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

Life Insurance Corporation of India (LIC) is a public sector enterprise that has created a mark for itself in the insurance marketplace. Established over 100 years ago, LIC is one of the most prominent insurance companies in India that has an unparalleled trust of the customers throughout the country.

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LIC specializes in serving different insurance plans to their customers depending on the need such as investment plans, saving plans, health plans, child plans, and many more.

In this article, you will get to know how you can generate your LIC Premium statement online. But before, let you know what premium exactly is.

What Is LIC Premium?

Premium means the amount paid by the insurance holder to the insurance company in periodical installments, in exchange the insurance holder will get policy coverage (maturity benefit). It can be paid monthly, quarterly, semi-quarterly, yearly (regular premium), or maybe just once at the very beginning while purchasing the policy (single premium).

Thus, this amount that is paid by the insured to get cover for risk from the Corporation is called the premium.

What Are LIC’s e-Services?

LIC's e-Services is an initiative to provide you with on-demand service at your fingertips. You can now have many of the functionalities that were available only at a branch office, online with just a few clicks.

Features under LIC e-Services

Since the introduction of LIC E-services, individuals can access numerous features from the comfort of their own houses. Under e-Services, you can avail of the following activities:

  • Check the status of the policy
  • Payment of premium with the assistance of LIC Premium Receipt Policy
  • Check the status of loans and claims
  • Generating policy revival quotation
  • Viewing the policy and proposal images
  • Checking the dates as to when the premium has to be paid to avoid the policy from getting lapsed
  • Adding and enrolling policies and checking policy claim history

How To Generate LIC Premium Paid Statement?

The importance of LIC’s premium statement is that it lets you know how much premium has been paid against the policy. Also, LIC’s paid premium certificate is required during the ITR filing.

Hence, the LIC premium paid statement is of great use. But the question is how to generate LIC Premium statement online?

Here are some simple steps to be followed to generate LIC Premium paid statement online just within a few clicks.

Process For Registration

Here are some simple steps that you should follow for the registration process:

  • Step 1: Visit LIC’s official website www.lic.in
  • Step 2: Click on the Customer Portal tab
  • Step 3: Click on the existing user if already registered and enter your credentials
  • Step 4: If a new user, click on the new user tab
  • Step 5: In the next screen, you will be required to fill in the following details
    • Policy number
    • Date of Birth
    • Email address
    • PAN Card number
    • Gender
    • Mobile number
    • Passport number
  • Step 6: Click on register
  • Step 7: After successfully filling in the details, you will be asked to sign up
  • Step 8: To sign up, you have to choose
    • Suitable user ID
    • Password
    • Enter your date of birth
  • Step 9: you have been successfully signed in
  • Step 10: In the next screen, select the self-policies tab
  • Step 11: You can now view your existing policies
  • Step 12: If you want to add another policy apart from the existing policies of yourself, your children, or your spouse, all you have to do is
    • Click on add policy
    • Enter your relationship with the policyholder
    • Enter policy number
    • Submit the details
    • This policy will now be reflected on your LIC e-Service page

Procedure To Check LIC Premium Paid Statement

For statement:

  • Click on the policy premium paid statement on the left side
  • In the next screen,
    • Select the year of the premium paid statement you wish to download
    • Select the policy for which the statement is to be downloaded
    • Select all, if needed for all policies
  • Click on generate the statement
  • PDF will appear on the screen
  • You can download or print the PDF at your convenience

Benefits Of LIC Premium Paid Statement

The following are the key benefits of the LIC premium receipts:

It helps in keeping track of:

  • Premiums that have already been paid
  • Premiums that are still unpaid
  • Date on which the premium has to be made
  • Date track to avoid late payments and fine
  • Plan track to avoid the policy from getting lapsed in extreme cases

Online Payment Facilities

To pay your premiums online through the e-Service portal, you can choose from:

  • Mode of payment
    • Net Banking
    • Debit Card
    • Credit Card
    • WALLET
    • UPI
  • Renewal premium can be paid for all in-force policies, excluding policies under Salary Saving Scheme & policies registered for premium payment through NACH. Payment of premium is allowed 1 month before the due date till the policy is in force.
  • Loan interest cannot be paid under VPBY and PMVVY plan policies
  • All RBI approved Debit and Credit cards

Summing It Up

LIC Premium paid statement is beneficial in more than one way. It helps in keeping the track of your premiums paid to date, your premium paying dates, filing of ITR, etc.

LIC’s initiative of launching e-services is to make your life easier by handling all your policies and related documents sitting on your couch. One should avail of e-services for better management and easy accessibility.

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