Thanks to advancement in technology and internet, the world of banking has shifted online. Since most active bankers are equipped with digitization, they prefer the convenience of carrying out transactions online.
For the ease of their customers, LIC offers its users various channels through which their customers can pay for their policies. Paying for LIC policies has become a lot easier. You can make LIC online Payments via authorized bank branches, at merchants or even at franchisees. Here, we have a thorough list of all the options by which customers can make their online LIC payments.
LIC Online Payment Channels:
- Authorized Banks
- Corporation Bank
- Axis Bank
- Retired LIC Employe Collection
- Premium Point
- Life Plus (SBA)
- LIC Website
- Credit Card
- Debit Card
- Net Banking
- Easy Bill Pay
- AP Online
- MP online
- Suvidha Infoserve
Premium Online Payments Through LIC Website:
To make secure and convenient payments for LIC plans, LIC has set up an Online Payment Gateway which is a premium service provided on-demand.
Using this portal, a customer can easily and securely make their payments in real-time, by means of net banking. Online payments for LIC policies can also be made on this portal using your credit card or debit card. However, this facility is only open to customers that are registered and have their policies enrolled on the portal.
Here are some important points you need to keep in mind regarding online portal payments.
Premiums can only be paid for LIC policies which are currently in-force, and for ordinary policies under the yearly, half-yearly, quarterly, and monthly mode of premiums collection. Salary Savings Scheme (SSS) policy payments will not be allowed using this portal.
Payments by means of LIC’s online payment portal can be carried our via net banking, debit card or credit card.
Payments made via this channel are completely secure.
The payment gateway via debit card or internet banking is BillDesk. For payment through credit card, the payment gateway is IDBI.
Receipt for the premium paid is available via email or online after the transaction has been made. You can also take a printout directly after the payment has been made.
A late fee of 8% (minimum of Rs.5) will be levied if your premium payment is made after the due date.
Premiums cannot be paid for the upcoming financial years.
Authorized Banks for LIC:
LIC has amalgamated with two leading banks of India to offer added expediency to their customers in making online payments for policies. LIC customers can choose to make their policy payments at either Axis Bank or Corporation Bank branches. Here are some points to keep in mind concerning this online payment process.
You can make Premium payment at any branch of Corporation Bank or even Axis Bank.
Premium payment(s) at authorized bank branches will be acknowledged either via cheque or in cash.
Authorized banks only accept premium payment for LIC policies that are still active or in-force. Payments will not be accepted for Salary Savings Scheme policies.
Premium payment can only be made 30 days in advance for standard life insurance policy plans. Nonetheless, for term insurance policy plans, advance premium payment can be made 15 days prior the due date.
Premium payment for Health policies or ULIP will not be allowed.
Premiums cannot be paid for the coming financial year.
A receipt will be provided by the authorized bank after receiving premium payments. No additional receipt will be issued by LIC.
LIC Franchisees or Authorized Collection Centers:
LIC has also amalgamated with numeral of government service providers and private owned service providers to simplify the premium payment process for all its clientele. There are a total of 4 service providers under Franchisees which includes
- AP online which is the official portal for the government of Andhra Pradesh
- MP Online which is the official portal for the government of Madhya Pradesh
- Suvidha Infoserve is an s-commerce association which provides a large number of bill payment services
- Easy Bill Limited is a convenient and secure alternative bill payment service provider which offers bill payment services through traditional and friendly neighborhood provisions or shops.
Things to Keep in Mind When Making Payments Via Authorized Channels:
The only mode of making Premium payment is cash.
Premium payment facilities are free. No service charge or extra charges are levied on this service.
Premiums can only be paid in the respective state where you’re making payments through government owned collection centers.
A late fee of 8% is levied for late payments of premiums.
Future financial year premiums cannot be paid in advance.
You will receive a valid receipt by the collection center. No other receipt will be provided by LIC.
To check the list of collection centers, kindly refer to LIC’s website.
Merchants or Agents For Premium Collection:
LIC has also certified selected agents and personnel who can accumulate premiums for LIC policies. Employees certified to collect LIC premiums include agents at Senior Business Associates mostly Development Officers and Retired Employees.
Kindly note the following:
- Payments for premiums can only be done for in-force polices. Ordinary policy payments can also be made on monthly, quarterly, half-yearly and yearly payments.
- Payment for policies under SSS (Salary Saving Scheme) will not be accepted.
- Cash and cheque payments are accepted at any of these three authorized agents i.e. Retired LIC employees, SBAs and Premium Point Collection Agents.
- Advance payments of premiums can be made 30 days before the due date. However, for selected plans, the premiums can be paid 15 days prior to due date.
- A late fee of 8 percent is levied upon late payment.
- Advance payments for upcoming financial years cannot be done.
- Payments for LIC Policy Premium are done free of service charge.
LIC Online Payment for Registered and Non-Registered Users
To make online LIC payments easier and convenient for users, Life Insurance Corporation’s portal offers it registered and non- registered users easy access to facilitate online payments.
Payments can be made anytime, anywhere using your debit card or credit card. All you have to do is go to LICs website and click on registered user or Non- registered user to proceed. From there on, you can make your premium payments as needed.