Pay Your LIC Premium Payments Online in 2023: The Life Insurance Corporation of India (LIC) offers more options for insurance coverage than any other Indian insurer. Online payment of LIC premiums is one of the most practical options available. Insurance premiums can be paid at any time, from any location, with the convenience of online payment. In this article, we’ll go through how to pay your LIC payment online and why doing so is advantageous.
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Benefits of Paying LIC Premiums Online:
- Convenience Online LIC premium payment is a time- and labour-saving option. There is no need for the policyholder to make a trip to the LIC office or stand in line to make a premium payment. Anyone with access to a computer, laptop, or smartphone can pay online from the convenience of their own home or place of business.
- Time-saving Saving time and effort, online premium payment also lowers the requirement for paper documentation. The insured will receive an immediate acknowledgement of the payment.
- Quickly Review Past Transactions When a policyholder pays their premiums online, they are given access to a wealth of information about their policies, including their payment history. Accessible at any moment, this data can be used to monitor the standing of the policy and keep payments on schedule.
- Safe Online Shopping Cart The online premium payment channel provided by LIC is safe and secure. The policyholder can safely and confidently pay with a variety of methods, including debit cards, credit cards, net banking, or the Unified Payments Interface (UPI).
- Zero Cost If you pay your LIC premiums online, you won’t be charged any extra fees. There are no additional service fees or transaction costs added to the premium that the policyholder must pay.
How does the LIC premium payment service work online?
The Life Insurance Corporation of India (LIC) offers its policyholders the convenience of paying their insurance premiums online through the LIC website or mobile app using the IC Online Premium Payment Facility. Policyholders of LIC can now pay their premiums without physically going to a branch office, thanks to this convenient new service.
Policyholders can use their debit card, credit card, net banking, or UPI to pay their premiums online through LIC’s Online Premium Payment Facility. In comparison to more conventional premium payment methods, this one is quick, easy, and safe.
Accessing your premium payment history, including the amount paid, when it was paid, and the current status of your insurance, is a breeze using LIC’s Online Premium Payment Facility. Accessible at any moment, this data can be used to monitor the standing of the policy and keep payments on schedule.
The ease of LIC’s online premium payment facility is one of its main benefits. Policyholders can make payments by computer, laptop, or smartphone from the convenience of their own homes or workplaces. They can now avoid the lengthy wait times and paper paperwork required at LIC counters.
Saving time is another perk of LIC’s online premium payment facility. Paying bills online saves time and effort by doing away with the need for physical papers. A confirmation of the premium payment will be sent to the policyholder immediately, saving both time and effort.
The safest way to pay your premiums is through LIC’s online Premium Payment Facility. Safe and sound financial dealings can be made using the internet’s secure payment system. Secure and safe transactions are guaranteed for policyholders who choose to pay with choices such as debit card, credit card, net banking, or the Unified Payments Interface (UPI).
Pay Your LIC Premium Payments Online in 2023
Step 1: Visit LIC Website The first step is to visit the LIC website, www.licindia.in, and click on the “Pay Premium Online” option.
Step 2: Select the Payment Option The policyholder needs to select the payment option, which could be through debit card, credit card, net banking, or UPI.
Step 3: Enter Policy Details The policyholder needs to enter the policy number, premium amount, and other necessary details.
Step 4: Make Payment After entering the details, the policyholder needs to make the payment using the selected payment option.
Step 5: Get Payment Receipt Once the payment is made, the policyholder will receive a payment receipt, which can be saved or printed for future reference.
Things to Keep in Mind While Paying LIC Premiums Online
- Check the Policy Details: The policyholder needs to check the policy details before making the payment, including the policy number, premium amount, and due date.
- Check the Payment Gateway The policyholder needs to ensure that the payment gateway is secure and reliable. They should look for the lock symbol in the address bar and check for the https:// protocol to ensure that the website is secure.
- Keep the Payment Receipt The policyholder needs to save or print the payment receipt for future reference.
- Pay on Time The policyholder should pay their premiums on time to avoid late payment charges or policy lapse.
- Keep Sufficient Balance The policyholder needs to ensure that they have sufficient balance in their bank account or credit card to make the payment.
LIC Premium Payment Online: For registered/Non-registered users
The Life Insurance Corporation of India (LIC) offers two options for making premium payments online: one for registered users and another for non-registered users. Let’s take a look at the process for each of these options.
