In case your policy requires regular premium payment, this can be either on an annual, bi-yearly, quarterly or monthly basis. Today we explore how you can pay your Life Insurance Corporation of India premiums online and through the LIC app.
Pay LIC premium through the portal
Policyholders can avoid physical visit to the LIC office by availing the 24×7 service via the portal. You can choose to make such payments using credit card, debit card, net banking, unified payments interface (UPI). Your policy will be updated in real-time, and you will be issued an e-receipt (which you can use for income-tax filing).
Policyholders are eligible to use this facility to pay premium for ordinary In Force policies and policies eligible for spot revival. It is not available for health insurance and salary savings scheme.
The website notes that users are advised to adopt one mode of premium payment and set standing instructions with banks in order to avoid double payment. Further, premium payments made through credit cards are subject to convenience fee, while no such fee is imposed for payment through debit-card, net-banking or UPI.
LIC premium payment: Top FAQs answered
When can I pay the insurance premiums? Premium can be paid 30 days before the due date to till the policy is inforce. Notably, on confirmation of the registration, LIC will regularly send the bills/invoices mentioning the due dates, premium amount, late fees, validity date, etc to the service provider/bank. As and when premium becomes payable under the registered policy, LIC sends the bills to the bank/service provider, and the information will be displayed by the bank/service provider in your net-banking account page.
How to pay the insurance premiums through the banks/service providers? You have to log on to the bank/service provider’s website. On the web page, you have to mention the date on which you want your account to be debited and click the consent for the payment. The authorised bank will debit your bank account, consolidate the payments and send the consolidated amount to LIC.
The authorised service provider will send the instructions to the bank branch (as mentioned in your mandate form) and the bank will debit your account and credit the same to the service provider’s bank account, who’ll then remit the amount to LIC. Some service providers have auto pay facility where you can issue standing instructions to the service provider to debit your account as when the bill becomes payable.
How will the payment get accounted under the policy? All consolidated payments from the Banks/Service providers are accounted at PCMC Department, Jeevan Seva Annex Building, S.V. Road, Santacruz (West), Mumbai 400 054. E-receipts are sent to policies with registered email id and printed receipts are dispatched through ordinary post for policies that do not have a registered email address.
Can the receipt issued be submitted for ITR? Yes, the signed receipt is valid for income-tax returns filing.
Where can I reach for queries? For any further clarification you can use SMS helpline. SMSLICHELP and send it to 92224 92224.Our Customer Zone Executive will shortly contact to resolve your query. LIC Call Center Services is also available 24 x 7 at 022-6827 6827.
