Best 5 Methods To Pay LIC Premium Policy Online 2020

LIC Premium Policy Online: It is Now Available On Online. You Can Make Payment Online. All LIC Premium You Can Pay. We are added Best Methods and Tricks To Pay LIC Premium Methods Online. You Can Use all Methods And Pay Premium Online. So Hurry Up

LIC Premium Policy Online Payment Methods

• Pay with Paytm
• To Pay With Phonepe App
• Pay With Freecharge App
• Online Payment
• Offline Payment
• Payment Through Bank
• Via Agent/ Merchant

Best 5 Methods To Pay LIC Premium Policy Online 2020

1st Method – Pay LIC Premium Policy Online Using Paytm?

1. Open Paytm app

2. Login Your Paytm Account

3. Go to LIC Option

4. Enter Your Policy number

5. Show Your Policy Amount

6. Choose Payment method

7. Make Final payment

2nd Method – Pay LIC Premium Policy Using Phonepe App

1. Open Phonepe App

2. Login Your Account

3. Go to LIC Payment option

4. Enter Your Policy Number And Eamil id

5. Now Show Your Policy Amount

6. Make Payment

7. Done

3rd Method – Pay LIC Premium Policy Using Freecharge

1. First of all , Visit Freecharge.in or Download the App

2. Register or Login to your account

3. Select Insurance Option >> Select your Company >> Enter your policy Details >> Enter above Rs.1000 Amount

4. Apply the Promo code : INS50 and Complete the Payment using Any Online Method

5. Your Due Insurance Premium will be Immediately Pay and Rs.50 Cashback will be Credited to your Account

6. Now initiate a Mobile Recharge , Pay bills and Enter your Mobile Number , Enter amount Rs.50 and Make the payment using Credits

7. Enjoy

4th Method – Pay LIC Policy Premium Payment Official Website

Step 1 – Visit LIC India website. Select from the two option “Pay direct” or “Through customer portal”.

Step 2 – The following options will ask you to provide details and credentials of your LIC policy. The LIC login ID and password will be required if you select the customer portal option. Provide the necessary information and click on the Submit button.

Step 3 – Once clicked, you will be asked to provide your policy number and the premium amount payable.

Step 4 – After you have entered the details, you will be able to view all of your enrolled policies.

5th Step – After viewing your policy details on the portal, you will be able to see an option “Pay Premium online” to enable you to make the payment online.

Step 6 – From this page, select the respective policies for which you want to pay the premium for and click the Submit option to confirm your selection.

Step 7 – You will be redirected to the payment gateway page where you can select to make the prefered payment option either net banking or credit/debit card.

5th Method – Paying LIC premium offline

Offline premiums for LIC policies can be paid in any of the below-mentioned ways –

NACH (National Automated Clearing House)

NACH means National Automated Clearing House and it is an electronic payment facility offered by the National Payments Corporation of India (NPCI). You would have to submit a NACH mandate form at the nearest LIC branch from which you have bought the policy. Your bank account number should be mentioned on the form. After the form is submitted, LIC would clear it with your bank. If your bank validates the mandate, the premium would be automatically debited from your bank account.

Bill Pay

You can register with your bank to pay LIC premiums directly from your bank account through Bill Pay facility. You can register for Bill Pay facility online or offline. After registration, you give your bank the authority to debit LIC premium from your bank account whenever it is due.

ATM

You can also pay your LIC premiums through the ATMs of specified banks. Axis Bank and Corporation Bank will allow you to pay premiums through their ATMs. Premiums for all types of LIC policies, except unit-linked plans, health plans and online term plans, can be paid through ATM. Monthly premiums and premiums payable under the Salary Saving Scheme would, however, not be accepted at ATMs. To pay premiums through ATMs, you would have to register for the same with your bank and the facility is available only to the customers of Axis Bank and Corporation Bank.

Benefits of LIC online payment

By allowing online payment facility for premiums, LIC has offered its customers a host of benefits. These benefits are as follows –

• Customers can pay the premium even on the move as they don’t have to visit the branch of the company for premium payment
• Online premiums are credited almost instantly in real time-saving time for policyholders
• Even if the payment is made through alternate channels like merchants, franchisees, authorized banks, etc. no additional charges are levied which make the payment easy and convenient for the policyholder
• Given the different means of LIC online payment, you can choose any mode which is suitable for you and gets the job done quicker
• You immediately receive the premium receipt which you can use as proof in case of any type of premium payment-related disputes
• The chances of policy lapse reduce as you are given various options of paying premiums. Thus, you can easily continue your coverage and enjoy the benefits the policy has to offer

Ways to pay LIC premium online

The Life Insurance Corporation of India (LICI) was established on 1st September 1956 when the Indian Parliament passed the Life Insurance Corporation Act to nationalize the life insurance business. LIC, therefore, became the sole life insurance provider in India enjoying a monopoly position in the insurance market. The company is, therefore, the oldest life insurance company in India and enjoys a customer base of more than 250 million individuals. Today, the company has a presence pan India with more than 2040 branch offices and 113 divisional offices. The company issues all types of life insurance policies so that individuals with different financial needs can find a suitable insurance solution at a single platform.

Since LIC is trusted among its customers, it has the largest market share in the life insurance segment. Many of its policies have been subscribed by policyholders who continue to enjoy good coverage under LIC’s plans. To make premium payments easy, LIC offers its customers various ways in which the premiums can be paid. Let’s understand what these premium payment ways are –

There are, broadly, two ways of paying LIC premiums – offline and online. Each of these ways is further sub-divided into different means to offer you flexibility in premium payments.

FAQ

When To Pay LIC Premiums
LIC usually sends premium notices one month in advance to the due date of the premium
The first page of the policy bond highlights the months in which premiums are due.

How To Pay Premiums

The various methods of paying LIC premiums are:

• By cash, local cheque (subject to realization of the cheque), Demand Draft at Branch Office.
• Demand Draft, cheques or Money Order be sent by post.
• Standing instructions from your respective bank to remit the premiums.
• Through Internet banking
• Premium payment can also be made through ATMs of Corporation Bank and UTI Bank.
• Premium payment can also be made through Electronic Clearing Service (ECS)

How to check LIC Policy Status
Status of your policy indicates if your policy is active or has lapsed due to non-payment of premium or policy has crossed expiry. Policy status also provides other important information with respect to your policy, which you can utilise for your reference.

The status of your policy is available at the branch that served your policies.

How to Revive a Lapsed LIC Policy
If your policy has lapsed due to non-payment of premiums or other criteria within the due date, the terms and conditions of that policy are void, until you revive your policy.

To revive a lapsed policy, a payment of the accumulated premium along with interest as well health requirements of the concerned individual as required.