For Registered Users:
- Visit the LIC website (www.licindia.in) and log in to your account using your user ID and password. If you haven’t registered yet, you can do so by clicking on the “New User” link and following the registration process.
- Once you have logged in, click on the “Online Services” tab on the homepage and select the “Pay Premium Online” option.
- Enter your policy number, premium amount, and other details, and select the payment method (debit card, credit card, net banking, or UPI).
- Verify the transaction by reviewing the payment information.
- Once the payment is made, you will receive an instant confirmation, and the premium payment will be credited to your policy.
For Non-Registered Users:
- Visit the LIC website (www.licindia.in) and click on the “Pay Premium Online” link on the homepage.
- Enter your policy number, premium amount, and other details, and select the payment method (debit card, credit card, net banking, or UPI).
- You will be redirected to the payment gateway to complete the payment process.
- Once the payment is made, you will receive an instant confirmation, and the premium payment will be credited to your policy.
It is important to note that non-registered users can only make a one-time payment using this option. If you want to make regular premium payments, you will need to register on the LIC website and log in to your account to make payments.
Online Services for Paying LIC Premiums:
The Life Insurance Corporation of India (LIC) provides several premium payment options available online. These options are meant to make it easier for policyholders to pay their insurance premiums. Among the several online LIC premium payment options are:
You can make a payment to LIC from their website right now!
Policyholders can conveniently and safely pay their premiums online on LIC’s website. Policyholders must first create an account and log in with their credentials to access this feature. The premium for a desired policy is next entered after which the purchaser selects a preferred method of payment. They can use any major debit/credit card, internet banking, or UPI to make a payment.
Paytm: LIC has joined with Paytm to offer policyholders a simple and hassle-free method of paying insurance premiums. Premiums can be paid via the Paytm app or website using a Paytm wallet or another digital payment method.
Premiums can be automatically taken from policyholders’ bank accounts through LIC’s auto debit feature on the due date. Policyholders who value punctuality and want to avoid late fees would appreciate this convenience.
Policyholders can arrange for automatic premium payments to LIC by setting up standing instructions with their bank. On the due date, the premium amount will be taken out of their bank account automatically.
Electronic Clearing Service (ECS): ECS allows policyholders to pay their premiums electronically. They must provide their bank with an ECS mandate form, which gives the bank permission to automatically deduct the premium payment on the due date.
Premiums can also be paid through the Unified Payments Interface (UPI) that LIC provides. To make a payment, policyholders must either enter their UPI ID or scan the QR code.
Credit/Debit Card and Other Online Payment Options for LIC
The LIC online premium payment process accepts credit/debit cards in addition to net banking. IDBI Gateway handles the processing of all credit card and debit card transactions for LIC’s online payment system. In three simple steps, you can begin charging your credit or debit card:
If you check the box next to “IDBI Gateway,” you’ll be taken to a new page with all the various payment options, along with the associated fees and taxes. When you choose your preferred method of payment, the total due, including any applicable service tax, will be displayed. You can then proceed to the submission page by selecting the ‘Submit’ button after you have made your card selection.
After selecting the appropriate card type, you’ll be taken to a new page where you may enter your debit or credit card information. Included are the cardholder’s name, card number, expiration date, card verification value (3-digit number on the back of the card), registered email address, and phone number. The box’s captcha code, which appears below, is also required.
To finalize your transaction, please enter your payment information and select the ‘Pay’ button. A receipt for your LIC online premium payment will be issued to the email address on file.
FAQ’s
Can I make a one-time payment of my LIC premium without creating an account on the LIC website?
No, policyholders need to sign up for a profile on the LIC website to pay their premiums there. Then, they just need to sign into their account and complete the transaction.
Is it secure to pay premiums online through the LIC?
To answer your question, yes, LIC’s online payment system is safe and uses the latest in encryption technology to safeguard policyholders’ private data and funds.
How many different payment options does LIC’s website support for paying premiums online?
Policyholders who have access to a bank account, credit card, debit card, internet banking, or UPI can pay their premiums online.
When paying premiums through the LIC website, is there a fee involved?
LIC’s online premium payment service is free of charge.
How do I verify that my online premium payment was received?
If a policyholder is concerned about whether or not they have paid their premium, they can do so by accessing their account on the LIC website and viewing their payment history.
Can I pay my premiums using ECS and the auto-debit service with the same bank account?
Yes, policyholders can use the same checking or savings account for both the auto-debit service and ECS.