LIC Online Payment - LIC Premium Payment Options & Process

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India’s only public sector investor, LIC is the most recognized and trustworthy names in the Indian life insurance domain. With its broad variety of worthwhile life insurance instruments categorised across different segments and its 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 to be 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’? Simply because a large fraction of LIC policyholders are do not know that it is easy make LIC premium payments online, without having to stand in long queues and scorching sun. 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 at the disposal of all LIC policyholders, irrespective of the type of LIC life insurance product they have invested their money into.

Using the Online LIC Payment services, one can easily pay premium payments, check your policy status and other vital policy details and it really doesn’t matter if they have registered to 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 reveal how to make online payment for your LIC policies in just a few, simple steps.

So, let’s get started! Shall we?

How 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 jump into action and logon to the LIC’s official website to make the payment, it only makes sense to get acquainted to 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 recently introduced a new tool called LIC Pay Direct. This toll 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 credit/debit card without having to register online. 

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

Step By Step Guide to make LIC Online Payments with Registration

Step 1: Visit the official website of LIC. Hit the ‘Online Services’ button and then hit the ‘Pay Premium Online’ button.

Once you complete this step, you’ll be directed to a different page. On this page you will find two different online LIC payment options. These are:

  1. ‘Pay Premium through e-Services’
  2. ‘Pay Direct’.

Step 2: Now click on ‘Pay Premium through e-Services.’

Upon clicking ‘Pay Premium through e-Services’, you’ll be directed to a new page. On this page you will find ‘New User’ tab.

Step 3: Now click on ‘New User’ to complete the registration process.

Upon clicking ‘New User’ tab, you will get a pop-up asking for policy details.

Step 4: Fill your policy details including Policy Number, Premium Amount, Date of Birth, etc. in order to complete the registration process.

Upon filling up the details, you will need to click on ‘Proceed’.

 Step 5: Generate a new ‘Password’ and ‘Username’ to login to your LIC account and complete the online registration process.

Once done with the selection of new ‘Username’ and ‘Password’, you will need to go back to ‘Home’ Page’.

Step 6: Now, log in to the LIC website with your new password and username.

Step 7: Now that you are logged into your LIC online account, you will need to enrol your policy. Click on ‘Enrol Policies’ and then click on ‘View Enrolled Policies’ in order to retrieve and verify your policy details.

In order to see your enrolled policies, you will need to verify the ‘Captcha’.

Step 8:  Now you will need to click on ‘LIC Pay Premium Online’ link and choose the policy for which you want to make the payment. Select the policy from the list of enrolled policies.

Upon selection of policy, you will need to click the ‘Submit’ button.

Step 9: Click ‘Pay Premium’ and ‘Submit’ buttons.

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

So there you have it – 10 easy steps to make LIC online payments using your credit card, debit cards or net banking by registering online.

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 LICpayment without having to essentially register to the LIC website as a new user.

Step By Step Guide to Make LIC Online Payments without Registration

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

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

  1. ‘Pay Premium through e-Services’
  2. ‘Pay Direct’.

Step 2: Now in this step, you need to hit the ‘Pay Direct’ button.

Now you are taken directly to the LIC online premium payments page. Here you will need to fill up the form with your vital policy details - Policy Number, Email Id, Premium Payment Amount, Date of Birth, and Mobile number.

Step 3: Upon filling up the form, simply verify the ‘Captcha’ code and hit the ‘Submit’ button.  

Step 4: Verify your policy details. Upon successful verification, hot on 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 7: 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 now prefer going online to shop, bank, make payments and even socialize. 

Like most other companies in the insurance domain, Life Insurance Corporation of India (LIC) 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 policy holders do not need to wait in queues, the insurer launched several LIC online premium payment options. Now, policy holders have a multitude of options to make their premium payments. 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. 

Premium Collection through Authorized Banks:

There are 2 banks that are authorized by LIC to collect premium payments:

  1. Axis Bank
  2. Corporation Bank 

Important points to consider when paying your LIC premium payment through these banks:

  • 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 Shathi
    • 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 is still many LIC customers who aren’t comfortable with the idea of LIC online premium payment services and they prefer making 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 policy holders. 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.

How to Make LIC Payment Using 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.

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 netbanking 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.