Alternatively, you shall use platforms like Policybazaar to pay premium for a hassle-free user friendly experience.

What is LIC Renewal?

LIC online policy renewal is the process of paying your policy premium on time to keep it active. Policyholders choose their premium payment mode and frequency and based on that they get customized due premium amounts as well as the premium due date. They need to pay this premium amount on or before the due date so that the policy continues to stay in force.

If a policyholder fails to pay the premium of their LIC policy on time, they get a grace period of 15 days if premiums are paid monthly, otherwise a grace period of 30 days. The policy shall lapse if the policyholder fails to pay the premium even in the provided grace period. An LIC policy lapse shall lead to loss of coverage and other benefits of life insurance.

What are the Steps for LIC Renewal Online?

Policyholders can pay their life insurance premiums conveniently through online methods supported by the Life Insurance Corporation (LIC) of India. These are secure online methods that make the LIC payment renewal process truly hassle-free.

LIC India is quite flexible when it comes to LIC renewal premium payments. Policyholders shall pay their renewal premium using UPI or net banking, debit and credit cards and Bharat QR codes. However, at the same LIC is cautious and provides authorized payment channels that are safe.

You can pay your LIC policy renewal premium online through the LIC website using either the LIC Customer Portal or through LIC Pay Direct. You may also renew your LIC policy online through Policybazaar. Given below are steps for both the methods.

LIC India Policy Renewal from LIC Website

There are two ways to renew lic online by paying premium through LIC India official website. One is through the LIC Customer Portal and the other is through LIC Quick Pay (or Pay Direct).

For Registered Users:

Registered users of LIC can directly login to the LIC Customer Portal using their LIC user ID and password to make the payment of renewal premium.

Step 1: Click on Login on the official LIC website and select the Customer Portal option in the drop down.

Step 2: Write in your LIC User Id and password and login.

Step 3: In the Self Policies section, find your policy and click on it to get the renewal details.

Step 4: Check if the premium amount is correct and then proceed to pay it via available payment methods (UPI, Net Banking, Debit/Credit Cards, or Bharat QR Codes).

For New Users (Through LIC Quick Pay/ Pay Direct):

New users can either first register to the LIC Customer Portal and follow the above steps to pay their premiums or they shall use the LIC Quick Pay (also called Pay Direct). Given below are the steps to use LIC Pay Direct to make LIC renewal payments.

Step 1: Click on the “Pay Premium” button on the official LIC of India website.

Step 2: On the redirected Quick Pay LIC page select “Renewal Premium / Revival” (Here all fields are mandatory to enter).

Step 3: Write in your policy number, mobile number, date of birth and email ID.

Step 4: Read the terms and conditions and click on the “I Agree” checkbox and submit if you’re clear on the terms.

Step 5: Pay via debit/credit cards, net banking, UPI or digital wallets.

Note: The LIC Pay Direct option is open for all LIC policyholders whether they have registered to the LIC Customer Portal or not.

How to Renew LIC Policy From Policybazaar?

Following are the steps one can follow to renew their LIC policy from Policybazaar:

Step 1: Visit the official website of Policybazaar and click on ‘Renew Your Policy’.

Step 2: Select ‘Life Renewal’ from the Renewal drop-down list and log in using either your mobile number and DOB or Application Number or Policy Number.

Step 3: Choose “LIC” from the list of insurer options provided on the screen.

Step 4: Submit your Policy Number and Date of Birth mentioned in your Policy documents.

Step 5: Review the policy renewal information and proceed to choose the preferred payment mode (UPI apps, credit or debit card or through Net Banking) and pay your renewal dues to complete the process.

Note: The amount gets settled with LIC in 3-5 business days.

Why is LIC Renewal Important?

Renewing your LIC policy on a timely basis offers several benefits, such as

• Uninterrupted Coverage
  Timely renewing your LIC plan offers uninterrupted coverage and ensures that in any unfortunate event, your family can have financial independence. Your family will receive a death benefit on your death, which would help them to fulfil their future needs.

