LIC Online Payment Options & Process
LIC, also known as Life Insurance Corporation, is one of the India’s oldest, and leading, life insurance company. It is established in 1956. Once a time, LIC is the only insurance service provider in the company. It has offered insurance solutions to millions of customers. It has launched a wide variety of insurance solutions to fulfill the demands of the Indian customers.
It has offers services all across the India. By offering some very good life insurance plans, backed by the years of innovation, LIC is rated among some of the most popular, trusted and reliable life insurance providers in the country. LIC is the only public-sector investor in India. It is the most trustworthy and highly recognized names in the Indian life insurance sector.
With its widest range of worthwhile life insurance policies grouped across various segments and its ever-growing list of happy clients across the nation. Therefore, this is also the main reason, why LIC is ranked among the top insurance companies in the world.
But here is a fact, which is very disturbing. To submit the premium, many LIC policy holders spends many hours standing in the long queues at various branch offices of the LIC. The main reason of this is that most of the policy holders of the LIC does not know the procedure of paying premium online. To pay the LIC premium online, it is not necessary for the customers to stand under scorching sun and in the long queues.
Also, it is very simple to make payment of LIC premium online. It takes few seconds and few clicks of the mouse. The fantastic online premium payment facility is available to all the policyholders of the LIC, regardless of the kind of LIC life insurance product they owned.
By using the LIC online premium payment services, a customer can easily check his policy status and other important policy details, and can easily pay the premium online. Also, it is not important that the customer is registered with the LIC website or not.
In this article, we will disclose the process of making the online payment for submitting the LIC premium in few simple steps.
LIC Online Premium Payment Facility
A tool named LIC Pay Direct is recently introduced by the LIC. This tool helps you in paying your LIC premium online without going through the LIC Online Registration procedure.
With the world of insurance and banking is online, more and more customers were now preferred the convenience of making premium payment online. With innovation and time, the channels of making payment have become more and more advanced. For the benefit of their policy holders, LIC provides various channels through which the policyholders can make payments.
Payment of premium for the LIC policies can be easily done online by using various methods like at merchants, at franchisees, at authorized bank branches, and from the LIC website. Here we have created a list of all the choices through which customers can make premium payments for their LIC policies online.
Online Payment Channels of LIC
|Merchant||Franchisees||Authorised Banks||LIC Website|
|Premium Point||AP Online||Axis Bank||Net banking|
|Retired LIC Employee Collection||MP Online||Corporation bank||Debit Card|
|Life-Plus (SBA)||Easy Bill Pay||Credit Card|
Payment of Premium Via LIC Website
To make the payments for policies and plans in a convenient and secure manner, LIC has make a special website called as “Online Payment Gateway”, which is a demand based premium collection service. By visiting this website, customers can conveniently make payments of premium in a secure manner and in real-time through net banking. Customers can also make online payments of premium through debit card or credit card.
This facility is only provided to those customers who have enrolled their LIC policies on the LIC portal and registered themselves on the LIC website. Customers requires to remember few important points related to payment of premium through online payment gateway.
- Premiums can be paid for ordinary policies under monthly, quarterly, half-yearly, and the yearly mode of premium collection. Premium is paid only for in-force policies.
- Customers from outside India can also make payment of premium online via debit card, credit card or net banking.
- The channel of making payments is completely safe as data of policy is not shared in this procedure. The paid amount is completely encrypted.
- Customers does not need to pay any charge or fee for the online payment service.
- The payment gateway is IDBI for payment through credit card. Payment gateway is BillDesk for payment through internet banking or debit card.
- For the net banking method of payment, customers need to visit the LIC website to discover the banks which are authorized by LIC for making the payment of premium online. LIC supports all the major banks.
- Customers can receive the receipt for the premium payment on the website. The receipt can be printed and is sent to the policyholder through email.
- Advance payment period is fifteen days for the term insurance plan. Till the policy is in-force, the payment of premium can be done thirty days before the due date.
- If you pay the premium after the due date, a late fee at the rate of eight percent (minimum five rupees) is levied.
