LIC premium payment within the due dates is the most vital responsibility of the policyholder. This is easily said than done. Missing a due date can even make the policy void and may even fail to serve its very purpose when it is most needed. In your busy day to day life, you may have faced several occasions where you ware unable to pay the premium at LIC branch cash counter, that too waiting in a long queue.
LIC of India, the largest public sector insurer in India has addressed this problem to a great extent by providing umpteen number of choices for premium payment to policyholders.
Let’s have a look at the options one by one.
For convenience, we can divide the LIC premium payment options available as ONLINE and OFFLINE
LIC premium payment – ONLINE methods.
Payment through LIC Website and LIC e-services
LIC’s website provides a powerful customer portal with the name LIC e-services which provides a one-stop solution to pay policy premium, track your policies, get premium calendars, find loan available and revival amounts, get premium paid statements for income tax purposes, etc.
In order to use the portal fully, you will have to register for LIC e-services. Please go through the step by step guide on registering for e-services to make the registration process hassle-free. The premium can be paid through net banking, Debit Cards or Credit Cards.
LIC premium payment – without any registration
LIC has provided a method to pay LIC policy premium payment even without any registration process also. This method is recommended only if you want to pay just one premium or held up in special situations like being out of the station and not having your password for e-services and the like.
LIC Mobile Application.
LIC has developed softwares for different platforms to facilitate easy premium payment.
- For Linux, iOS & Windows Platforms All Web Browsers
- Android mobile application
- Windows Platform
- Windows 8.1 Tablet and Desktop
LIC has authorised following banks for collection of LIC Premium
Premium can be paid as either Cheque or Cash at the cash counter of the authorised banks. One thing to remember is that Premium of ULIP policies and salary savings scheme(SSS) policies cannot be paid through bank.
ICICI bank customers can pay LIC premium through Direct Debit method. This is done through standing Instruction given at your bank through a mandate form available at LIC branch office.
LIC policy premium payment through Bill pay or EBPP
Electronic Bill Presentment and Payment (EBPP) is a process that enables bills to be created, delivered, and paid over the Internet. Following banks provide Bill Pay facilty for LIC policies
1. Corporation Bank
2. ICICI Bank
3. CITI Bank
4. HDFC Bank
5. Axis Bank
6. Federal Bank
This facility is provided through Bill Desk, Tech Process etc.
Payment through Franchisees
Following Franchisees platforms can collect LIC premium through online and offline methods
OFFLINE methods of premium payment
Obviously the most popular method of offline premium payment is through cash counter of LIC it self.
Cash counter timings of LIC is given here.
|Days||Fore Noon||Lunch Break||After Noon|
|Monday to Friday||10 AM to 2 PM||2 PM to 2.45 PM||2.45 PM to 3.45 PM|
|Saturday||10 AM to 12.30 PM||Closed|
Electronic Clearance Service (ECS)
ECS has become one of the most popular methods for Insurance policy premium payment. The premium is electronically debited from your bank account on a stipulated date based on the due date of the policy. Once enabled, this method provides a convenient way to pay the policy premium. It is automatic and the only thing to be ensured is that the required amount is available with the account.
Read more: 5 things you should know about ECS mode of payment in LIC.
NACH – National Automated Clearing House
LIC has shifted from ECS to the newer system called NACH which is more efficient and convenient to use.
Procedure to enable ECS for LIC policies
Download the ECS mandate form. Submit Signed ECS Mandate Form at your bank to enable ECS mode of payment. Existing policies with other modes of payment can also be converted to ECS mode.
Premium payment through ATM
LIC premium payment is possible through ATMs of following banks.
1. Corporation Bank
2. Axis Bank
3. ICICI bank
Follow the instructions at ATM to pay premium
LIC has set up thousands of collection centres in almost all cities through following channels
- Premium Point
- LIFE plus
- Retired LIC Employee collection centres
So Life insurance corporation of India has provided a variety of choice for paying your valuable insurance policy and now its your job to keep premium due of all your policies up to 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.