• Peace of Mind
  When you know that you and your family’s financial needs are taken care of by your LIC plan, you can easily concentrate on other things. By paying a minimum premium amount, you can be sure that you can achieve all your future financial goals with your policy.

• Savings and Investments
  Many LIC policies offer savings and investment components. You shall keep adding these assets with your policy and they may add up to a significant amount over time if you renew your policy.

• Tax Benefits
  LIC policies offer tax advantages. With the help of LIC insurance renewal you shall enjoy the applicable tax benefits without compromising with your financial security.

• Long-Term Goals
  Many LIC policies have maturity benefits that provide a lump sum or periodic payouts upon reaching a certain age. Renewing ensures you meet these long-term financial objectives.

• Avoids Policy Lapses
  If policies are not renewed on time, the policy shall lapse. Reinstating a lapsed policy shall require payment of overdue premiums and a health check. Hence, it's better and cheaper to keep renewing your LIC policy on time.

• Policy Modifications
  With the advent of a change in your life, LIC of India renewal offers a chance to redesign your policy. You shall be able to adjust coverage, payment frequency of premiums and riders for additional benefits.

What Happens If You Miss Your LIC of India Renewal?

Not renewing your LIC policy on time shall cause several inconveniences to you as well as your loved ones, some of them are listed below.

• Loss of Coverage: Not renewing your LIC policy will result in lapsation of your policy, resulting in the loss of life insurance coverage. In such a case, your beneficiaries will not receive any financial support.

• No Policy Benefits: With the policy terminated, you shall not have any benefits and payouts, such as maturity benefits, riders and extra coverage.

• Loss of Bonuses and Accumulated Benefits: If your policy had been in force for a considerable period, there must be accrued bonuses and other benefits. A policy lapse could result in the loss of these accumulated benefits.

• Premium Increase: If you are reviving a lapsed LIC policy, you might be paying a higher premium than before the lapse. The older and sicker you are when you re-instate, the higher the premium will be.

• Reviving your policy with Penalties: LIC generally provides a grace period during which you shall reinstate your lapsed policy by paying the overdue premiums and any associated penalties or interest. The longer you wait to reinstate, the more you may have to pay in penalties.

Every LIC Policy comes with a grace period, wherein the policyholder is given 30 days to pay their due premiums. However, in case the policyholder is unable to pay the premiums within the grace period, then the policy will lapse. Once your policy is lapsed, you will no longer be able to avail any benefits of your plan.

Fortunately, a lapsed LIC policy can be revived within a period of 5 consecutive years from the date of the first unpaid premium.

What are the Benefits of LIC Online Renewal?

Let's be honest, nobody enjoys standing in line at a branch just to pay an insurance premium. That's probably why so many LIC policyholders have switched to renewing online and once you try it you'll see why.

• Convenience – For starters, it's just easier. You can pay your premium from your phone or laptop at 11 pm if that's when you remember, without worrying about branch timings or an agent's availability.

• Instant payment confirmation – The moment you pay, you shall get your confirmation so no waiting around wondering if your payment went through.

• No late fees or lapses – Online payments are advanced now as you can set reminders or automate payments through auto-debit.

• Multiple payment options – Debit/credit card, net banking, UPI, digital wallets and Bharat QR Code.

• Track payment history – Access past payment records and receipts online for tax or reference purposes.

• Time and cost savings – No travel, no paperwork, no waiting in line at a branch or agent's office.

• 24/7 availability – You are not restricted to bank/branch working hours.

LIC Policy Revival Online: How to Revive Lapsed LIC Policy?

For LIC policy revival online you need to visit the official website of LIC of India. From there, you can pay the outstanding renewal premium, with interest (compounding half-yearly) at the rate fixed by the company.

Note: The company reserves all the right to accept at original terms, at modified at revised terms or decline the revival of a discontinued policy. The revival of the discontinued policy shall take effect only after the same is approved and accepted and the company issues a revival receipt.

Summing it up:

Timely renewals of your LIC plan help you to avail all the benefits offered by your plan. One can renew their policy online or offline at their convenience. Not just this, the company also allows you to revive your lapsed policy within 5 years of lapsation, and once the policy is revived, the benefits from the policies are also reinstated.

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