- For the upcoming financial year, premium can not be paid.
LIC Authorised Banks
LIC has partnered with India’s two prominent banks to offer extra convenience to their customers for paying the premium for the LIC policies. Customers of LIC can make the payment of premium at Corporation bank or Axis bank branches. Given below some important points regarding this method of online payment.
- Payment of premium can be done at any extension counter or branch of Corporation Bank or Axis Bank.
- At the authorized branches of the bank, the payment of premium will be accepted through a cheque or cash drawn on that bank.
- At the authorized banks, payment of premium can be done only for the active LIC policies. For the Salary Savings Scheme Policies, payment will not be accepted.
- For the regular life insurance policies, payment can be done before thirty days in advance. However, advance payments can be done fifteen days before the due date for the term insurance policies.
- Payment of premium for health policies and ULIP will not allowed.
- For those customers, who pay the premium late, a late fee is charged at the rate of eight percent (minimum rupees five).
- For the coming financial year, premium cannot be paid.
- After receiving the payment for the premium, the authorized bank will issue a receipt, which is signed.
- For some health protection policies and ULIPs payment of premium cannot be accepted. They are:
- 901 – Health Plus
- 902 – Health Protection Plus
- 193 – Money Plus
- 199 – Jeevan Shathi
- 191 – Market Plus
- 188 – Profit Plus
- 187 – Fortune Plus
- 180 – Money Plus
- 181 – Market Plus
- 173 – Jeevan Plus
- 140 – Bima Plus
- 172 – Future Plus
- There are some term policies which gives the option to pay the premium in advance. i.e. fifteen days before the due date. They are:
- 190 - Amulya Jeevan
- 177- Amulya Jeevan
- 153 – Anmol Jeevan
- 153 – Anmol Jeevan
Authorized/Franchisees Collection Centres of LIC
LIC has also partnered with a number of private and government owned companies and service providers to provide the facility of payment of premium to its customers. The four service providers under the Franchisees are Easy Bill Limited – a one of a type alternate bill payment service which is convenient and secure provide bill payment services through traditional family neighborhood stores, Suvidha Infoserve – an s commerce organization which offers various types of bill payment services, MP Online – official website of the Madhya Pradesh government, and AP online, the official website of the Andhra Pradesh government.
- When you make payment of premium through any of the authorized collection centers, which are mentioned above, you need to remember:
- Payment of premium will only be taken by cash.
- You can pay premium for only those policies which are active. For those policies, which are fall under SSS (Salary Savings Scheme), the collection centers will not accept payment.
- The facility for payment of premium is totally free.
- If you are making premium payment through a government owned collection center, then premium can be paid only for that specific state.
- A late fee at the rate of eight percent (minimum Rs. 5) is charged for the late premium payments.
- For the coming financial year, premium cannot be paid.
- The authorized collection center will issue a signed receipt after receiving the payment of premium.
- On the website of the LIC, customers will find the nearest collection center.
Agents/Merchants for The Collection of Premium
LIC has authorized some agents or merchants, who collect the premiums from the LIC policyholders. The persons authorized to collect premium are Retired Employees, Development Officers (Senior Business Associates) and agents at premium points. Here is some important information related to collection of premium by authorized agents.
- For the ULIP policies, the premium is collected by the authorized agents. But for the health insurance, premium is not collected. Payment of premium updating will be performed in the real time.
- Payment of premium to a Senior Business Associate will be performed through the LIC website. The payment will be make in real time and the SBA will give a valid receipt for payment.
- The SBA is also authorized to offer ULIP statements, certificates for income tax purposes, forms, surrender/loan/revival quotations, and policy status reports to the policyholders.
- Those LIC employees, who are retired, are fully authorized to collect the payment of premium. The payment of premium updating will be performed in real-time basis and can be make for ULIP policies also.
- Payment of premium can only be make for those policies, which are in-force, and for the ordinary policies with yearly, half-yearly, quarterly, and monthly modes of payment. Those policies which are issued under the SSS (Salary Savings Scheme), payment will not be accepted.
