India’s only public sector investor, LIC is the most recognized and trustworthy name in the Indian life insurance domain. With its broad variety of worthwhile life insurance instruments categorised across different segments and ever-growing list of happy customers across every part of the nation, it is hardly any surprise why LIC is consistently ranked alongside world’s best insurance companies.

But, here’s a disturbing fact: many LIC policyholders are often seen spending several hours standing in long queues at LIC Branch Offices to make their LIC policy premium payments.

We’re sure you’re wondering ‘Why’? Well, it’s simply because a large fraction of LIC policyholders do not know that it is easy to make LIC premium payments online, i.e. without having to stand in long queues, under the scorching sun waiting for their turn. And, it is utterly easy to make LIC premium payments online. In fact, all it takes is a few clicks and a few seconds to make LIC payments online. This amazing online payment facility is available to all LIC policyholders, irrespective of the type of LIC life insurance product they have.

Using the online LIC payment services, you can easily pay your premium, check your policy status and other vital policy details, and it really doesn’t matter if you have registered on the LIC website or not.

Are you wondering how to make premium payments online for your LIC insurance policies? If you are nodding your head in a yes, you are definitely in for a treat. In this article, we will tell you how to make online payment for your LIC policies in just a few, simple steps.

So, let’s get started! Shall we?

How to Do LIC Payment Online?

Making LIC premium payments online is fairly easy and you can make this payment using your debit or credit card. But, before you get started with logon to the LIC’s official website to make the payment, it only makes sense to get acquainted with a few easy steps to do this without having to run from pillar to post.

The very first step is to log on to the official website of LIC. Thereafter, you will need to register as a new user by completing the LIC online registration process. Don’t want to register as a new user? No worries; LIC also has an option called LIC Pay Direct for you, which helps you pay your LIC premium payment without having to essentially complete the LIC online registration process. Using LIC Pay Direct is simple, and you can easily make your LIC online payments through a credit/debit card. 

LIC Premium Payment Channels

LIC Website	Authorised Bank	Franchisees	Merchant
Net Banking	Corporation Bank	AP Online	Life-Plus (SBA)
Debit Card	Axis Bank	MP Online	Premium Point
Credit Card		Suvidha Infoserve	Retired LIC Employment Collection
BHIM		Easy Pay
UPI

Let’s quickly understand how you can easily make online LIC payment both with registration and without registration.

LIC Online Payment Process for Registered Users

Step 1: Visit the official website of LIC. Hit the ‘Customer Portal’ button, and then hit the ‘Registered User’ button.

Now, you’ll be directed to the LIC login page..

Alternatively, you can click on the ‘Pay Premium Online’ option, which will open a new page and you will see the following two payment options:

1. Pay Direct (Without Login)
2. Through Customer Portal

Click on the ‘Through Customer Portal’ option to proceed.

Step 2: Enter your user ID/Email/Mobile, Password, and Date of Birth and hot the Sign in button.

Upon clicking the ‘Sign in’ button, you’ll be redirected to the customer portal. On this page, you will find ’Self/Policies’ option.

Step 3: Now, click on the ‘Self/Policies’ option to view the details of your policy.

On this page, you will be able to see your LIC policy renewal/due date.. You should see the ‘Pay Premium’ option if your policy renewal is due.

Step 4: Click the Pay Premium option to proceed and provide the required information.

Choose the payment option. Make your selection from Credit Card, Debit Card or Net Banking.

That’s it! Now, simply make the LIC premium payment.

Step 5: Don’t forget to check your registered email to see the payment receipts. Print and download your premium payment receipt.

Isn’t it utterly easy and convenient? We’re sure you’re nodding your head in a yes!

Now, let’s move on and discuss how to make online LIC payment without having to essentially register to the LIC website as a new user.

LIC Online Payment Process for Unregistered User

Step 1: Visit the official website of LIC. Now, hit the ‘Pay Premium Online’ button under the ‘Online Services’ tab.

Upon hitting ‘Pay Premium Online’ button, you will be taken to a new page. Here you will see two options:

1. Pay Direct (Without login)
2. Through Customer Portal

Step 2: Now in this step, you need to hit the ‘Pay Direct’ button (Without login).

Now, you are taken directly to the LIC online premium payments page. Here, you will need to select Renewal Premium/ Revival option form the Pay Direct list.

Step 3: On the next page, click on the Proceed button to move forward and fill up the Customer Validation form with your vital policy details - Policy Number, Instalment premium, Date of Birth, Email Id, and Mobile number. Upon filling up the form, simply verify the ‘Captcha’ code, accept the agreement, and hit the ‘Submit’ button.

Step 4: Verify your policy details. Upon successful verification, hit the ‘Proceed’ button.

Step 5: In this step, you will select your payment option. Choose how you want to make the payment - Credit Card, Debit Card or Net Banking. Now simply make your LIC online premium payment.

Step 6: Remember to check your registered email to get the payment receipts. Print and download the premium payment receipt for your records.

