Now premium payments, loans and interest payments can be made against LIC insurance policies in a matter of just a few clicks.

LIC Premium Payment Through Credit Card

LIC policy payment through credit card is one of the most widely used payment methods. LIC has authorized payment channels through which policyholders can make LIC payment by credit card online. This has eliminated the need to visit an LIC branch just to pay your premiums.

LIC premium payment through credit card for your life insurance policy is quite simple and hence convenient. The payment is completed instantly so you don’t have to wait 3-5 working days for the payment to reflect.

What are the Benefits of LIC Payment Through Credit Card?

Online premium payments of LIC via credit card is convenient but that is not the only benefit. There are additional financial benefits of LIC bill payment through credit card. However, cardholders should check the applicable convenience or transaction charges before making a payment.

Key Benefits of LIC Pay Through Credit Card

• Reward Points and Cashback

Some credit cards offer reward points, cashback or additional benefits on term insurance and other life insurance payments.

• Interest-Free Credit Period

You can get an interest-free period before the credit card payment becomes due.

• Auto-Pay

When you pay an LIC premium using credit card, you can set the auto-debit option. You do not need to remember when to pay and not even go through the complete payment process each time as the premiums will be deducted automatically from your credit card on the set date.

• EMI Flexibility

There are many credit card issuers that allow eligible transactions to be converted into EMIs. If you have larger premium payments then EMI option makes it easier to manage.

• Easy Tracking

Online credit card payments provide digital transaction records along with payment confirmations through SMS or email.

Can I Make LIC Payment With Credit Card Without Charges?

LIC premium payment through credit card can be done without an additional charge but it will depend on the payment platform and also your credit card issuer. Generally there is a convenience fee when you use a credit card for payments so it is advisable to check the applicable fee before completing the transaction.

How to Pay LIC Premium Using Credit Card Without Charges?

Use Your Card Issuer’s BBPS Portal

Some banks allow customers to pay LIC premiums through their own net banking or BBPS (Bharat Bill Payment System) platforms. Here a convenience fee may not be charged for eligible transactions but again depends on the bank and the particular credit card.

Check Third-Party Apps Carefully

Payment apps and wallets may charge a convenience fee for insurance premium payments made through credit cards. The fee can vary by platform and transaction amount.

Check the Official LIC Payment Gateway

When paying through LIC’s online payment facility, review the payment summary before confirming the transaction to check whether any convenience or processing fee applies.

Compare Before Paying

If avoiding additional charges is important, compare the final payable amount across available payment channels before completing the transaction.

Other LIC Premium Payment Modes

LIC currently offers numerous ways for its customers to make premium payments. There are primarily two modes of payment, viz. Online and Offline. Of late, online payments have gained significant traction owing to their feasibility, accessibility, convenience, time, and cost-saving aspects. Let’s briefly look at all the available modes of offline and online payment methods available to the policyholders.

Can I Pay LIC Premiums Through Credit Card?

Yes, LIC allows premium payments against life insurance policies to be made via credit cards. Usually, premium payments through credit cards are associated with a convenience charge. For your information, this amount is completely borne by LIC. LIC, however, had recently claimed that any credit card payments made towards LIC premiums, policy renewals, loans and interest amounts will not attract any convenience fees or other charges.

You can easily make credit cards premium payments at the LIC online portal in real-time, which is why it has become the preferred mode of payment for a lot of policyholders.

Note that online LIC premium payment features can be used by policyholders who have registered to LIC’s online portal and enrolled their policies in the portal. New users or non-registered customers can use the Pay Direct option featured on LIC’s website and LIC apps. You can also simply register at the portal to use the credit card premium payment feature.

Can We Pay LIC Loan Interest Through Credit Card?

No, you cannot pay LIC policy loan principal or interest using a credit card. LIC allows credit card payments primarily for regular renewal premiums. For loan-related dues you need to pay through other digital payment methods allowed by LIC.

When paying loan interest or other loan-related dues through the official LIC portal or Pay Direct facility, you can use:

• Net Banking

• Debit Cards (Visa, MasterCard, or RuPay)

• UPI (Unified Payments Interface)

How to Quick Pay LIC Premium Online Through Credit Cards?

Here is a comprehensive guide on premium payment through credit cards for both new users and registered ones.

Premium Payment using Credit Cards - New Users

• Following the successful premium payment using a credit card, you can now view or download the receipt for the completed transaction.

• Enter your card details, fill in the OTP, and click on Submit.

• You will be directed towards the payment gateway wherein you can select the Credit Card option.

• Check the box against Pay Premium and click on Submit.

• Go to the payments section. Confirm all the details.

• Fill in the Premium Particular form and click on Submit.

• Click on Submit.

• Check the box against I Agree.

• Fill the Customer Validation form with details such as the policy number, date of birth, contact details, and installment premium amount (without tax).

• Read the conditions under ‘Customer Consent’ and click on Proceed.

• From the drop-down menu, select either 'Renewal Premium' or 'Advance Premium Payment'.

• Since you are not registered at this point, click on the Pay Direct option.

• Under the tab ‘Online Services’ click on Pay Premium Online.

• Visit the official website of LIC.

Premium Payment using Credit Cards - Registered Users

• Visit the website of LIC.

• Under the tab ‘Online Services’ click on Pay Premium Online.

• Click on Pay Premium through e-Services.

• Sign in with your User ID, email, or mobile number. Insert your password and Date of Birth.

• Click on ‘Sign In’.

• Under ‘Premium Services’ click on Pay Premium Online.

• Select the policy against which you wish to pay the premiums.

• Confirm the policy details, total amount payable, etc.

• Check the box against Pay Premium and click on Submit.

• You will be directed towards the payment gateway wherein you can select the Credit Card option.

• Enter your credit card details, fill in the OTP, and click on Submit.

• Following the successful premium payment using a credit card, you can now view or download the receipt for the completed transaction.

LIC also has its mobile application, called MyLIC App that you can download from the app store. Once you register yourself and enroll in your policies, you can pay LIC premiums on the app through credit cards. You can also save your credit card details to make subsequent transactions faster.

What is LIC Premium Payment Credit Card Fees?

LIC premium payments through credit card may attract a processing fee or convenience fee ranging from 0% to 2.5%. The exact percentage varies and depends on the payment platform you’re using and your card issuer.

Convenience Fees by Platform

Official LIC Portal

LIC Pay Direct payment facility offers credit card payments without an additional convenience fee. However, it is subject to the applicable payment gateway terms.

Third-Party Apps

Payment platforms that you use on a daily basis like PhonePe, MobiKwik and Amazon Pay may charge a convenience fee for LIC premium payment through credit card. The fee varies by platform and transaction.

Credit Card Issuer’s BBPS Portal

Some banks allow LIC premium payments without fees through their own BBPS or net banking platforms.

Always check the final payment amount and any applicable charges on the selected platform before confirming your LIC premium payment through credit card.

In Conclusion!

LIC’s online portal and mobile applications have made premium payments faster and more convenient. You can use any of the above-mentioned modes of the transaction to complete your premium payments. Note that paying LIC premiums through credit cards will incur an additional convenience fee. However, LIC entirely absorbs the amount charged as Convenience Fee.

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