- Payment of premium can also have done through cheque as well as cash to any one of the three authorized agents like premium point collection agents, retired LIC employees and SBAs.
- Until the policy is active, the advance payment for premium can only be done thirty days before the due payment date. The advance payment of premium period is fifteen days before the due date for some selected term plans. These are:
- 190 - Amulya Jeevan
- 177 – Amulya Jeevan
- 153 – Anmol Jeevan
- 164 – Anmol Jeevan - 1
- If you pay premium after the due date, then a late fee at the rate of eight percent (minimum Rs. 5) will be charged.
- For the coming financial years, policyholders cannot make payments in advance.
- Payment of premium to authorized agents for the LIC policies is totally free. There is no any fee or service charge for this service.
Online LIC Premium Payment for Non-Registered/Registered Users
The facility to pay premium online has been initiated by the LIC to make the procedure of making premium payments safer and quicker. The online payment facility is offered to customers who have registered their policies on the Official LIC portal, as well as for those customers, who are not registered. The procedure for making the premium payment is different for both the two types of customers.
But, it offers the similar convenience of making payments from anywhere, and anytime. Customers can pay the premium of their life insurance policies online with a few clicks of the mouse and can enjoy life insurance services without any interruption.
Online LIC Premium Payment Via Net Banking for Non-Registered Users
The convenience of making premium payment is a facility which all the banks in India provide to their customers. This facility is especially useful when you have to make online payment of premium for your LIC policy. The procedure for this is hassle-free and very simple. Therefore, customers can do it very easily themselves.
Here we will write down all the steps that you require to follow to make the payment of LIC premium through the net banking option.
- Step 1 - First, you require to visit the official website of the LIC. The official address of the website is http://www.licindia.in/. To visit the website, you need to simply type this address in your web browser.
- Step 2 - After the website opened, you can view a box showing “Online Services”. It offers various options like Pay Premium Online, Customer Portal and Online Loan, etc.
- Step 3 - click on the tab “Pay Premium Online” under “Online Services” to begin the premium payment method for your LIC policy.
- Step 4 - After you click on the “Pay Premium Online” tab, a new page will open. It will show two squares. One is displaying “No Registration Required – Pay Direct”, and the other “Registration Required – Pay Premium through e-services”.
- Step 5 - You can click on the box labelled “Registration Required – Pay Premium through e Services”, if you have registered your policy on the official website of the LIC. You should click on the box labelled “No Registration Required – Pay Direct”, if you want to pay premium directly and not registered yourself on the LIC website.
- Step 6 - Here we will be displaying you the method of online payment when registration is not required. For this purpose, click on the “No Registration Required – Pay Direct” box.v
- Step 7 - You can view the next page containing a box, which shows “Pay Direct”. In the box, three options in three different boxes are given. These are ‘Pay direct – no registration required”, ‘Pay through e services – Registration required”, and “View Transaction Status”. In the ‘Pay direct” box, you can view a drop-down menu, which provide three options. “Renewal Premium”, “Loan Repayment”, and “Loan Interest Payment”.
- Step 8 - From the drop-down menu, you should click on the “Renewal Premium” option. It will redirect you to a new page which displays three boxes. These displays the total steps involved in the premium payment method. There are two tabs below the boxes. One is marked as “Back”, and the other is marked as “Proceed”. Click on the “Proceed”.
- Step 9 - The next page shows you the first step of payment of premium. It is “Customer Validation”. Here you need to enter some policy related details. You will need to provide the instalment premium amount, email ID, your registered mobile number, your date of birth and LIC policy number. After you fill all the details, you will be need to enter the captcha code in the designated box.
- Step 10 - Click on the “Submit” button, after you have filled the captcha code and all the details.
- Step 11 - Next, you will see the Payment Particulars page. Here you need to verify the information entered by you, which is related to the policy. After that you require to click on the tab “Checkout”.
- Step 12 - The following page will show a box again with many columns. It asks for your policy related details, and personalized columns for additional charges (If any). It will be added to the amount of payable premium. These are Late Fee, Tax Education Cess, and Service Tax. Along with a column “Pay Prm”, the total amount of premium payable will be displayed in the box. You require to tick the box below that column and then click on “Submit” button.
