LIC Premium Payment Process
Life Insurance Corporation of India was created on 1st September 1956, with the objective of spreading the concept Life Insurance across India. From then to now LIC has crossed many milestones and has set unprecedented performance records in Life Insurance business. LIC is behind their own complements. In previous days, the premium amount was paid through LIC agents or visiting the nearest branch office.
Hence, to reduce the effort for their policyholders, LIC India has started this online payment services for paying premium amount. Still, most of the policyholders are not aware of the LIC Online Payment, and they still depend on the LIC agents. To make the process quicker and reduce the dependency part, LIC provides you Online LIC payment services where one can easily pay premium payments few minutes, check policy status and whether one is a registered user or not. Moreover, you can pay many policies in the single account (but it is not recommended by LIC). You can read the following steps to make the LIC Online Premium Payment.
How to make LIC Online Payment?
LIC is offering online payment service for both Registered and Non-Registered Users. Now you can pay your LIC policy Premium online, with just a few clicks on your computer. LIC has made life easier for the infinite LIC policyholders across the country. LIC Payment Online option is initiated to save time and money of the clients. Below, we have given the LIC Online Premium Payment Steps for both Registered and New Users.
LIC Premium Payment Procedure for Registered users
- Go to website www.licindia.in, In the Home page, search for Online Services section located on the left side of the homepage.
- Click on 'Pay Premium Online' option which will take you to a page containing two options namely 'Pay Premium through e-Services' and 'LIC Pay Direct.'
- Select Pay Premium through e-services option. Now, you will redirect to LIC's e-services page.
- Now Click on Registered User option.
- By Clicking the Registered user option, a different page appears with LIC log-in id and password fields.
- You need to fill the user name and password details in it and click on submit option.
- Once you login you need to enroll your policy to retrieve your policy details.
- In the left side menu, you have an option 'Enroll policies' under e-services tools section.
- Click on Enroll policies and enter your policy number and premium amount. Then go to the second option in the left side menu that is 'view enrolled policies.'
- Then a page appears with a code. Please fill the code and click on submit. After that, you will be able to see all the details of your policy.
- Once you enter the above online services portal, you will be able to view the enrolled policies. For more information, please click on the policy number. Then a page with complete information appears
- After viewing the policy details in customer service, you will be able to see an option 'Pay Premium online' to make the payment online. Click on the 'LIC Pay Premium Online' link, and you will see a list of policies you have enrolled in your account.
- Select the policies which you want to enroll and click on the submit button. It will be landing to the payment gateway site where you will be making the payment. Once payment is done, you will be returned to the same web page.
- Initially, there was no provision to pay the LIC premium using the credit card. But recently LIC has provided an option to pay Online Payment of LIC Premium by credit card too.
- Once you have clicked the submit button, the next screen will show you the option to pay through credit card or debit card. Click on the option on which you want to pay the LIC premium.
- After selecting the type of card, a list of banks will display on the screen. For LIC Premium Payment, the customer has to pay the convenience fees and service tax to the LIC for processing the payment. Based on the type of card you have selected, the list of banks appear. Select the bank and click submit button
- Fill all the details and click on Make Payment button, your payment will be processed.
How To Make LIC Payment Online Using Credit/Debit Cards?
Other than net banking, you can also use your credit/debit card to make the LIC online premium payment. The LIC premium payment through credit/debit card is processed via IDBI Gateway. The credit/debit card payment can be commenced in three easy steps:
- After clicking on the circle that is against the option of ‘IDBI Gateway’, you’ll be redirected to the next page where you will be able find the different card types attached with the convenience fee & services tax. Select the card type through which you want to make payment and you’ll get the total payable amount along with the applicable service tax on it. Once you have selected the card type, click on the option of ‘Submit’.
- After submitting the card type, you’ll be redirected to one more page where you will have to enter debit/credit card details to process the transaction, this will include your card number, its date of expiry, CVV number (3-digit number on the back of the card), your name on the card, your registered email address and phone number. You also need to enter the captcha code shown in the box.
- After getting all the required details, click on the option of ‘Pay’. A payment receipt will be generated and will be sent to your registered email address with LIC.
Other Payment Facility By LIC To Pay Premium
In this world, every industry seems to accept the new trend of online and banking sector and that is obvious with Lic to go for it. Nowadays, more and more people are looking forward to prefer shop online, pay online and even for socialization.
Like most of the other insurance companies, LIC has also made it easier for customers to make premium payments online and can also check the status of the policy. It also comes out with the option of updating.
