Today’s fast-paced world has greatly changed how we handle our daily tasks due to technological advancements. The insurance industry is one such area that has seen a significant change, especially in premium payments.
LIC Premium Payment Online Process
- You can use net banking or a debit or credit card to pay the premium for your enrolled policy if you are a Registered User, Agent, Development Officer, or Branch login.
- You can use Policy Details via LIC PayDirect to make premium payments for unregistered users without logging in. To make a payment, just enter your policy details and use a debit or credit card or net banking.
- All banks accept Net Banking accounts for the payment of LIC premiums.
- When using a VISA debit card, there is a convenience fee and service tax assessed.
- All non-ULIP policies have access to an online facility.
LIC Premium Payment Online via the LIC website
Online Services, an on-demand premium collection service, is a unique portal that LIC has set up so that customers can pay for their plans and policies safely and easily. Customers can quickly and securely use net banking to make their policy payments in real-time through this portal. They can also use a credit card or debit card to pay online for LIC policies. Customers who have registered and enrolled their LIC policies on the LIC website are the only ones eligible to use this service. When making payments through the online payment gateway, keep the following in mind:
- You will need to select ‘Pay Premium Online’ under this option.
- You will then be taken to a new page with the options “Pay Direct (Without Login)” and “Through Customer Portal” displayed.
- Upon selecting ‘Pay Direct (Without Login)’, you will be taken to a new page where you will need to make three selections:
- Renewal premium/revival
- Loan repayment
- Advance LIC premium payment
- Loan interest payment
- Clicking ‘Through Customer Portal’ will take you to a page where you have to enter information like your birthdate, password, and user ID.
LIC premium payment online For Registered Users
- To access the Customer Portal, navigate to the LIC official website using your login ID and password if you are a registered user.
- After that, choose Registered User, and the LIC login page will be displayed to you.
- Choose the ‘Through Customer Portal’ option located on this page.
- Proceed to sign in by entering your user ID and password.
- On the customer portal page that appears, you must choose the “Self/Policies” option. You can view the details of your policy by selecting this option.
- Next, choose Renew LIC Policy/Due Date from the menu.
- You must then choose the Pay Premium tab.
- You will be taken to the online payment portal after making your selection. Choose online banking or a credit/debit card as your payment method next.
- Act appropriately and congrats! Your payment for your LIC premium has been made successfully.
- You can download your premium payment receipt and check the registered email address if you would like more information.
LIC premium payment online For Non-Registered Users
- Visit the LIC official website, click the “Pay Premium Online” tab, and select the Pay Premium Online option if you do not yet have a registered user ID and password.
- Following your selection, you will be redirected to a new page where you can choose between paying directly (without logging in) and through the customer portal.
- Next, choose Pay Direct (No login) from the menu. This will direct you to the payment page where you can choose to renew your premium membership or revive it.
- Following your selection, you must enter your name, date of birth, email address, policy number, installment premium, and registered mobile number in the Customer Validation Form. After finishing, turn in the same.
- You will then be taken to the online payment gateway portal, where you can use net banking or debit/credit to make the payment.
- Once the payment has been made, congrats! Your payment for your LIC premium has been made successfully.
- You can download your premium payment receipt and check the registered email address if you would like more information.
LIC Premium Payment Through Debit/Credit Card
In addition to net banking, your debit card can be used to pay the premium for your LIC policy. It is a straightforward process to follow. Debit and credit card payments will be made through the IDBI Gateway. The following actions are outlined below:
- After you click the circle next to “IDBI Gateway,” a new page will open and you can see the Convenience Fee and Service Tax that are related to each kind of card. Determine the kind of card you have and the amount of premium you need to pay to find the service tax that will be applied to your outstanding balance. Next, click on “Submit.”
- After that, a screen will appear and require your card details to be entered to finish the transaction. Usually, the card will ask for your name, email address, phone number, CVV2/CVC2 number, debit/credit card number, and expiration date. Enter the captcha code that also shows up in the box. As an alternative, you can pay using an OTP, ATM PIN, or password.
- Press the “Pay” button. Regarding the payment made on the email address you have registered with your LIC policy or that you have provided, you will receive a receipt.
LIC Franchisees/Authorized Collection Centers
To make premium payments easier, LIC has also partnered with numerous Indian government organizations and agencies. The four corresponding suppliers are:
- AP Online: The official website of the government of Andhra Pradesh.
- MP Online: The official Madhya Pradesh government website.
- Suvidha Infoserve: In rural areas, it offers bill payment services.
- Easy Bill Limited: An alternative method of paying bills online.
Please read the following advice before completing the next payment through these channels.
- Only currently operative policies are eligible for payment.
- The only accepted payment method for the premium is cash.
- The premium payment for any forthcoming fiscal year is non-refundable.
- If the premium is not paid by the deadline, there will be a late fee of 8% (minimum ₹5).
- The LIC’s official website allows you to find the location of the closest collection center.
- There are no additional fees associated with using this service, which is available for free.
- The premium can only be paid in that particular state if the collection center is owned by the government.
- An acknowledgment slip will be provided by the relevant bank after you have paid the premium.
LIC Payment Through Agent/Merchant
- Via the LIC portal, the premium for a Senior Business Associate will be paid in real-time. They are also able to issue ULIP statements, application forms, IT certificates, and policy status reports.
- One of the three approved agents—retired LIC employees, SBAs, and premium point collectors/collection agents—may also receive a check for this premium payment.
- Thirty days before the last day of payment, advance premium payments can be made. The advance premium payment period for term plans is fifteen days.
- The three authorized personnel are not required to charge for the services they perform.
Conclusion
The article emphasizes how changes in technology have a profound effect on LIC Premium Payment Online. While non-registered users can easily navigate the process, registered users can manage payments efficiently on a secure and convenient platform provided by the online portal. The Online Gateway streamlines debit and credit card payments, making the process easy. Adopting digital options improves overall customer satisfaction while streamlining the payment process.
FAQ of LIC Premium Payment Online
Q1. Which numerous advantages come with making premium payments online?
Ans. There are several advantages for LIC policyholders when it comes to online premium payments. Making premium payments online has several benefits, including the ability to issue payment instructions, authorize payments from any location, save time, and modify instructions. The institution from which one wishes to transfer is another option.
Q2. Which LIC Policy Premiums May Be Purchased Online?
Ans. Online transactions are permitted for insurance policies that are accessible via a Metro Area Network (MAN) or Wide Area Network (WAN). Digital transactions are also permitted for policies that are being serviced in network branches and those that accept standard payment methods.
Q3. Is there no cost for this facility?
Ans. Yes, there is no cost or hassle associated with using this facility. Life Insurance Corporation has partnerships with some banks in which the former pays the latter a monthly fee for each online transaction made by the latter. The policyholder, or end-user, won’t be required to make any out-of-pocket payments.