Life Insurance Corporation of India, a renowned name in the field of insurance for decades, has created a mark for itself like no other insurance company to date. LIC specializes in serving different insurance plans to its customers depending on their needs and requirements such as investment plans, saving plans, health plans, child plans, and many more.
Life Insurance Corporation of India, a renowned name in the field of insurance for decades, has created a mark for itself like no other insurance company to date. LIC specializes in serving different insurance plans to its customers depending on their needs and requirements such as investment plans, saving plans, health plans, child plans, and many more.
With years of experience and delivering policies with top-notch quality and suitability of the buyers, Life Insurance Corporation of India has created trust and reliability amongst the insurers in India.
We are past the days of long queues outside the LIC’s branch office just to pay your premium dues. As the world is moving towards digitalization rapidly, so is the Life Insurance Corporation of India.
Now premium payments are just a click away. Here, you will understand the complete online premium paying process of LIC.
LIC of India Online Premium Payment
Sitting at your home and depositing your LIC premium with just a few simple steps is something people in the 80s would never imagine. Even though both online and offline processes of LIC premium payment are available in the market, individuals are getting attracted to the simple and hassle-free online process more.
Let us discuss the LIC of India’s online premium payment method in detail. However, before the payment process, here are the steps to be followed by first time users for registration:
Step 1: Visit LIC’s official website www.lic.in
Step 2: Click on the Customer Portal tab
Step 3: Click on the existing user if already registered and enter your credentials
Step 4: If a new user, click on the new user tab
Step 5: In the next screen, you will be required to fill in the following details
Policy number
Date of Birth
Email address
PAN Card number
Gender
Mobile number
Passport number
Step 6: Click on register
Step 7: After successfully filling in the details, you will be asked to sign up
Step 8: To sign up, you have to choose
Suitable user ID
Password
Enter your date of birth
Step 9: You have been successfully signed in
Step 10: In the next screen, select the self-policies tab
Step 11: You can now view your existing policies
Step 12: If you want to add another policy apart from the existing policies of yourself, your children, or your spouse, all you have to do is
Click on add policy
Enter your relationship with the policyholder
Enter policy number
Submit the details
This policy will now be reflected on your LIC e-Service page
Online Payment Facilities
After successful registration, you may need to know the LIC Premium online payment facilities offered.
To pay your premiums online through the e-Service portal, you can choose from:
Mode of payment
Net Banking
Debit Card
Credit Card
WALLET
UPI
Renewal premium can be made for all active policies, excluding Salary Saving Scheme Policies. Payment of premium can be made one month before the due date till the policy is in force.
Under VPBY and PMVVY plan policies, loan interest cannot be paid
All RBI approved Credit cards and Debit cards can be used for payments
LIC Premium Payment Channels Online
LIC Website
Authorized Banks
Franchises
Merchant
Net banking
Axis Bank
AP Online
Premium point
Debit Card
Corporation Bank
MP Online
Life – Plus (SBA)
Credit Card
Suvidha Infoserve
Retired LIC Employee Collection
UPI
Easy Bill Pay
BHIM
LIC Premium Payment Channels Offline
NACH
Bill Pay
ATM
LIC Online Payment
For Registered Users
Step 1: Visit the Life Insurance Corporation of India’s website
Step 2: Select from the two options under online payment:
Pay Direct (without login)
Through customer portal
Step 3: If chosen the Pay Direct option
Directly select payment type (no need for login credentials)
Step 4: If chosen the Through customer portal option
Log in with the login ID and password
Click on sign in after filling in the necessary information
Step 5: Once successfully logged in, the policy number and premium amount payable need to be provided.
Step 6: After submitting the details, you can now view all your policies
Step 7: Select the one you want to pay the premium for
Step 8: Click on submit
Step 9: Payment gateway will be the next page you will be redirected to
Step 10: Select the suitable payment option and make the necessary payment and your premium is paid in these simple and easy steps
LIC Offline Payment
NACH (National Automated Clearing House)
Under NACH, important documents are submitted in the respective branch office of LIC for payment of premium.
ATMs and Banks
Automated Teller Machine or their respective bank branch can be used by the following banks for making the LIC premium payment offline:
Axis Bank
Corporation Bank
Here are some points to remember while making LIC premium payment offline through banks:
Accepted
Not Accepted
Premium can be paid of active LIC policies only
Salary Savings Scheme (SSS) policies are not entertained
30 days advance premiums can be paid in case of a regular life insurance policy
15 days advance premium in case of term insurance policies
Signed receipt from the bank after payment of premium
ULIP and Health policy premium payments are not entertained
Premium payment can be made through cheque or demand draft
Premium payment for the upcoming fiscal year cannot be made
Sum it up!
The premium is the amount paid by the policyholder to the insurer in periodical installments, in exchange the policyholder will get insurance coverage. It can be paid monthly, quarterly, semi-quarterly, yearly (regular premium), or maybe just once at the very beginning while purchasing the policy (single premium).
With advancements in technology every passing day, online methods of payment have become more popular and stress-free.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
Simplify Your Life
By paying your LIC premiums online with Policybazaar in a few easy steps!