Other Payment Facility by LIC to Pay Premium 

Every industry in the world seems to be in a spate of going online and banking & insurance sector is no exception. More and more people nowadays prefer going online to shop, bank, make payments, and even socialize. 

Like most other companies in the insurance domain, Life Insurance Corporation (LIC) of India  too has made it easy for customers to make premium payments, check their policy status, and update policy details online. 

LIC has a huge customer base and to ensure that its policyholders do not need to wait in queues at the premium payment counter, the insurer launched several LIC online premium payment options. Now, policy holders have a multitude of options to make their premium payment online. They can go online and make online premium payments or deposit their premium payments at one of the many authorised collection centres/franchisees, authorised bank branches or seek the help of LIC’s registered network of agents/merchants. 

LIC Premium Payment through Bank

LIC has joined hands with two of the leading Indian banks, namely- Axis Bank and Corporation Bank, to facilitate a hassle-free insurance service to its customers. With this collaboration, LIC customers can pay their premiums at the branches of Axis and Corporation Banks across the country.

However, there are few factors to consider regarding the payment made via these banks:

Accepted	Not Accepted
Premium of only active LIC policies can be paid via this channel	No payments will be entertained for the Salary Savings Scheme (SSS) policies
In case of regular life insurance policies, insured can pay the premium 30 days in advance	In case of Term insurance policies & advance premium, the insured can make the payment only 15 days prior to the due date
Upon receiving the premium payment, the authorised bank will provide a signed receipt.	Payment of premium for ULIPs and Health policies are not entertained
Premium can be paid either in cheque/cash or demand draft at the authorised bank.	The insured can’t pay the premium for the upcoming fiscal year.

                            ** Late premium payments attract a late fee at the rate of 8% of the premium

LIC Online Premium Payment Through These Banks - Very Important Points

• You can pay your premium at any extension counter or branches of either of these two banks.
• You can submit your premium payment only via cash or cheque mode drawn on either of the banks.
• One can only pay the premium for active, non-ULIP and non-SSS policies using this payment channel.
• Premium payments can only be accepted 30 days in advance of the due date of your policy. However, there are some term policies that have options to make the premium payment only 15 days in advance from the due date. They are:
• 164-Anmol Jeevan-1
• 153- Anmol Jeevan
• 177- Amulya Jeevan
• 190 Amulya Jeevan
• The premium payment cannot be accepted for certain ULIPs and certain health protection policies. They are:
• 172-Future Plus
• 140- Bima Plus
• 173-Jeevan Plus
• 181-Market Plus
• 180-Money Plus
• 187-Fortune Plus
• 188-Profit Plus
• 191-Market Plus
• 199 - Jeevan Saathi
• 193-Money Plus
• 902-Health protection plus
• 901-Health Plus
• For every late payment, the customers will be levied with a late payment charge including an interest rate of 8%.
• The premium cannot be paid for the upcoming financial year, i.e., one cannot pay the premium for March’2018 in March’2017.
• Customers will receive a signed receipt from the banks after successful payment of the premium. It will be considered as a valid receipt and no other receipt is issued by LIC for active policies, the premium payment can be done six months in advance. 

LIC Payments through Franchisees/Authorized Collection Centres

There are still many LIC customers who aren’t comfortable with the idea of LIC online premium payment services and they prefer to make their premium payments via offline payment modes. We’re sure they’ll be glad to know that LIC also provides several options to pay the premium via different private & government owned service providers and companies. There are 4 service providers who work in collaboration with LIC to ensure offline premium payment services for policyholders. They are:

• AP Online - Andhra Pradesh Government’s official portal. This collection channel accepts premium payments for Andhra Pradesh only.
• MP Online - Madhya Government’s official portal. This collection channel accepts premium payments for Madhya Pradesh only.
• Suvidha Infoserve – It is an s-commerce (social commerce) entity that provides various bill payment services.
• Easy Bill Limited – It provides the customers with a reliable and convenient bill payment source, where you can make the premium payments through traditional and trustworthy neighbourhood stores.

However, there are certain points to be taken care of while paying your LIC premium payments through these channels:

• The payment will only be accepted in cash mode.
• You can make the premium payment only for the active policies. Also, these collection centres don’t accept payments for the LIC policies that fall under ULIPs and SSS (Salary savings Scheme) category.
• This premium payment service is free at the franchisees or authorized collection centres and hence, the customer’s don’t need to pay any commission/service tax/extra fees to the agents.
• One cannot pay the premium for the next financial year at these collection centres. For instance, you cannot pay the premium for March’2018 during March’2017.
• A late fee @ 8% will be charged for every late premium payment.
• Once you have made the payment, you’ll get a signed receipt from the collection centre. It’s important to note that there is no separate payment receipt issued by LIC for such payments.
• You can lookout for these Franchisees/Authorized Collection Centres on the official website of LIC.

