LIC Online Premium Payment

Gone are the days when LIC policyholders were often seen spending several hours standing in long queues at LIC Branch Offices to make their LIC premium payment.

Today, the LIC policyholders can easily make the premium payment without getting into any hassles. Now, LIC premium payment can be done online, which means no standing in the long queues under the scorching sun waiting for your turn. The LIC online payment can be done in just a few clicks.

How to Pay LIC Premium Online?

LIC online premium payment is fairly easy and convenient as it can be done using a debit or credit card. But, before you get started, log on to the LIC's official website to make the payment. Follow the below steps for a hassle-free and smooth payment process:

Visit the official website of LIC and log in to the portal. Thereafter, you will need to register as a new user by completing the LIC online registration process. But what if you don’t want to register as a new user? No worries; LIC also offers an option called LIC Pay Direct, which helps you to pay your LIC premium without completing the LIC online registration process.  LIC Pay Direct is simple, and you can easily make your LIC online payments through a credit/debit card through this channel.

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

1. LIC Online Premium Payment Process for Registered Users

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

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

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

   • Pay Direct (Without Login)
   • 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 hit the Sign-in button.

   Upon clicking the ‘Sign in’ button, you’ll be redirected to the customer portal. On this page, you will find the ‘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. ‘Pay Premium’ option will be on the screen 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 the LIC online payment through credit and debit card or can also opt for 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 online premium payment receipt. Print and download your LIC online 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 LIC online payments without having even registered to the LIC website as a new user.

2. LIC Online Payment Process for Unregistered User

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

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

   • Pay Direct (Without login)
   • 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 the Renewal Premium/ Revival option from 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, Installment Premium, Date of Birth, Email Id, and Mobile number. Upon filling up the form, simply verify the ‘Captcha’ code, accept the agreement, and click on the ‘Submit’ button.

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

   Step 5: In this step, select LIC online payment option. Choose how you want to make the LIC online payment through credit and debit card or net banking. Now simply make your LIC online premium payment.

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

LIC Premium Payment Channels

The table below shows the LIC online payment options:

Every industry in the world seems to be in a spate of going online and the 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, the Life Insurance Corporation (LIC) of India has made it easy for customers to make LIC 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 has introduced several LIC online premium payment options. Besides, there are also payment gateways for LIC. Now, policyholders have a multitude of options to make their LIC online premium payment. All they need to do is go online and make premium payments or deposit their premium payments at one of the many authorized collection centers/franchisees, authorized 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, the customers can pay the LIC premium payment at the branches of Axis and Corporation Banks across the country.

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

Note: Late premium payments charge a late fee.

Important Points Regarding LIC Premium Payment through Banks

• You can pay your premium at any extension counter or branch of either of these banks.
• You can submit your LIC premium payment only via cash or cheque mode in 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. 
• For every late payment, the customers will be levied with a late payment charge.
• The premium cannot be paid for the upcoming financial year, i.e., one cannot pay the premium for March’2021 in March’2020.
• 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 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.

More Useful Resources

LIC PREMIUM PAYMENT ONLINE - FAQ