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 life insurance companies.
But, here’s a disturbing fact that 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.
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.
Let’s quickly understand how you can easily make online LIC payment both with registration and without registration.
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:
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.
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:
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.
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 |
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Suvidha Infoserve |
Retired LIC Employment Collection |
BHIM |
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Easy Pay |
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UPI |
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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 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
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Premium can be paid either in cheque/ 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
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:
However, there are certain points to be taken care of while paying your LIC premium payments through these channels:
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:
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:
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.
More Useful Resources
LIC Online Services |
LIC Plans |
LIC offers various modes of payment to make it a hassle-free experience. You can pay the premium through:
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: