Amazon LIC Payment

Amazon is an e-commerce giant on the digital payment bandwagon, offering a range of services, including the life insurance premium payment. The life insurance payment facility is a quantum jump in its services portfolio. The step is taken keeping in view the rapidly evolving digital payment ecosystem prompted by the government's initiative and the Covid-19 pandemic. Continue reading to know all about Amazon LIC Payment and its features.

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Why Choose Amazon LIC Payment?

The Amazon Pay Section has emerged as a one-stop destination covering many payment services. They include bill payments, recharges, travel tickets, booking gas cylinders, and lifestyle offers while keeping you home. 

The new feature for LIC Premium payment is a natural progression. Thus, you can pay online in a few steps through their applications. Moreover, you get to pay a premium for several insurers under a single umbrella facility. That brings us to wonder what Amazon Pay is. 

Understanding Amazon Pay

Amazon Pay is a service provided to Amazon account holders for a seamless shopping experience. In addition, it is a wallet very similar to the physical loaded with a balance to pay expressly for purchases and other digital transactions. 

Adding balance to the wallet is just a click away when storing your source information. Moreover, the stored cards and accounts are protected from cybercrime. So let us find out what Amazon Pay supports payment methods and how it works.

How Amazon Pay Works?

Being a component of your Amazon account, you can start transactions whether you shop or use their digital payment services. The Amazon Pay button facilitates safe transactions quickly. In addition, you can store your card information supported by the service. 

The cards currently supported are:

  • Master Card

  • Visa

  • Rupay

  • Amex and similar

You can use the cards directly for payment or preload the balance in the wallet according to your convenience. 

Which Insurer's Payment Does Amazon Support?

Presently Amazon covers the most significant Indian insurers, though the coverage is far from comprehensive. Yet, the list described below is impressive.

  • ABS 

  • Aegon Life 

  • Bajaj  Allianz 

  • Bharti Axa 

  • Canara-HSBC  

  • DHFL 

  • Edelweiss-Tokio  

  • Exide Life

  • ICICI-Pru  

  • IDBI -Federal  

  • IndiaFirst  

  • Kotak  

  • LIC – Life Insurance Corporation 

  • Max Life 

  • PNB-Metlife

  • Reliance  

  • SBI Life

  • Tata-AIA  

The list is only indicative. The complete list drops down while selecting the insurer. However, Amazon Pay supports life insurance premium payment and several general insurers offering health and auto-insurance in the public and private sectors. 

Amazon LIC payment Features

The Amazon Pay digital payment platform for LIC Premium is loaded with several standout features to help you stay at home when the pandemic is raging. By its very nature, the system aids Covid-19 social distancing norms and sensitivity towards handling cash. 

Let us take a closer look at the redeeming features associated with the service. 

  • You can pay the premium conveniently round-the-clock with a few taps.

  • The system is fast, uncomp0licated, and user-friendly. 

  •  Presently the maximum premium amount limit is up to Rs. 1 Lac. Any amount equal to or more than Rs.1 Lac is rejected at the Amazon website. 

  • You can pay the premium using Amazon Pay balance or other available options.

  • The premium payment is processed by the insurers taking up to two days after the transaction has been successfully done at the Amazon website.

  • You can download the payment receipt at the "Your Order" page. 

  • Failed transactions are refunded to the source account. 

  • For payments made using the Amazon Pay balance, the refund is instantaneous. For others, the turn-around time depends on individual banks. 

Paying LIC Premium at Amazon

You can invoke the LIC premium payment option at their website, mobile site, and mobile app under the Amazon brand. After landing on their home screen, go to the Amazon Pay page and click on the Insurance Premium button. 

Alternatively, select the Bills option on the portal's home screen and click Insurance Premium. 

The steps follow in sequence:

  • First, select the insurer from the dropdown menu and enter the policy number and other inputs like date of birth. 

  • Then, click on the Fetch Premium option. The pending premium is populated for payment.  

  • Next, the payment page provides all the available options. The Amazon Pay balance automatically appears on the screen for paying instantly. On the other hand, pay by choosing the stored cards in the account. It is essential to remember that your payment follows the 2-Factor authentication security protocol prescribed for the chosen card. 

  • Finally, you get the successful payment acknowledgement to download the receipt. However, insurers follow their schedules for premium processing and confirmation. 

Tips for a Seamless Amazon LIC Payment Experience

Premium payment in time is one of the essential components driving your financial planning. Life insurance is not only to protect the surviving family's financial interests but also to provide future financial independence, even in the policyholder's absence. 

Let us learn about some essential tips to ensure a seamless LIC Premium Payment experience at Amazon:

  • Pay the life premium insurance well before the due date to avoid disappointment at the Fetch Premium stage. 

  • Amazon Pay is a secure and fast digital payment facility. However, you must ensure updated card information is automatically invoked while paying to preclude failures. 

  • Always ensure accurate data entry while using the Amazon LIC Payment service. 

In Conclusion

Amazon LIC payment service is a new addition to the online marketplace's service range, providing a secure and quick premium payment experience. 

Most Indian life insurers are incorporated in the system, besides several general insurers offering health and motor insurance. With Amazon Pay, you are assured of a one-stop destination for digital transactions and open to rewards offered from time to time.

FAQ's

  • What are the available payment methods for LIC premium?

    The available methods are Amazon Pay balancer, debit and credit cards, Net Banking and UPI. However, if the premium payment during a calendar month is more than six, only the Amazon Pay UPI option is permitted.
  • What are the reasons for the failure of life insurance premium payments?

    The most common reasons for payment failure at the Amazon Pay service are incorrect details and technical issues. They can be listed as follows
    • Incorrect input includes account number, customer id, date of birth, etc.
    • Technical issues originate at the insurer or the biller's end.
    • A refund is automatically initiated in case of such failure. It is resolved within 2 to 4 business days depending on the respective bank's policies.
  • What are the ways to ensure a successful premium payment?

    You can ensure a successful payment experience by choosing the correct insurer from the dropdown menu. Then all the other inputs must be accurate. Finally, the payment date should be within the valid range, including the grace period. Any deviation from these cardinal rules can result in a failed payment.
  • Can I review my lapsed insurance policy?

    You can check your lapsed insurance policy with the insurer. Most insurers have a well-defined revival policy within a fixed time frame. The revival norms depend on the policy type and the insurer.
  • Can Amazon cancel or restrict insurance premium payment on their platform?

    Yes, Amazon can cancel the insurance premium payment at their sole discretion without assigning any reasons or prior notice

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