Step-by-Step Guide to Renew Your LIC Policy Online

With Policybazaar’s online renewal portal, you can now easily renew your LIC policy in a few moments by following the below steps:

Step 1: On the top of the page, fill in the form with your Policy Details and DOB

Step 2: Click on Proceed; you have the option to either scan the QR Code or continue by entering your mobile number to receive the payment link via text message or WhatsApp.

Step 3: Scanning the QR code or following the link in the messages will redirect you to the LIC Policy renewal detail page on the Policybazaar app.

Step 4: Review the premium payment information, choose your preferred payment mode to pay the dues and complete the process.

Step 5: Once the payment is successful, you will receive the premium payment recipes on your registered email address.

Alternatively, you can also visit the Renewal page of Policybazaar to renew your policy. Follow the below steps:

Step 1: Visit the official website of Policybazaar and click on Renewal.

Step 2: Select ‘Life Renewal’ from the Renewal drop-down list.

Step 3: Choose “LIC of India” from the list of insurers provided on the screen.

Step 4: Enter your Policy Number and Date of Birth as mentioned in the policy documents and click "Continue."

Step 5: Review the policy renewal information, choose the preferred payment mode and proceed to pay your renewal amount.

Note: Post successful payment, the amount gets settled with LIC in 3-5 business days.

How Renewing LIC Policy Online is Beneficial?

Renewing your LIC policy online offers several significant benefits, making it a convenient and advantageous choice for policyholders. Here's why renewing your LIC policy online is beneficial:

• Convenience:

  Convenience is one of the most significant advantages of renewing your LIC policy online. You can complete the renewal process from the comfort of your home or office, eliminating the need to visit an LIC branch or agent in person. This saves you time and effort, especially if you have a busy schedule.

• Accessibility:

  Online renewal is available 24/7, allowing you to renew your policy at any time that suits you. You are not restricted to the working hours of LIC offices, making it easier to manage your policy according to your convenience.

• Time-Efficiency:

  Renewing LIC policy online is a quick process. You can renew your policy within a few minutes without waiting in line at an LIC branch or dealing with paperwork.

• Payment Options:

  Online renewal offers multiple payment options. You can pay your premium using net banking, debit/credit cards, online wallets, and more. This flexibility allows you to choose the payment method that is most convenient for you.

• No Geographical Constraints:

  Online renewal is not limited by geographical constraints. You can renew your policy from anywhere in the world as long as you have internet access. This is particularly useful for policyholders who may be travelling or living abroad.

Things To Keep In Mind While Renewing LIC Policy Online

Renewing your LIC policy online can be a convenient and efficient process, but it's essential to keep certain things in mind to ensure a smooth and secure renewal process. Here are some important things to keep in mind when renewing your LIC policy online:

• Renewal Due Date: Be aware of your policy's renewal due date. Missing the deadline could result in a lapse in coverage, and you or your family won’t be able to claim any benefits.

• Policy Details: Verify that the policy details you enter during the renewal process are accurate. Ensure your personal information, policy number, and sum assured are correctly entered.

• Premium Amount: Check the premium amount due for renewal and ensure you have sufficient amount in your bank account or the chosen payment method to cover the payment.

• Policy Coverage: Review your policy's coverage to check if it still meets your needs. Assess whether you need to make any modifications, such as increasing the coverage amount or adding riders.

• Riders or Add-Ons: Consider whether you want to add any optional riders or additional coverage to your policy. Riders can enhance your policy's coverage based on your specific needs.

• Policy Review: Take this opportunity to review your overall insurance needs. Consider whether your life circumstances have changed, such as marriage, the birth of a child, or a change in financial status, which may necessitate adjustments to your coverage.

Wrapping It Up:

Renewing your LIC policy online is a convenient, secure, and time-saving option that offers numerous benefits to policyholders. Not only does it streamline the renewal process, but it also makes it easier to ensure that your life insurance coverage remains in force and continues to protect you and your loved ones. However, always use secure and reputable payment methods when making the premium payment online.

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