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LIC Online Payment: Popularly recognized as LIC, Life Insurance Corporation has been one of the most prestigious names in the life insurance industry for a long time now.
The company was founded in 1956 and has been offering effective insurance policies to a large number of clients ever since.
While some of you may not know this, LIC is also the oldest insurance plan provider in the entire nation.
Over the years, the corporation did not only broaden its operations, but it also stayed updated with the changing technology.
Apart from being one of the most popular and reliable insurance companies, LIC has also become an innovative modern-day insurance ‘brand’ that millions of people trust.
LIC Online Payment is certainly one of the most convenient as well as effective features that the company has come up with.
By making their LIC Premium Payment Online, they get to enjoy a hassle-free and user-friendly process right from the comfort of their home.
If you are still not aware of how LIC online payment works, you don’t need to worry because we’ve got you covered!
In this article, we are going to provide you with a thorough guide for your Online LIC Policy Payment.
LIC Online Payment Facility
The entire insurance, as well as banking industry, has made a considerable shift towards digital modes.
LIC Online Payment facility allows the user to pay their premium in an instant and from the comfort of their home.
Over time, LIC Premium Pay Channels have also gone on to become extra simplified to ensure maximum ease-of-process.
There are numerous channels through which users can make their payments through LIC Online Payment Login.
One can make their Online LIC Policy Payment through various ways including the official online payment for lic premium Pay webpage, bank branches (of the authorized banks), franchisees as well as merchants.
LIC of India Online Payment Gateway is one of the most notable innovations of the company where users can easily make lic payment online their premium payments.
The following are different payment methods to keep in mind for LIC Premium Payment Online:
- LIC Website
- Net Banking
- Credit Card
- Debit Card
- Authorized Banks for lic online payment services
- Axis Bank
- Corporation Bank
- AP ONLINE Payment
- MP ONLINE Payment
- Suvidhaa Infoserve Pvt. Ltd (SIPL)
- Easy Bill Pay
- Premium point
- Life – Plus (SBA)
- Retired LIC Employee Collection
LIC Policy Payment Online through the website
LIC has established a different portal on its website named ‘Online Services’ where users can make a LIC online payment of your premium in a much safer as well as convenient way.
Users will easily be able to make their LIC of India Online Payment here in real-time through net banking.
Alternatively, they can also make use of their credit or debit cards for making the LIC online payment as well.
This LIC of India Online Payment facility is only available for all the users who have already registered and enrolled in their lic policy status on the official website of LIC.
The following are certain key things to keep in mind regarding the same:
How can I pay LIC premium online?
- For this feature on the lic online login website, users will need to click on the option of ‘Pay Premium Online’.
- Here, you are going to be brought to a different page showing two alternatives – ‘Pay Direct (Without LIC Login)‘ as well as ‘Pay Premium through e-Services‘.
- If you tap on the option of ‘Pay Direct (Without LIC Login)‘, you are going to be brought to a different page.
Here, you will need to choose from four different options that are as follows:
- Renewal premium/revival
- Advance premium payment
- Loan repayment
- Loan interest payment
If you tap on the option of ‘Pay Premium through e-Services‘, you are going to be brought to a new page. Here, you will need to submit some personal information including your LIC login ID credentials, date of birth, and others.
LIC Payment Online – For Registered and Non-registered Users
The facility of making payments online offers a great level of convenience and comfort to millions of users who have registered with different banks and insurance companies.
The special feature of LIC online payment was introduced to make payment procedures not only more convenient but also much safer as well as quicker.
This facility is available for both types of users who have and who haven’t registered their LIC policy on the official website of LIC.
However, the procedure for both types of users is slightly different.
The following is a thorough guide for both registered as well as non-registered users who wish to make their online payment for registerednonregistered.
LIC Payment Online Through Net Banking (For Non-Registered Users)
The following are all the simple as well as hassle-free steps for all the users who haven’t registered on the LIC website and wish to make their LIC online payment through net banking:
- To make your LIC online payment, you will first need to head to the official website of LIC.
- Here, you will find a box titled ‘Online Services‘ with different options under it like lic customer care, Online Loan, as well as Pay Premium Online among others.
- Choose the option of ‘Pay Premium Online’ for getting started with your LIC online payment process.
- As soon as you click on this tab, a different tab called ‘Pay Direct’ will be instantly opened on your screen. Here, you will be able to see two different sections named, ‘Pay Direct’ as well as ‘Through Customer Portal’.
- Now since you are a non-registered user at the LIC website, you will need to click on the option of ‘Through Customer Portal’.
- Now, tap on the box named ‘No Registration Required-Pay Direct’.
- Another page will now open with a ‘Pay Direct’ option with three different options underneath. The first will say Pay direct – no registration required, the second will say “Pay through e-services – Registration required’, and lastly, the third box will be titled ‘View Transaction Status’.
