LIC Online Payment

Life Insurance Corporation (LIC) is one of the leading insurance providers in India that was established in 1956. It is a public sector enterprise that offers several insurance products to cater to the insurance needs of a wide range of customers. LIC policies serve the purpose of investments, and people are always on the lookout for tax-saving investment options. As income tax rates increase with an increase in yearly income, taxpayers prefer investment schemes that help them save their hard earned money.  LIC has several such policies that not only enable customers to invest in savings but also enjoy the benefit of tax exemption.

Life Insurance Corporation (LIC) of India offers an array of insurance plans to its customers. Over time, this company has expanded its operations as well as its products to cater to the insurance needs of India's ever-increasing population. LIC is counted among some of the most reliable and popular life insurance providers in India.

As the world of banking and insurance gradually shifted online, more and more people now prefer the convenience of online transactions and payments. With time and innovation, most companies have been able to improve these channels of payment. LIC also offers a number of channels through which customers can pay the premiums for their LIC policies. To ensure convenience to their customers, LIC offers a variety of ways of online transactions available at the LIC website, at authorized bank branches, at franchisees and even at merchants. Refer to this list of the available options through which customers can pay for their LIC policy premium online.

LIC Online Payment Channels

Premium payment through LIC website:

• Net banking

• Debit Card

• Credit Card

One can make payments for their LIC plans and policies securely and conveniently through a special portal called ‘Online Payment Gateway.’ It is an on-demand premium collection service which allows customers to easily make their policy payments securely via net banking, in real-time. Alternatively, customers can also make online payments using a credit card or debit card. This facility is only available to customers who have registered and enrolled their LIC policies on the LIC website. These are a few important things to remember regarding the Online Payment Gateway:

• You can pay the premiums only for active policies that are under the yearly, half-yearly, quarterly or monthly mode of premium collection. You cannot pay the premium for Salary Savings Scheme (SSS) through this portal.

• Customers from outside India can also use LIC’s online payment portal (net banking, credit card, or debit card).

• It is an extremely secure payment channel as policy data is never shared in the process. The entire transaction, including the amount to be paid, is completely encrypted.

• This online payment service does not incur any additional fee or charge.

• BillDesk is the payment gateway for payments via debit card or internet banking whereas IDBI is the gateway for credit card payments.

• Net banking customers can find out the banks which are supported for online payment from the LIC website. Most major banks are supported.

• The receipt for the premium paid can be viewed on the portal itself. The receipt is also sent to the policyholder through email.

• The portal for premium payments opens 30 days before the due date. The same is 15 days for term insurance plans.

• If the payment is delayed until after the due date, a late fee is imposed at the rate of 8%

• Premiums for the upcoming year cannot be paid through this portal

Authorized Banks for LIC

• Axis Bank

• Corporation Bank

LIC has partnered with two leading Indian banks to provide additional convenience to their customers. LIC customers can make payments for their policy premium at Axis Bank or Corporation Bank branches. These are a few important things to remember regarding paying LIC policy premiums at the designated banks:

• Customers can visit any branch or extension counter of Axis or Corporation Bank to make the premium payments for their LIC policies.

• The premium amount can be paid at authorized bank branches either in cash or through a cheque drawn on the concerned bank.

• This mode of premium payment is only applicable to LIC policies that are still active. Salary Savings Scheme policies, ULIP and Health policies are excluded from this benefit.

• The premium payments through this mode can be done 30 days in advance of the due date. The same is 15 days for term insurance plans.

• If the payment is delayed until after the due date, a late fee is imposed at the rate of 8%

• Premiums for the upcoming year cannot be paid through this method.

• The authorized banks issue a signed receipt for such payments upon receiving the premium payment. This receipt is completely valid and LIC will not issue any other receipts.

LIC Franchisees/Authorized Collection Centres

• AP Online

• MP Online

• Suvidha Infoserve

• Easy Bill Pay

LIC has partnered with a few government-owned and privately-owned service providers to facilitate a convenient mode of premium payment for its customers. The 4 service providers include AP Online (official portal for the Andhra Pradesh government), MP Online (official web portal for the Madhya Pradesh government), Suvidha Infoserve (an s-commerce organization that provides numerous bill payment services) and Easy Bill Limited (a secure and convenient alternate bill payment service that facilitates bill payment services through traditional friendly neighbourhood stores). While making payment using any of these authorized collection centers, customers must remember the following:

• Premium payments made through this mode is possible only through cash.

• Premiums will be accepted only for active policies. Salary Savings Scheme policies, ULIP and Health policies are excluded from this benefit.

• This facility is free of cost and the service providers cannot charge an additional fee for this service.

• The government-owned collection centers can collect the premium only in that particular state.

• If the payment is delayed until after the due date, a late fee is imposed at the rate of 8%

• Premiums for the upcoming year cannot be paid through this method.

• The authorized collection centers issue a signed receipt for such payments upon receiving the premium payment. This receipt is completely valid and LIC will not issue any other receipts.

• The LIC website contains a list of these service centers.

Merchants/Agents for Premium Collection

• Merchant    

• Premium point

• Life – Plus (SBA)

• Retired LIC Employee Collection

LIC has authorized personnel or agents designated to collect premiums for LIC policies. People authorized to collect premium include agents at premium points, Retired Employees and Senior Business Associates (Development Officers). Here are some important details worth remembering regarding premium collection by authorized agents:

• This service is extended to life insurance and ULIP policies but not for health insurance. Premium payment updating will also be done in real time.

• Premiums paid to a Senior Business Associate is done in real time through the LIC portal and a valid receipt for the payment is issued by the SBA.

