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LIC Online Payment
Life Insurance Corporation of India (LIC) was set up on September 1, 1956, with the aim of expanding the concept and importance of life insurance all over India. From then until now, LIC has crossed many milestones and has set unprecedented performance records in the life insurance business. In earlier days, premium amounts were paid through LIC agents or by visiting the nearest branch office.
To reduce effort for policyholders, LIC India introduced online payment services for paying premium amounts. Still, most policyholders are unaware of LIC Online Payment and continue to depend on LIC agents. To make the process faster and increase independence, LIC started online payment services where one can pay premiums easily in a few minutes, check policy status, and determine if they are a registered or non-registered user. Additionally, one can pay for more than one policy from a single account (though this is not recommended by LIC). This article explains how to make easy and secure online premium payments for LIC policies.
LIC Online Premium Payment Modes
| LIC’s Website | ||||
|---|---|---|---|---|
| Net banking | Credit card / Debit card | BHIM UPI | Online Wallets | |
| Authorized Banks | ||||
| Axis Bank | Corporation Bank | |||
| Franchisees | ||||
| AP (Andhra Pradesh) Online | MP (Madhya Pradesh) Online | Suvidha Infoserve | Easy Bill Pay | |
| Authorized Merchants | ||||
| Premium Point Agents | Life-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 for Registered Users on LIC Website
Premium Payment Procedure for Non-Registered Users on LIC Website
LIC Online Premium Payment via Credit/Debit Cards
Policyholders can also use credit/debit cards for LIC premium payments, in addition to net banking. Online LIC premium payments via credit/debit cards are processed through the IDBI Gateway in 3 simple steps:
- When you click on ‘IDBI Gateway’, a page will display different card types along with convenience fees and service tax. Choose your card type, and the total payable amount, including applicable service tax, will be shown. After selecting, click ‘Submit’.
- You will then be redirected to a page where you must enter your debit/credit card details to process the transaction. This includes the card number, expiry date, CVV (the 3-digit number on the back of the card), your name as it appears on the card, registered email address, and phone number. You will also need to enter the captcha code displayed.
- After entering all necessary details, click ‘Pay’. A payment receipt will be generated and sent to your registered email address and phone number.
Things to Consider While Making LIC Premium Payment with Authorized Banks
- Pay your premium easily at any extension counter or nearest bank branch.
- You can make premium payments via cash or cheque only at the above-mentioned two banks.
- This payment method is applicable only for active, non-ULIP (Unit Linked Insurance Plan) and non-SSS (Salary Savings Scheme) policies.
- Payments can be made up to 30 days prior to the policy's due date. However, for some term insurance policies, payments are accepted only 15 days before the due date. These include:
| Term Insurance Policies | |
|---|---|
| Anmol Jeevan-II (Table No. 822) | Amulya Jeevan-II (Table No. 823) |
- Premium payments are not accepted for certain ULIPs and specific health protection policies, such as:
| ULIPs and Health Protection Policies | |
|---|---|
| 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, customers may incur a late payment charge, which includes an 8% interest rate.
- You cannot pay premiums for the subsequent financial year. For example, you cannot pay the premium for March 2021 in March 2020.
- After successful premium payment, customers will receive a receipt from the bank via their registered email ID or mobile number. This receipt is considered valid and original; LIC will not issue any other receipt for active policies. Advance premium payments are allowed up to 6 months before the due date.
Additional LIC Premium Payment Facilities
In today's busy world, online facilities are essential to save time and effort.
Like many other insurance companies, LIC has made it easier for customers to pay premiums online and check policy status anytime, anywhere. The updated features enhance reliability.
With a large client base, LIC ensures that customers do not have to wait in long queues for payments or renewals. LIC offers several online premium payment options, and customers can also deposit premiums at authorized centers.
Authorized Banks for Premium Collection
Only 2 banks are authorized by LIC for collection of premium payments:
- Axis Bank
- Corporation Bank
LIC Payments via Franchisees & Authorized Banks
Many customers, unfamiliar with online services, prefer to pay premiums offline. LIC offers several premium payment options through various private companies and government service providers to cater to these customers.
Four service providers partner with LIC to offer offline premium payment services:
- AP Online: Andhra Pradesh Government’s official portal. This collection center accepts premium payments only for Andhra Pradesh State.
- MP Online: Madhya Pradesh Government’s official portal. This offline service accepts premium payments only for Madhya Pradesh State.
- Suvidha Infoserve: A s-commerce (social-commerce) unit offering various bill payment services to policyholders.
- Easy Bill Limited: Provides customers with a trustworthy and convenient bill payment service, allowing them to pay premiums at traditional neighborhood stores.
Key Points for Payments Through Franchisees & Authorized Banks
- Payments are accepted by these channels in cash mode only.
- Payments can only be made for active policies. These collection centers do not accept payments for certain LIC policies under the ULIP and SSS categories.
- Premium payment services are free at franchisees or authorized banks; consumers do not need to pay any extra fees, commission, or service tax to LIC agents.
- As mentioned, payments for the next fiscal year cannot be made through these collection centers. For example, you cannot pay the premium for March 2021 in March 2020.
- A late fee of 8% will be charged by LIC for every late premium payment.
- Once payment is made, the policyholder will receive a receipt from the collection center as proof of payment. LIC will not provide any special payment receipt for such transactions.
- You can find these franchisees or authorized banks on the official LIC website.
LIC Payments Through Agents/Merchants Collection
For added convenience, LIC also offers payment collection through authorized agents, including Senior Business Associates (SBA) development officers and retired LIC employees. Important points to remember when paying premiums through these agents:
- Agents can collect premium payments for ULIPs; however, health insurance policy payments are not yet included. Premium payments received through this channel are updated in real-time.
- Payments can be made by cash or cheque. However, out-of-station cheques will not be accepted by these collection agents.
- Once payment is made, the policyholder will receive a receipt from the collection agents as proof of payment.
- This agent payment mode does not accept premium payments for policies under the SSS category.
- Advance payments can be made up to 30 days prior to the active policy's due date. For some term plans, advance payments are accepted 15 days before the due date.
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 of 8% (minimum Rs. 5) will be charged for every late premium payment.
- In this payment mode, you cannot make payments for the next fiscal year.
- No service fees are charged for this payment facility.
LIC Payment via Paytm
Paytm, a popular mobile payment app, has introduced an LIC premium payment option to help customers and policyholders make easy payments without visiting the website or logging into an account. Payments can be made within a few clicks using net banking.
You can confidently use LIC online payment services and Paytm for your monthly premium payments!
In Case of Any Queries
The LIC Customer Care number is 022-6827-6827
Availability:
Monday to Friday: 8:00 a.m. - 8:00 p.m.
Saturday: 10:00 a.m. - 6:00 p.m.
