How To Generate LIC Premium Paid Statement: Know The Details!

LIC has made accessing and generating your LIC premium paid statement online easier than ever. Not only can one save time, but it also helps the policyholder to access LIC eServices from the comfort of their homes. 

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How To Generate LIC Premium Paid Statement: Know The Details!

LIC has made accessing and generating your LIC premium paid statement online easier than ever. Not only can one save time, but it also helps the policyholder to access LIC eServices from the comfort of their homes. 

Read more
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Why Is It Important To Generate LIC Premium Paid Statement?

There are several reasons why it is important to generate an LIC premium payment statement:

  • To claim income tax benefits: LIC policyholders can claim income tax deductions on their premium payments under Section 80C of the Income Tax Act. To claim this deduction, policyholders need to submit their LIC premium payment statement to their employer or income tax filing consultant.

  • To track premium payments: It is a good practice to track your LIC premium payments to ensure that you are making them on time and that your policy is in force. An LIC online payment statement will give you a complete overview of all your premium payments, including the date of payment, mode of payment, and amount paid.

  • To get a loan against your LIC policy: Policyholders can get a loan against their LIC policy if they need financial assistance. To avail of this loan, policyholders need to submit their LIC premium paid statement to the bank or financial institution.

  • To settle claims: LIC will require policyholders to submit their LIC premium payment online statement in case of a claim. The statement will help the company verify that the policyholder has made their premium payments on time and that the policy is in force.

How To Generate LICPremium Paid Statement Online

The following steps will guide you on how to generate your LIC premium payment statement online:

  1. Visit the LIC Customer Portal

    You need to access the customer portal to start with LIC online payment. You can do this by visiting the official Life Insurance Corporation website.

  2. Register or Log In

    If you are already a registered user of the LIC customer portal, you can skip this step and proceed to step 3. If not, you'll need to create an account by clicking on the 'New User' or 'Register' option. You will be required to provide your policy details and personal information to complete the registration process. Once you've registered, log in using your credentials.

  3. Navigate to Policy Tools

    After logging in, you will find various options and services on the portal. Look for a section called 'Policy Status.'

  4. Select Premium Paid Statement

    Under the 'Policy Status' section, you will find an option for 'Premium Paid Statement'. Click on this option to proceed.

  5. Provide Policy Details

    You will be prompted to enter specific policy details to generate your LIC premium payment statement. This typically includes your policy number, instalment premium, and premium paying frequency. Double-check the information you enter to ensure accuracy.

  6. Generate Statement

    After verification, you can generate your LIC premium paid statement. The portal will display your statement on the screen. Review it carefully to confirm that all the premium payments are accurately recorded.

  7. Download and Print

    To have a physical copy of your premium paid statement, it's advisable to download and print it. The document is generally available in PDF format, which makes it easy to save and print for your records.

How do you generate an LIC Premium Paid Statement through the branch office?

If you cannot access the internet or generate your LIC premium paid statement online, you can visit your nearest branch office and request a copy of your statement. The branch staff will be able to generate the statement for you and provide you with a hard copy.

Tips for generating LIC premium paid statement

  • Keep Policy Details Handy: Make your policy details available before starting the process. This includes your policy number, premium amount, and premium payment frequency. Having this information at hand will speed up the process.

  • Use a Secure Internet Connection: Ensure you have a secure and stable Internet connection while accessing the customer portal. This minimizes the chances of errors or disruptions during the process.

  • Verify Information: Double-check the policy details you enter to avoid any discrepancies in your premium paid statement. Accuracy is essential, especially when using this document for income tax purposes.

  • Save Regularly: While generating your LIC online payment statement, save the document regularly during the process. This can be particularly helpful if you encounter any technical issues or disruptions.

Wrapping It Up:

In today's digital age, accessing and generating your LIC online payment statement has become very convenient. Following the above-mentioned steps, you can easily obtain an LIC premium payment receipt, which will be required for various purposes, including income tax declarations, policy renewals, and financial planning. Remember to keep your policy details secure and accurate to ensure a smooth and hassle-free experience. 

FAQs

  • Q: How frequently should I track my premium payments using the online statement?

    Ans: It is recommended to track your premium payments regularly, at least annually. This practice ensures that you are making payments on time and helps maintain the active status of your policy.
  • Q: Can I generate the LIC premium paid certificate for multiple policies under one login on the LIC Customer Portal?

    Ans: Yes, if you have multiple LIC policies, you can generally view and generate premium paid statements under a single login on the LIC Customer Portal.
  • Q: What should I do if there are any differences in my LIC premium paid statement?

    Ans: In case you notice any discrepancies in your premium paid statement, it is advisable to contact the LIC customer support or visit the nearest LIC branch office. They will assist you in resolving any issues and ensuring the accuracy of your premium payment records.
  • Q: Can I use the LIC premium paid statement for income tax purposes?

    Ans: Yes, the LIC premium paid statement is essential for claiming income tax deductions under Section 80C of the Income Tax Act. Policyholders can submit this statement to their employer or income tax filing consultant to avail of tax benefits.
  • Q: What information is required to generate the LIC premium paid statement online?

    Ans: You will need specific policy details, including your policy number, installment premium, and premium payment frequency. Ensure accuracy in the information you enter to generate an accurate premium paid statement.
  • Q: How to generate an LIC Policy Statement?

    Ans:
    • Visit LIC's Official Website
    • Login to Your Account
    • Access Policy Details
    • Click on the policy for which you need the statement.
    • Generate Statement: After generating the statement, download it as a PDF file.
    • Save it for your records or print a copy as needed.
  • Q: How do you generate the LIC Premium Statement for IT Returns?

    Ans:
    • Log in to your LIC account on the official website using your credentials.
    • Look for a section related to premium payments or payment history.
    • Choose the specific insurance policy for which you require the premium statement.
    • Locate an option like "Generate Premium Statement" or "Download Premium Receipt." Specify the financial year you need the statement for.
    • Once generated, download the premium statement in PDF format. Keep a digital copy for your records, or print it for submission during IT return filing.
    • Before finalizing, make sure the premium statement contains accurate details such as payment dates, premium amounts, and policy particulars.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark

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