LIC comes put with a huge customer base and to make sure that its customers do not need to wait in long queues to make payment or to make renewals, the company comes out with the online facility There are several LIC online premium payment options. Now people can go online to make premium payments and can also deposit premium at one of the authorized centres.
Premium Collection Through Authorized Banks:
There are 2 banks that are authorized by LIC to collect premium payments:
- Axis Bank
- Corporation Bank
Things to consider when paying your LIC premium payment through these banks:
- You can easily pay your premium at any extension counter or branches.
- You can submit your premium payment only via cash or cheque mode drawn on either of the banks.
- You can only pay the premium for active, non-ULIP and non-SSS policies using this payment channel.
- You can make the payment 30 days in advance of the due date of your policy. However, there are a few term insurance policies that have the options to make the premium payment only 15 days in advance from the due date. They are:
1. 164-Anmol Jeevan-1
2. 153- Anmol Jeevan
3. 177- Amulya Jeevan
4. 190 Amulya Jeevan
- The premium payment are not acceptable for a few ULIPs and certain health protection policies. They are:
1. 172-Future Plus
2. 140- Bima Plus
3. 173-Jeevan Plus
4. 181-Market Plus
5. 180-Money Plus
6. 187-Fortune Plus
7. 188-Profit Plus
8. 191-Market Plus
9. 199 – Jeevan Saathi
10. 193-Money Plus
11. 902-Health protection plus
12. 901-Health Plus
- In case of late payment, the customers might have to pay a late payment charge that include an interest rate of 8%.
- You are not liable to make the payment for the upcoming fiscal year, i.e., one cannot pay the premium for March’2018 in March’2017.
- Consumers will get a receipt from the banks after making the successful payment. It will be measured as a valid receipt and no other receipt is provided by LIC for active policies, the premium payment can be done within six months in advance.
LIC Payments Through Franchisees/Authorized Collection Centers
Nowadays, when most of the things are going online, still a few customers are not comfortable with the option of online payment and moreover, they prefer to make payment through the offices rather than the site. Those people will be happy know that LIC also provides several options to pay the premium via different private & government-owned service providers and companies. There are 4 service providers who are working along with LIC to ensure offline premium payment services for policyholders. They are:
- AP Online – Andhra Pradesh Government’s official portal. This collection only accepts premium payments for Andhra Pradesh only.
- MP Online – Madhya Government’s official portal. It accepts premium payments for Madhya Pradesh only.
- Suvidha Infoserve – It is an s-commerce (social commerce) entity which offers various bill payment services.
- Easy Bill Limited – It offers the customers with a trustworthy and convenient bill payment source, where you can make the premium payments to traditional and reliable neighborhood stores.
However, there are few things that you must take care while paying your LIC premium payments through these channels:
- The payment will only be accepted in cash mode.
- You can make payment for active policies only. Also, these collection centers don’t accept payments for the LIC policies that fall under ULIPs and SSS (Salary savings Scheme) category.
- At the franchisees or authorized collection centers, you will get the premium payment service for free and hence, the customer’s don’t have to pay any commission/service tax/extra fees to the agents.
- As it is said earlier, you can’t make the payment for the next financial year at these collection centers. For instance, you cannot pay the premium for March’2018 during March’2017.
- A late fee @ 8% will be charged for every late premium payment.
- Once you have made the payment, you’ll get a signed receipt from the collection center. It’s very important to make sure that there is no separate payment receipt issued by LIC for such payments.
- You can look out for these Franchisees/Authorized Collection Centres on the official website of LIC.
For more comfort, LIC have this option as well, Retired Employees of LIC and Senior Business Associates (SBA-Development Officers) as payment collection agents. Below are a few of the important details that you have to keep in mind while making premium payments via these authorized agents:
- The agents can easily collect the premium payments for UPLIs, too; however, premium payment of health insurance policies are still not covered under it. The premium payment collected through this payment mode is updated on real time.
- Here you can pay by cash or cheque mode. However, it’s very important to know beforehand that outstation cheques won’t be accepted by these collection agents.
- After making the payment, you will receive a signed receipt from the collection agent after making the payment.
- This payment mode doesn’t accept the premium payments for policies falling under SSS category.
- Fo advance payment, you can make payment 30 days before the due date of your active policy. For some term plans, the advance premium payment can be accepted 15 days in advance (before the due date). The term plans under this category are:
1. 164-Anmol Jeevan-1
2. 153- Anmol Jeevan
3. 177- Amulya Jeevan
4. 190 Amulya Jeevan.
- You have to pay a late fee at the rate of 8% (a minimum amount of Rs 5) for every late payment.
- You can’t make advance premium payments for the next financial year.
- You don’t need to pay any service fees to avail this payment facility.