Can LIC Premiums Be Paid Through Credit Cards?

The Life Insurance Corporation of India has been keeping up with the evolving digital times in its insurance business. As the customer base of LIC is growing, it is constantly undertaking measures to improve convenience and its customer-centricity. The company's initiative in introducing online payment gateways has been widely appreciated. Now premium payments, loans, and interest payments can be made against LIC insurance policies in a matter of just a few clicks.

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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. 

Offline Modes of Premium Payment
  1. LIC branch visits
  2. Cash / cheque / DD by post
  3. ATM payments
  4. Authorized Agent Collection
  5. Authorized Franchisees, viz. AP Online, MP Online, Suvidha Infoserve, Easy Bill Limited
  6. Bank visits
Online Payment Gateways
  1. ECS
  2. Net Banking
  3. Credit / Debit Cards
  4. UPI
  5. PayTM

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 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.

The following section provides a detailed step-by-step guide on how to pay LIC premiums using credit cards. 

How to Pay LIC Premiums Through Credit Cards?

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

  1. Premium Payment using Credit Cards - New Users

    • Visit the official website of LIC.

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

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

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

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

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

    • Check the box against I Agree.

    • Click on Submit.

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

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

    • 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 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. 

  2. 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.

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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