How to pay LIC renewal premium through Instapay service using the Bill Desk platform. Life Insurance Corporation of India has introduced a new channel in connection with the popular BillDesk platform to facilitate a simple, convenient and secure way to pay renewal premium.
This method offers two modes to pay LIC premium, either over the internet or simply by providing an automatic payment instruction. The important point to note is that this facility is absolutely free without any registration charges or hidden costs.
BillDesk Instapay – salient features
- The premium can be paid 24 hours a day, 7 days a week, 365 days a year.
- Ensures total privacy and security while making payments.
- Receive timely emails that remind you to pay your LIC premium payments.
- Existing bank accounts can be used to make the payments.
- You can receive LIC premium statement online at BillDesk.
- You will get a receipt from LIC after successful premium payment.
BillDesk Instapay – two modes of payments
As mentioned earlier you can choose online pay or autopay based on your convenience.
Online Pay – Pay LIC premium using Billdesk site
This payment method can be used by all customers who have a bank account and access to internet. The steps involved are given below.
- Register online at www.billdesk.com.
- Set up your bank account by providing the details of your bank account.
- Provide details of your LIC policy.
- Receive email alerts as and when your policy becomes due.
- Pay the premium if the premium is due.
Auto Pay – Set up standing instructions for automatic payment of LIC Premium
If you do not have regular access to internet account or want to automate your LIC premium payment you can use the Autopay method from Bill desk.
The registration process is similar to the online-pay method. On enabling the AutoPay option, the premium from the next due onward will get automatically paid from your chosen bank account on the desired date.
Anish L J is a ‘Financial Planner’ and member of Chartered Insurance Institute(CII), London and Insurance Institute of India. He is also a finance, insurance and software consultant. He thoroughly follows the developments in finance, insurance, and other related sectors.