[ecis2016.org] Here is a complete guide on LIC online payment procedure.

The Life Insurance Corporation of India, abbreviated as LIC, is one of the most renowned and longstanding life insurance firms in India. Since its inception in 1956, LIC has been offering insurance products to a vast number of customers throughout the nation. Throughout the years, the firm has grown both its activities and its product offerings to meet the insurance needs of an ever-growing population. To make premium payments easier for its consumers, India’s oldest insurance company has incorporated technology into its process. Existing LIC customers may manage their policies online and pay online if they have access to the internet. Alternatively, you may deposit your premiums online, a simple and convenient method.

You are reading: LIC online payment: All you need to know

LIC Pay Online (for registered users on the LIC website)

Step 1: To avail of LIC pay online, head over to the main website of LIC India www.licindia.in. Scroll down and hover over the ‘Pay premium online’ option. 

Step 2: After hovering over the ‘Pay premium online’ option on the main window, you will get a popup containing two options, ‘Pay Direct (Without login)’ and ‘Through Customer Portal’. Click on the ‘Through customer portal’ option. 

Step 3: By selecting ‘Through Customer Portal,’ a new page containing LIC’s ‘Login Address’ and ‘Password’ fields appears. 

Step 4: After clicking on it, you will be prompted to enter your registration details and the amount of the premium due.

Step 5: Once you have provided your information, you’ll be able to see a list of all of your registered plans.

Step 6: Out of this webpage, choose the plans for which you would like to pay premiums and validate your selection by clicking the Submit option.

LIC Pay Online (for non-registered users on the LIC website)

Step 1: Head over to the main website of LIC India www.licindia.in. Scroll down and hover over the ‘Pay premium online’ option. 

Step 2: After hovering over the ‘Pay premium online’ option on the main window, you will get a popup containing two options, ‘Pay Direct (Without login)’ and ‘Through Customer Portal’. Go to ‘Pay direct (without login)’.

Step 3: You will now be redirected to another website. Enter all needed fields on the given page, including the Reference Number, Birthdate, Contact Number, and email ID. And then click the ‘Submit’ button.

Step 4: After entering this data, you will be routed to the checkout page, where you can make your premium payment at your discretion.

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Step 5: Since your LIC online premium payments have been successfully completed, you’ll get an email confirmation with your digital signature attached as proof of your transaction.

Offline Payment for LIC

Premiums for LIC plans may be paid offline in any of the following ways:

NACH (National Automated Clearing House)

NACH is an acronym for National Automated Clearing House. It is a digital payment service provided by India’s National Payments Corporation (NPCI). You would need to file a NACH authorisation form to the LIC branch where you purchased the insurance. The form should include your bank account number. Following submission of the form, LIC will confirm it with the bank. If your bank approves the requirement, the premium will be deducted from your account automatically.

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Bill Pay

You may use your bank’s Bill Pay service to pay LIC online payment straight from your account. Bill Pay may be set up either online or offline. When you register, you authorise your bank to deduct your LIC premiums when they become due.

ATM

Paying your LIC premiums may also be done by using the ATMs of certain banks. There are ATMs at Corporation Bank and Axis Bank that accept premium payments. However, ATMs will not take monthly premiums or premiums paid under the Salary Savings Scheme. Users of Corporation Bank and Axis Bank may use ATMs to pay insurance premiums, but only if they’ve registered with their bank.

LIC Pay Online through an Agent/Merchant

LIC has authorised certain individuals or agents to collect premiums on its behalf. The following are some critical data about premium collecting by authorised people.

• Health insurance premiums must be paid directly to the insurance company; however, you may pay the agent directly for ULIP and life insurance products.
• There are no service charges or fees associated with this service.

LIC Pay Online through Debit/Credit Card

There’s now a debit/credit card payment option for LIC premiums. IDBI bank gateway will be used to complete the transaction, which is straightforward. Using a debit or credit card to pay your insurance premiums is easy.

Step 1: Once you’ve logged into the LIC billing website, choose the ‘IDBI Gateway’ option.

Step 2: Choose whether you want to use a debit or credit card to pay for your insurance premiums. This page will include information about relevant taxes and other costs.

Step 3: After entering and verifying the information, press the ‘Submit’ button.

Step 4: You’ll be sent to a screen where you may input your card information, such as your debit or credit card number, expiration date, CVV, and your name as it appears on your card, as well as your email address and mobile phone number.

Step 5: In the box, enter the captcha code.

Step 6: To complete the transaction, enter your OTP or ATM pin.

Step 7: Simply click ‘Pay’. Payment receipts will be emailed to your email account upon successful payment.

LIC Pay Online through Paytm 

Payments for LIC premiums may now be made using paid online Paytm, one of the most widely used mobile payment apps, without the need to visit the LIC website or use net banking, making it easier for consumers and policyholders to make payments.

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Step 1: Log into your Paytm account by using the Paytm app or visiting their website.

Step 2: Choose ‘Recharge & Pay Bills’ from the dropdown menu at the top right of the screen.

Step 3: Select the ‘LIC/Insurance’ symbol from the dropdown menu.

Step 4: Enter your LIC policy code and click ‘Proceed’ to make payments using your Paytm wallet or another payment method like a credit or debit card, or internet banking.

Step 5: Once the LIC insurance premium is properly paid, you will get a confirmation message by Paytm notification, SMS, and email.

Grace Period for LIC Pay Online

If you have not paid your LIC premium by the regular due date for a few plans, LIC provides you a grace period during which you may make payments without incurring interest or penalties. There is a 15-day grace period for insurance with monthly premium payments. The grace period is monthly from the due date for insurance whose premiums are paid quarterly, half-yearly, or even annually.

LIC Calculator

LIC’s Online Premium Calculator is a helpful resource whether you’re in the market for a new policy or want to renew an existing one. Instant premium quotes may be generated by using this calculator. The LIC Calculator is shown in the image below.

Tax benefits associated with LIC policy

How to verify the status of LIC Policy?

This displays whether or not your coverage has been paid in full or whether the policy has expired. Additional policy details, such as the state of your policy, are available in the Policy Status section, which you may use as a resource. This information may be obtained from your previous insurance provider’s location.

How to reinstate a lapsed Life Insurance Policy?

If your insurance has expired owing to non-payment of fees or failure to meet other requirements by the due date, the policy’s terms & conditions are null and invalid until you reinstate the coverage.

In order to reactivate expired insurance, the collected premiums and accrued interest must be paid, as well as the health criteria of the person involved.

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