Everyone today is preoccupied with the future. People are also preoccupied with safeguarding their finances for their family in case of any untoward accident or incident. At this stage, many opt for life insurance policies or insurance that will help them keep up with the day to day running of their household. Life Insurance Corporation is the hope for many Indians; it is the largest Insurance Company in India.
LIC at a Glance
Life Insurance Corporation is an insurance group owned by the state with various offerings of insurance products like pension plans, insurance plans, online child insurance plans, special and group plans, etc.
LIC generally has agents through whom most of the business is conducted. However, with ongoing improvements in technology LIC has shifted most of its base to the online sector that has resulted in online LIC payment for premiums or new policies. Life Insurance Corporation offers a variety of options for the purchase of life insurance policies and premium payments.
How is Payment Done Online For LIC?
Life Insurance Corporation offers a solution to pay premiums through Online LIC payment. This is done through various modes discussed below.
To avail the Internet banking facility, visit the official LIC developed website https://www.licindia.in/ and select the Pay Premium Online link. The three payment options that will appear on the screen are credit card, debit card, and net banking. Payment can be done as a registered user of without registration on the LIC website.
Some features are mentioned below:
- All active policies and all modes of payment except the monthly or SSS (Salary Saving Scheme) can be paid.
- Premium can be made only for active policies and premiums for the next financial year cannot be paid online.
- Being an online facility payment can be made from any part of the world.
- Receipt of premium paid can be received immediately.
- This is a free service.
If the policyholder is a customer of Axis Bank or Corporation Bank, then the facility of net banking to pay premiums is permitted since they are LIC authorized banks.
Mobile payment is another mode of Online LIC payment where the LICMobile app can be downloaded on the smartphone and payments made directly.
Online LIC payment through Electronic Bill Presentment and Payment (EBPP) option
EBPP is a free of cost service of Life Insurance Corporation. To pay through EBPP service, the policy should be registered on the banker’s website, and the said request would be forwarded by the banker to the Life Insurance Corporation. This facility would be made available to the policyholder in 2 to 3 working days.
Once the authorization from LIC and the Bank is finalized, then the enabling of the EBPP facility would take approximately 2 to 3 working days.
Electronic Clearing Service (ECS) Payment
A policyholder is given the choice to pay the LIC premium through this facility by providing bank details along with ECS authorization. Thus allowing premiums to be deducted directly and automatically from the bank account.
- Five percent additional premium charges are waived from premium payments in case of Monthly ECS.
- Option for ECS can be done at the start of the policy or anytime during the insurance period.
- Receipt of payment can be traced in the bank statement or LIC officer annually.
- Once an ECS payment is activated on the policy no other mode of payment will be accepted for that policy
Paying for Your Premiums through the Offline Mode
Accessibility to the internet is not easily available everywhere especially in remote places in India, but LIC policyholders are widespread throughout the land. Renewal payments online are not possible here, and for this purpose, various alternate Offline premium payment options are facilitated.
- Life Insurance Corporation Branch Offices- Payments via cash, cheque or demand draft can be made at the LIC branch Office.
- Authorized LIC Agents can be approached, and payments in cash or by cheque can be handed over to these agents, and a signed receipt of acknowledgment is provided to the policyholder.
- Registered franchises of the LIC where premium payment can be made are:
- Axis Bank and Corporation Bank
- Easy Bill Limited
- Suvidha Infoserver Pvt.Ltd.
- MPonline only available in Madhya Pradesh
- APonline only available in Andhra Pradesh
It is a must to visit the collection centers and pay the premium via cheque or cash. The payment is then remitted to LIC via these authorized centers. To be on the safe side collect always collect the receipt of your payments.