After purchasing an insurance plan, the policyholder has to pay a certain amount at a specific period of time to the Corporation. He might have to pay it monthly, quarterly, semi-quarterly, yearly (regular premium), or maybe just once at the very beginning while purchasing the policy (single premium). Thus, this amount that is paid by the insured in order to get cover for risk from the Corporation is called the premium.

Since the introduction of LIC E-services, individuals can avail of numerous features from the comfort of their own houses. A few of those activities include:

• Checking the status and schedule of the policy
• Paying premiums online with the assistance of LIC Premium Receipt Policy
• Checking status of loans and claims
• Generating policy revival quotation
• Viewing the policy and proposal images
• Checking the dates as to when the premium has to be paid in order to avoid the policy from getting lapsed
• Adding and enrolling policies and checking policy claim history

How LIC Premium Payment can be made Online?

Here are the steps that one needs to follow to make the LIC Premium Payment online:

Step 1: After the individual has enrolled in the policy, he/she can click on the option "Pay Premium Online" and check the complete list of policies for which the premiums have not been paid.

Step 2: The policyholder can select the policy whose premium has not been paid.

Step 3: Thereafter, the user will be directed to a page where he can select the bank that he wants to make his payment from, and then he can go to the login page of the bank that had been selected earlier. It is required for the user to have a net banking account with any of the banks listed.

Step 4: After successfully logging in with the username and password, the amount of premium to be paid will be displayed on the screen.

Step 5: After carefully verifying the amount, the user can confirm the transaction, after which a message will be displayed whether the payment has been successfully completed or not.

Step 6: If the payment has been made successfully, an e-receipt along with the digital signature will be sent through the mail to the user.

What is the LIC Premium Receipt?

A Premium Receipt is a receipt or piece of documentation that shows the amount of premium that the policyholder has already paid against the policy.

Since recent times, the LIC Premium Receipt Policy has been shifted to the online mode for the customers' comfort, and visiting the branch itself is no longer required to avail various services.

After the introduction of the LIC Premium Receipt Policy that can be generated by policyholders online, the entire process has become extremely convenient and smooth as the customers now no longer have to go to the branch offices and stand in long queues for long hours to get the premium receipt/certificate. In addition, no time is wasted from the date of paying the premiums until the date of receiving the payment receipts.

There are also no hidden charges the user has to pay in order to avail of the service. The payment process is also extremely secure as the amount to be paid is encrypted and transported. Moreover, the login ID of LIC, as well as the selected bank, is only known by the user.

Core Benefits of Premium Receipts

The following are the key benefits of the LIC premium receipts:

• It allows the policyholders to keep track of the premiums that have already been made and the ones that are yet to be made.
• It helps them to remember the date on which the premium has to be made in order to avoid paying late fines and the plan from getting lapsed in extreme cases.

LIC Online Payment Channels

The following is the list of LIC Online Payment Channels:

• Debit or Credit Card
• Net Banking
• ATM Payment
• Bill Junction
• Bill Desk
• SMS Payment
• Portal Payment
• LIC Website Portal
• AP ONLINE Payment
• ECS Facility
• Comat Payment
• MP ONLINE Payment
• EBPP Payment provides by banks such as Citibank, HDFC Bank, Axis Bank, Federal Bank, and so on.

How to Download LIC Premium Receipt Online?

For non-registered customers, would first have to create an account by providing details such as name, date of birth, email address, registered mobile number, policy number, and the installment premium. The steps are followed thereafter areas mentioned as below:

Step 1: The user can visit the official page of LIC and select the “Online Services” option.

Step 2: On the next tab, the user has to click on the Registered User option.

Step 3: After filling in the details on the next page, the user will access the Welcome Page of the LIC website.

Step 4: Thereafter, the user can select the option of either “Individual Policy Premium Paid Statement” or the “Consolidated Premium Paid Statement."

• With the first option for the Consolidated Premium Paid Statement, users can get access to the statement of all the premiums paid and download that.
• With the help of the second option, i.e., the Individual Policy Premium Paid Statement, he can download an individual statement of the premium paid as per the name suggests.

Step 5: Here, the financial year and the policy number for an Individual Policy Statement for Premium Paid have to be chosen.

Step 6: Finally, the user has the freedom whether he wants to download the PDF format of the premium receipt or he can even print it.

Therefore, this is how a LIC Premium Receipt can be downloaded with ease by the user with the LIC Premium Receipt Policy.

As insurance is essential for the financial security of one’s family, it is imperative that one keeps track and is aware of the exact details and whereabouts of it. Therefore with the introduction of LIC Premium Receipt Policy, the entire process has become much simpler and hassle-free as the policyholders can easily download the receipts and check the amount that has already been paid in the form of premium and the amount that is yet to be paid until the end of the tenure of the plan.

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.