• The SBA can also issue policy status reports, ULIP statements, quotations for revival/loan/surrender, forms, certificates for income tax related purposes to policyholders.

• Retired LIC employees are also authorized for collecting premium payments.

• This mode of premium payment is only applicable to LIC policies that are still active. Salary Savings Scheme policies and health policies are excluded from this benefit.

• Retired LIC employees, SBAs and premium point collection agents accept premium payment in cash and through cheques.

• Advance premium payment is allowed only 30 days before the due date for normal active policies. The same is 15 days for some select term plans.

• This facility is free of cost and the service providers cannot charge an additional fee for this service.

• If the payment is delayed until after the due date, a late fee is imposed at the rate of 8%

• Premiums for the upcoming year cannot be paid through this method.

LIC Online Premium Payment for Non-Registered Users

Most Indian banks offer the convenience of making transactions online to their customers. This facility is extremely handy while paying premiums for LIC policies. The process is quite simple and hassle-free. Here are the steps that one must follow to make LIC policy premium payment using the net banking option.

• Visit the LIC website at www.licindia.in.

• Once the website opens, look for a box labeled ‘Online Services.’

• Under ‘Online Services’, select the ‘Pay Premium Online’ option to initiate the payment process.

• You will be redirected to another page called ‘Pay Premium Online’ that contains two options - ‘No Registration Required – Pay direct’, and ‘Registration Required – Pay Premium through e-services’. Those who have not registered their policy on the LIC website can pay the policy premium directly by clicking on the box labeled ‘No Registration Required – Pay Direct’.

• After clicking on ‘No Registration Required – Pay Direct’ box, you will be taken to a new page containing a ‘Pay Direct’ box with 3 options - ‘Pay direct – no registration required’, 'Pay through e-services – Registration required’ and ‘View Transaction Status’.

• Click on the ‘pay direct’ box to get 3 options – Renewal Premium, Loan Repayment, and Loan Interest Payment.

• Click on the ‘Renewal Premium’ option.

• Complete the Customer Validation procedure by providing some policy-related information like LIC policy number, date of birth, registered phone number and email ID, and the installment premium amount to be paid.

• Enter the captcha code in the designated box.

• Enter all the information, the captcha code and click on Submit.

• You will be taken to the Payment Particulars page for verifying the information entered about the policy. Cross-check all information and select ‘Checkout’.

• The next page will display the policy related information along with all the due charges. The total premium amount will be shown in the box.

• The next step would need you to confirm the premium details and then select the mode of making the payment.

• Select the payment mode from the available options like net banking (through the BillDesk Gateway) or via Credit/Debit card (IDBI Gateway).

• Make the payment.

LIC Online Payment for Registered Users

Those who have already registered their policies on the LIC website can choose to pay the premium for the policy through the e-Services facility offered by the LIC website. These are the steps to make premium payments using that facility:

• Visit the LIC website at www.licindia.in.

• Once the website opens, look for a box labeled ‘Online Services.’

• Under ‘Online Services’, select the ‘Pay Premium Online’ option to initiate the payment process.

• You will be redirected to another page called ‘Pay Premium Online’ that contains two options - ‘No Registration Required – Pay direct’, and ‘Registration Required – Pay Premium through e-services’.

• Click on the box called ‘Registration Required – Pay Premium through e-services’

• You will be redirected to the e-Services page. Click on the ‘Registered User’ option.

• Log in using the LIC login ID and password.

• Enroll your policy on the website by clicking on 'Enroll policies' in the e-Services section.

• Provide your policy number, the premium amount payable and other required details.

• Click on the ‘View enrolled policies’ tab found on the left side of the page.

• Enter the captcha code and click ‘Submit to view the policy details.

• Verify the policy and then select the “Pay Premium online” option to make the payment online.

• Click on the ‘LIC Pay Premium Online’ tab. A list of enrolled policies under the LIC account will be displayed.

• Select the policies to pay the premium for and click on Submit.

• You will be taken to the payment gateway page. Select the payment mode from the available options like net banking (through the BillDesk Gateway) or via Credit/Debit card (IDBI Gateway).

• Make the payment.

FAQs

What are the different benefits of paying premiums online?

• payment instructions can be issued easily,

• payments can be authorized from any location,

• it is time-saving,

• instructions can be modified,

• select the most convenient mode of payment.

Which LIC Policy premiums can be paid online?

All those insurance policies which can be accessed through Metro Area Network (MAN) or Wide Area Network (WAN) are allowed online transactions. Moreover, the policies which are undergoing servicing in network branches and also the policies that have an ordinary payment mode get the digital transactions facility.

Is the online payment facility free of cost?

Yes, absolutely free of cost.

Which establishments have been authorized for collecting LIC premiums online?

The banks that have been authorized for collecting premiums online are ICICI Bank, Bank of Punjab, UTI Bank, HDFC Bank, Federal Bank, Citibank, and Corporation Bank. The authorized service providers are Billdesk.com, Billjunction.com, and Timesofmoney.com.

In which cities do Service Providers operate?

Billjunction.com has establishments in Mumbai, Delhi, Chennai, Bangalore, Hyderabad, Kolkata, Ahmedabad and Pune. Timesofmoney.com operates in New Delhi, Bangalore, and Mumbai. Billdesk.com has establishments in Baroda, Surat, New Delhi, Mumbai, Pune, Kolkata, and Ahmedabad.

How to add the details on the website of the service provider or bank?

Log in using the correct username and password and then enroll the policy details. This process is a one-time requirement. Make sure to add LIC as a biller.

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