- Step 13 - This is the last step of the payment procedure. Here, you need to verify the payment details and choose the mode of payment. You can select between making payment of premium through IDBI gateway (Debit/Credit Card), or through BillDesk (Net Banking).
- Step 14 - To make premium payment through net banking, you require to click on the BillDesk gateway. This will redirect you to the page showing a list of banks to select from. All the prominent banks support the LIC online payment service. Therefore, customers can easily pay the premium online.
- Step 15 - Click on the name of the bank in which you have an account. And you need to use that bank for the net banking for making payment of premium. After that click on the “Submit” button to confirm.
- Step 16 - You will be redirect to the net banking login page of bank selected by you.
- Step 17 - To log in to your net banking account, enter the username and the password. After the log in, you will be asked to confirm the amount of payment.
- Step 18 - After confirming the payment amount, you require to follow the instructions for making the payment. For the net banking transactions, you will need to provide the grid numbers, which are mentioned on the back side of your credit/debit card which is linked to your account.
Online LIC Premium Payment for Registered Users
After registering your policy at the official website of the LIC, you can select to pay the premium through the e-services facility offered by the website of LIC. The steps to make online LIC premium payment are given below:
- Step 1 - Go to the official website of LIC http://www.licindia.in/. find the “Online Services Section” in the home page and click on the tab “Pay Premium Online”.
- Step 2 - It will redirect you to a new page. Here you will see two options. “Pay Premium through e-Services”, and “LIC Pay Direct Click”. You need to select the first option.
- Step 3 - You will now redirect to the e-Services page of the LIC, where you should click on the option “Registered User”.
- Step 4 - In the next page, you need to enter your login Id and Password of LIC website. Fill the necessary details and click on the “Submit” button.
- Step 5 - First, you require to enroll your policy on the website of LIC to get the details of the policy.
- Step 6 - Click on the tab “Enrol Policies”, below the e-Services section.
- Step 7 - After you click on it, you will require to provide details such as “Policy Number”, and the payable premium amount.
- Step 8 - On the left side of the page, you need to click on the tab “View Enrolled Policies”.
- Step 9 - A code will be shown on the next page. Fill the code and then click on the “Submit” button. Now you can view the details of your policy.
- Step 10 - You can see all of your enrolled policies in the online services website.
- Step 11 - In customer service, after seeing the policy details, you can view the option “Pay Premium Online” to make online payment.
- Step 12 - After that click on the tab “LIC Pay Premium Online”, and you can view the policies list, which you have enrolled in your account of LIC.
- Step 13 - At this page, choose the policies for which you want to make the payment for premium. To verify your selection, click on the submit button.
- Step 14 - It will redirect you to the payment gateway page, where you can choose to make the premium payment through the credit/debit card or through the net banking.
Online LIC Premium Payment Via Credit/Debit Card
Apart from net banking, you can also make the payment of premium for the LIC policy by using your debit card. The method for doing this is easy to understand and simple. Payments through credit/debit card will be perform through the IDBI gateway. To initiate the process of premium payment using your debit card, you can quickly follow Step 1 to Step 13 provided under “Online LIC Premium Payment Via Net Banking”. After that you required to follow the steps provided below.
You need to click on the option “IDBI Gateway”. It will redirect you to the next page, where you will discover various types of cards along with services tax and convenience fee. Choose the card, for which you want to make the payment. You’ll receive the total amount payable along with the service tax applicable. Click on the “Submit” option after choosing the type of card.
Next, you are redirected to a page, here you need to enter your credit/debit card details for transactions processing. The information includes your registered phone number, email ID, CVV number, date of expiry and card number. You also required to enter the captcha code.
After entering all the details, you need to click on the “Pay” option. It will generate a payment receipt and will send to your email id registered with LIC.
I hope you will find this information useful. Now, you can submit the LIC premium online. It can also save you from the inconvenience of standing in the scorching sun in the long queues.