way of offices rather than using online website. Those people will be happy to get to know that LIC also offers many options for premium payment through various private companies and government service providers.

In total, 4 service providers are working along with LIC to assure services for offline premium payment to customers. Let’s have a look at the following:

  • AP Online : Andhra Pradesh Government's official portal. The collection centre approves payment of premiums for Andhra Pradesh State only.
  • MP Online : Madhya Pradesh Government's official portal. This offline service approves payment of premiums for Madhya Pradesh State only.
  • Suvidha Infoserve : This is a s-commerce i.e. social-commerce unit that offers different bill payment services to the policyholders.
  • Easy Bill Limited : It offers the customers with a trustworthy and suitable bill payment service, wherein thay can pay the premiums to traditional and reliable neighborhood stores.

Nevertheless, there are few things that one must look after while paying LIC premium payments through the above modes:

  • Payments shall be accepted by these channels in cash mode only.
  • Payments can be made only for active policies. The collection centres also do not approves payments for certain LIC policies which are under ULIPs and SSS category.
  • The premium payment services are free in the franchisees or authorized banks, and therefore, the consumers need not to pay any extra fees/commission/service tax to the LIC agents.
  • As already discussed above, one cannot make the payment for the next fiscal year from these collection centres. For example, you will not be allowed to pay the premium for March 2021 in March 2020.
  • A late fee at the rate of 8% shall be charged by LIC for every late premium payments.
  • Once the payment is made, the policyholder shall receive proof of payment in the form of a receipt from the collection centre. It is crucial to make sure that no special payment receipt will be provided by LIC for such payments.
  • You can look out for these Franchisees or Authorized banks in the LIC official website.

LIC Payments Through Agents/Merchants Collection

For convenience at a certain level, LIC provides this option as well, agents such as Senior Business Associates (SBA) development officers and retired employees of LIC are assigned as payment collection agents. Important things to keep in mind when making payment for premiums through the authorized agents:

  • The agents can easily collect the premium payments for ULIPs, although, payment of premium for health insurance policies are yet not included under the process. The premium payment received with this payment channel is upgraded in real-time.
  • Here you can pay by cash or cheque mode. Although, it is very essential to have a knowledge in advance that cheques from out of station will not be acceptable by these type of collection agents.
  • Once the payment is done, the policyholder shall receive proof of payment in the form of a receipt from collection agents.
  • The agent payment mode does not accept the payment for premiums for the policies falling under the SSS category.
  • As an advance payment, one can make a payment 30 days prior to the due date of the active policy. The advance payment for premiums is accepted 15 days before the due date for some term plans.
  • Following are the term plans available under this category:

Anmol Jeevan-1 (Table No. 164)Anmol Jeevan (Table No. 153)Amulya Jeevan (Table No. 177)Amulya Jeevan (Table No. 190)
  • A late fee at an interest rate of 8% (minimum amount is Rs. 5) shall be charged for every late premium payment.
  • In this mode of payment, one cannot make the payment for the next fiscal year.
  • No need for paying any service fees to enjoy this payment facility.

LIC Payment via Paytm

Paytm, one of the popular mobile payments apps has also introduced LIC premium payment option in its application so as to support customers and policyholders of LIC to make their payments easy without visiting the website and hassle of logging in the account just within a few clicks using net banking facility.

  • Search and type ‘insurance’ in the ‘Search Box’.
  • It will show the option of ‘insurance premium payment’ click on the option.
  • After clicking, it will ask you to select your insurer, you can scroll down or just type ‘LIC’ in the search box provided.
  • Select ‘LIC of India’.
  • Enter the ‘Policy Number’ and click on ‘Get Premium’.
  • It will show the premium amount of your policy, then click on proceed to visit the payment gateway and complete the transaction directly.
  • This one-time process will automatically save your policy details for the next premium payment and you can easily pay your premiums using the app from next time onwards.
  • You will get a confirmation notification from paytm after completing the payment. Any error that occurred during the payment will automatically refund the whole amount in the actual mode for transaction used.

**Without any worries, you can trust and choose LIC online payment services and paytm for your payment of monthly premiums at one go!

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In Case of Any Queries

The LIC Customer Care number is 022-6827-6827

Availability as follows:

Monday to Friday: 08.00 a.m.-08.00 p.m.

Saturday: 10.00 a.m.-06.00 p.m.

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Last updated on 01-08-2019