Within the box named ‘Pay Direct, you will be able to see a drop-down menu with four different options that are as follows:
- Renewal Premium
- Loan Repayment
- Advance Premium Payment
- Loan Interest Payment
You must click on the first option of ‘Renewal Premium’ out of this drop-down menu.
As soon as you do that, you will be brought to a different tap with three boxes appearing on your screen that will guide you through your LIC online payment process.
Below these three boxes, you will find two tabs named Back and Proceed respectively. You must tap on the latter.
Now the first step of your LIC online payment will begin wherein you must submit certain information related to your policy.
Precisely, you will need to enter your policy number, date of birth, contact number, email address, as well as the due amount of premium payment.
Once you have rightfully submitted all the details, a captcha code verification process will follow. After filling it successfully, tap on the Submit button.
After that, you will be brought to another page. Here, you will need to verify all the details that you just entered. Once you are done with it, tap on the option of Check out.
The next page is going to show a different box on your screen with numerous sections including information related to the policy as well as some specific sections about any extra charges that are going to be added to your premium payment.
These may include a Late fee, education cess, service tax, or others. The total amount of your premium that is payable by you is going to be displayed in a box together with a section ‘Pay Prm’.
There will be a box provided under this section and you will just have to tick it. After that, tap on the submit option.
Now you reach the last step of your LIC online payment procedure. Here you will need to confirm the details and choose your mode of payment.
You can select from the options available of net banking or debit/credit card through Billdesk Gateway as well as IDBI Gateway respectively.
Click on the former for making the payment through net banking. You will then see a list of all the banks that LIC supports for net banking.
Tap on the specific bank that you wish to choose for making your LIC online payment. After that, tap on the Submit option for confirmation.
You will now be brought to another page for your net banking login.
Here, you will need to submit your user ID for net banking as well as your password for logging in.
After a successful net banking LIC login, you will need to verify your payable amount.
Next, you will need to follow the coming instructions that will be provided to you for making the payment.
LIC Payment Online (Registered Users)
For registered users, the following are all the simple steps for making your LIC online payment:
- To make your LIC online payment as a registered user, you will first need to head to the official website of LIC.
- Here, you will find a box titled ‘Online Services‘ with different options under it like Customer Portal, Online Loan, as well as Pay Premium Online among others.
- Choose the option of ‘Pay Premium Online’ for getting started with your LIC online payment process.
- As soon as you click on this tab, a different tab called ‘Pay Direct’ will be instantly opened on your screen. Here, you will be able to see two different sections named, ‘Pay Premium through e-Services’ as well as ‘LIC Pay Direct’.
- Now since you are a registered user at the LIC website, you will need to click on the first option.
- You will now be brought to another page where you need to tap on the option of ‘Registered User’.
- Here you will need to submit your Login ID for LIC as well as your password. After submitting the required details, tap on Submit.
- Now, under the column of e-Services, you will see a tab named ‘Enrol Policies’. Simply tap on it.
- You will now need to submit your LIC policy number and payable amount of premium.
- Then tap on the option of ‘View enrolled policies’ available on the left-hand side of your screen.
- Now a code will show up which you have to fill and then click on Submit.
- You will now be able to see all the enrolled policies as well.
- After you have viewed your policy information, you will find an option of ‘Pay Premium Online’.
- After that click on ‘LIC Pay Premium Online’. Here, you will find a list of all the enrolled policies at LIC.
- Select the particular policy/policies that you wish to pay for and tap on Submit.
- After that, you will be brought to another page for your payment process.
- You will have to select from different modes of payment here including net banking as well as debit/credit card.
- Follow all the steps just as mentioned in the previous section.
Apart from net banking, users will also be able to make their Online LIC Policy Payment through their debit or credit card.
The procedure for doing the same is pretty direct and simple to understand. Payments using a debit card or credit card are done through the IDBI Online Gateway.
To get started on the procedure of making your LIC online payment through a debit/credit card, you will first be required to follow the exact steps that were mentioned in the previous section of LIC online payment through net banking (for non-registered users).
The difference begins from Step 16 of the net banking process where you have to choose the option of Debit/credit card instead of net banking.
The following are all the final steps you will need to follow for making your LIC online payment through a debit/credit card:
- Once you have tapped on the circle associated with ‘IDBI Gateway’, you are going to be brought to a different tab.
- Here you will be able to take a look at the Convenience Fee as well as Service Tax related to different card types.
- You must locate your particular card type and check your premium amount for finding out the amount of service tax levied on the amount. After that, tap on the Submit option.
- Once you have done that, you are going to be brought to another tab. Here, you will need to submit your debit/credit card details for finishing the transaction.
- Generally, these details include the number of your debit/credit card, its expiration date, CVV number, owner name (as written on the card), email address, and contact number.
- You will also need to complete the captcha code verification process that is going to follow after that. An OTP may also be sent to your registered mobile number.
- Click on the Pay option. You will then get a LIC receipt related to the payment you just made on the email address that you just submitted or the one submitted to LIC earlier.
