Insurance: Life insurance is financial tool designed to protect the policyholder’s family in case of their demise during the term. Purchase of insurance includes payment of premium (either one-time lumpsum or at regular intervals during the tenure) based on the terms and conditions of the policy.
In case your policy requires regular premium payment, this can be either on an annual, bi-yearly, quarterly or monthly basis. Today we explore how you can pay your of India premiums online and through the LIC app.
Pay LIC premium through the portal
Policyholders can avoid physical visit to the LIC office by availing the 24×7 service via the portal. You can choose to make such payments using credit card, debit card, net banking, unified payments interface (). Your policy will be updated in real-time, and you will be issued an e-receipt (which you can use for income-tax filing).
Policyholders are eligible to use this facility to pay premium for ordinary In Force policies and eligible for spot revival. It is not available for health insurance and salary savings scheme.
The website notes that users are advised to adopt one mode of premium payment and set standing instructions with banks in order to avoid double payment. Further, premium payments made through credit cards are subject to convenience fee, while no such fee is imposed for through debit-card, net-banking or UPI.
LIC Pay Direct
- Visit the “View Transaction Status” bar of “Pay Direct” option under “Pay Online” option through which premium was paid by you.
- Receipt can be obtained by giving policy number and transaction date and transaction type.
- In case double payment is made it will be refunded and credited back to your account within six to eight days. You can contact: bo_eps1@licindia.com
Mobile apps, UPI payments
- You can make the payments through the mobile payment apps — Amazon Pay, Google Pay, , PhonePe, Mobikwik, etc. of your choice. You can
- You will receive the payment receipt on your registered email ID and can also be downloaded from the payment history on your mobile apps.
- Payment of premiums through this facility are available for ordinary In Force policies and for policies eligible for spot revival except for , Health, e-term plans and salary saving scheme policies.
Net-banking, Billpay option
- In order to avail or Billpay facility users must opt for the net-banking facility with the bank. This option allows you to set standing instructions with your bank for automatic payments.
- The service comes without extra charges, and you can choose the bank account or credit card account you want to pay from as registered with the service provider.
- You have to add LIC as biller with the policy details and other requisite information. In general, you would have to enter the policy number, the instalment premium (without ), email-id and any other information. This is a one-time process for each policy.
- You can also decide in advance the date on which you want your account to be debited and can choose to modify your instructions during the intervening time.
- The /service provider sends these details to LIC for validation confirmation of the registration data at pre-determined intervals. In turn LIC validates the registration data and informs the bank/service provider about the registration status. It generally takes a week’s time for confirmation.
- Policies eligible for payment of premiums through this facility include the yearly, half-yearly and quarterly payments, except for ULIP, Health and e-term plans. Further, payments of single premium, ordinary monthly, NACH and salary savings scheme (SSS) are not available for this facility.
- Authorised banks include Axis Bank, Federal Bank, , Union Bank and LIC Mutual Fund. The authorised service providers include Indialdeas.com (BillDesk), Ingenico.com.
LIC premium payment: Top FAQs answered
When can I pay the insurance premiums? Premium can be paid 30 days before the due date to till the policy is inforce. Notably, on confirmation of the registration, LIC will regularly send the bills/invoices mentioning the due dates, premium amount, late fees, validity date, etc to the service provider/bank. As and when premium becomes payable under the registered policy, sends the bills to the bank/service provider, and the information will be displayed by the bank/service provider in your net-banking account page.
How to pay the insurance premiums through the banks/service providers? You have to log on to the bank/service provider’s website. On the web page, you have to mention the date on which you want your account to be debited and click the consent for the payment. The authorised bank will your bank account, consolidate the payments and send the consolidated amount to LIC.
The authorised service provider will send the instructions to the bank branch (as mentioned in your mandate form) and the bank will debit your account and credit the same to the service provider’s bank account, who’ll then remit the amount to LIC. Some service providers have auto pay facility where you can issue standing instructions to the service provider to debit your account as when the bill becomes payable.
How will the payment get accounted under the policy? All consolidated payments from the Banks/Service providers are accounted at PCMC Department, Jeevan Seva Annex Building, S.V. Road, Santacruz (West), Mumbai 400 054. E-receipts are sent to policies with registered id and printed receipts are dispatched through ordinary post for policies that do not have a registered email address.
Can the receipt issued be submitted for ITR? Yes, the signed receipt is valid for income-tax returns filing.
Where can I reach for queries? For any further clarification you can use SMS helpline. SMSLICHELP and send it to 92224 92224.Our Customer Zone Executive will shortly contact to resolve your query. LIC Call Center Services is also available 24 x 7 at 022-6827 6827.