LIC Online Premium Payment

LIC Premium Payment through Franchisees/Authorized Collection Centers

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. 4 service providers 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 LIC 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 premium payments through the traditional and trustworthy neighborhood 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 i.e., up to Rs. 50,000.

• You can make the premium payment only for the active policies. Also, these collection centers 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 centers and hence, the customer doesn’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 centers. For instance, you cannot pay the premium for March’2018 during March’2017.

• Once you have made the payment, you’ll get a signed receipt from the collection center. It's important to note that there is no separate payment receipt issued by LIC for such payments.

• The late fee of paying premiums is calculated at the current rate i.e., 9.5 percent, and the minimum late fee is Rs. 5

• You can look out 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 a few of the important details you need to keep in mind while making LIC premium payments via these authorized agents:

• The collection agents can collect the premium payments for UPLIs, too; however, premium payment of health insurance policies is still not covered in it. The premium payment collected through this payment mode is updated in real-time.

• You can make the payment in 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 the 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 will be charged to the policyholders.

• Advance premium payments are not accepted for the next financial year.

• You don’t need to pay any service fees to avail of this payment facility.

LIC Online Payment Options i.e. Credit/Debit Cards

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

• 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 ‘Submit’.

• 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 your phone number. You also need to enter the captcha code shown in the box.

• After entering all the required details, click on the option ‘Pay’. A LIC online premium payment receipt will be generated and will be sent to your registered email address with LIC.

Over to You

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

LIC Resources

LIC PREMIUM PAYMENT ONLINE - FAQ