Also read – LIC IPO Reviews 2022
LIC Policy Payment Online Through Paytm | Grace Period for LIC Premium Payment
Payment applications like Paytm are also in association with LIC through which policyholders can make their LIC online payment with maximum convenience.
The following are all the easy steps to make your lic premium payment online paytm
- To get started, users must have the application downloaded and installed on their smartphones.
- After that, you must register or sign in to your already existing Paytm account.
- As soon as you have launched the app, you are going to see numerous icons on your screen that represent specific categories for payment.
- You must choose the particular category titled ‘Insurance’ and after that, click on LIC.
- Once you have done that, you will need to submit your LIC policy number.
- Next, choose your desired mode of payment and finish off the transaction.
- After the complete confirmation process, you will receive a notification from Paytm that your LIC online payment was successful.
And that’s it! These were all the different methods offered by the insurance company through which you can make your LIC online payment with great ease.
There are also two more methods through which you can make the payment for your LIC premium. These are as follows:
LIC Franchisees or Authorized Collection centers
LIC India has also collaborated with several state-owned as well as private-owned companies for facilitating Online LIC Policy Payment for its clients.
The four different Franchisees include:
- AP Online,
- MP Online,
- Suvidha Infoserve
- Easy Bill Limited
AP Online is the Andhra Pradesh government’s official portal; MP Online is the Madhya Pradesh government’s official portal; Suvidha Infoserve is an s-commerce institution offering multiple services especially for bill payments, and Easy Bill Limited is a unique alternate service for bill payment which is not only safe but also convenient to use.
The following are some crucial things to keep in mind when making your LIC premium payment with these Franchisees:
- Payment for LIC Premium through this process is only going to be accepted in cash and any other means will not be approved.
- Premiums are only going to be approved for all those LIC policies that are effective at that point.
- The collection department will refuse to accept payment for any policies of LIC that fall in the SSS or Salary Savings Scheme.
- This LIC Premium Payment mode can also be availed free of cost. You will not be required to submit any kind of additional fee or service charge for its usage.
- If you are making your LIC premium payment through any of the state-owned centers, you will be able to make the payment just in that specific state.
- In case of any late payments, you are going to be charged a late fee of 8% which is going to be a minimum of ₹5.
- You will not be able to make your payment for the next fiscal year.
- After the center has received your premium payment, they are going to hand out a certified and valid LIC receipt.
- For such premium payments, LIC is not going to issue a separate LIC receipt.
- Clients will be able to find their nearest collection headquarters on the official website of LIC itself.
LIC Payment Online Through Agent or Merchant
The company has also offered authorized agents who work to collect the premium amounts for different LIC policies.
The following are key details about how the process works when making your LIC premium payment with agents & lic online payment issues:
- LIC premium Collection by legitimate agents is going to be performed for ULIP policies as well.
- However, it won’t be available for LIC health insurance. Updating of the payment is also executed in real-time.
- LIC premium payment made to the Senior Business Associate is going to be performed through the official LIC portal. The Online LIC Policy Payment is executed in real-time.
- After that, the SBA is going to print a credible LIC receipt of the payment.
- Moreover, the SBA is entitled to grant reports of the policy status, revival, loan, or surrender references, forms, documents for specifically income tax reasons, as well as ULIP statements to the policyholder.
- Former employees at LIC are incorporated in the legitimate LIC personnel as well who are entitled to collect your premium payments. Updating of the payment is executed in real-time.
- Premium payments will be executed only for those policies of LIC that are currently in force, as well as for common policies having per month, per 6 months, or annual payment modes.
- Payment is not going to be submitted for those LIC policies that have been listed under the SSS or Salary Savings Scheme.
- Premium payment for LIC can not only be made in cash but through cheque as well.
- The latter mode of payment can be made to any of the three credible agents that include the SBA, a former LIC employee, as well as agents working for premium payment collection.
- Advance payment for your LIC premium will only be approved a month before the due payment date and till the time your LIC policy is in force.
- Nonetheless, for certain select term policies, the period of advance payment is only 15 days prior to the due payment date.
- In case your LIC premium payment missed the due date, you will be charged a late fee at an 8% rate. This is subject to a minimum amount of ₹5.
- As a Policyholder at LIC, you will not be able to make payments for your premium for the upcoming fiscal year in advance.
- This facility to make payments for LIC premium to appointed agents will not cost you anything. No sort of service charge or an additional fee will be asked from the policyholders to use this facility.
Lastly, let’s take a quick look at all the benefits you get while making the LIC online payment for your premium.
Benefits of LIC Online Premium Payment
If you’re a policyholder at Life Insurance Corporation, there are going to be plentiful benefits that come with your LIC of India Online Payment.
Some of these include managing the payment on your own, being able to complete the LIC Online Payment from the comfort of your home, saving plenty of time and effort, being able to make changes, and much more.
You can also select the appropriate channel that you wish to use for making your LIC Online Payment.
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