Agents Collection Payment

LIC has also authorized select personnel, Retired Employees of LIC and Senior Business Associates (SBA-Development Officers) as payment collection agents. Below enlisted are few of the important details you need to keep in mind while making premium payments via these authorized agents:

• The collection agents can collect the premium payments for UPLIs, too; however, premium payment of health insurance policies are still not covered in it. The premium payment collected through this payment mode is updated on real time.
• You can make the payment via cash or cheque mode. However, it’s important to know beforehand that outstation cheques won’t be accepted by these collection agents.
• You will receive a signed receipt from the collection agent after making the payment. SBAs have been issued few more rights given to them as compared to two other personnel. Besides receipt, you can also get policy status reports, forms, revival/loan/surrender quotations, certificates meant for income tax usage and your ULIPs statements from the SBAs.
• This payment mode doesn’t accept premium payments for policies falling under SSS category.
• You can make the advance premium payment only 30 days before the due date of your active policy. For some term plans, the advance premium payment can be accepted 15 days in advance (before the due date). The term plans under this category are:
• 164-Anmol Jeevan-1
• 153- Anmol Jeevan
• 177- Amulya Jeevan
• 190 Amulya Jeevan. 
• A late fee at the rate of 8% (a minimum amount of Rs 5) will be charged to the policy holders for every late payment done by them.
• Advance premium payments aren’t accepted for the next financial year.
• You don’t need to pay any service fees to avail this payment facility.

LIC Online Payment via Credit/Debit Cards

Other than net banking, you can also use your credit/debit card to make the LIC online premium payment. The LIC premium payment through credit/debit card is processed via IDBI Gateway. The credit/debit card payment can be commenced in three easy steps:

1. After clicking on the circle against the option of ‘IDBI Gateway’, you’ll be redirected to the next page where you will find the different card types accompanied by convenience fee & services tax. Select the card type you want to make payment with and you’ll get the total payable amount along with the applicable service tax on it. Once you’ve selected the card type, click on the option of ‘Submit’.
2. After submitting the card type, you’ll be redirected to another page where you will have to enter your debit/credit card details to process the transaction. The details include your card number, its date of expiry, CVV number (3-digit number on the back of the card), your name on the card, your registered email address and phone number. You also need to enter the captcha code shown in the box.
3. After entering all the required details, click on the option of ‘Pay’. A payment receipt will be generated and will be sent to your registered email address with LIC.

Much-needed LIC Policy Guideline

The below guidelines about your LIC policy might be helpful in pursuing the policy with ease. Lets’ have a look:

1. When Do I Pay LIC Premium?

The insurer sends premium notice to its customers regarding the due date of policy renewal. The months highlighted in the first page of the policy document pin-point to the months in which premiums are to paid.

2. How can I Pay the Premiums?

LIC offers various modes of payment to make it a hassle-free experience. You can pay the premium through:

• Cash
• Cheque
• Demand draft at the branch
• Money order sent by post
• Through Internet banking
• Through Debit/Credit Cards
• Standing instructions from your respective bank to remit the premiums
• Via ATMs of Corporation Bank and UTI Bank
• Premium can be paid via Electronic Clearing Service (ECS)

3. How Do I Check LIC Policy Status?

By checking your policy status at regular intervals, you can ensure whether it is active or lapsed. You can also check when the policy will expire. You can either check the LIC policy status online or visit the branch of the insurer by whom your policy was issued.

4. How can I Revive a Lapsed LIC Policy?

There are times you may forget to pay the policy premium on time. Due to this, your policy can become null and void now. However, by paying the due premium with affine you can revive the policy and enjoy the benefits uninterruptedly.

Get Loans on Policies

Now you can avail loan against LIC policies. Most of these plans come with endowment feature and thus, stand as a collateral. You can repay the loan with the specific interest or allow the loan amount to be deducted while settling a claim.

Is there Any Grace Period for LIC Premium Payment?

These days, insurance companies have come with an added benefit called ‘Grace Period’, in which a relaxation period is offered in case you miss the policy renewal date. To avoid lapsing the policy permanently, you need to pay the required premium within this period. Except for some plans, LIC offers 15 days as a grace period for the policies in which the premium has to be paid monthly. It offers a 1-month grace period for the policies with quarterly, half-yearly or yearly premium payment mode.

The Process of Different Services and Online Forms:

Claims under the Regular Life Insurance Plans Death Claims:

The person who is legally entitled to get the policy money must give death intimation of the insured to the servicing branch. The requirements for the claim are mentioned below:

1. Claim Form ‘A’ in Form No. 3738: If the life insurance policy has been in effect for around 3 years or more than 3 years from the date of risks, claim form no. 3738A must be used.
2. Certified Extract from Death Register: The original copy of the policy documents with the Deed(s) of Assignment (s), if any. The beneficiary might require presenting additional requirements under a plan depending on the status of the policy.

Over to You!

We’re sure now you’ll agree that it is easier than ever to make LIC online payment through credit card, debit card or net banking online.  Now, go ahead and put this learning into practise and save yourself from the hassles of standing in long queues by paying for your LIC insurance policy online. 

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