What is LIC Policy Renewal?

LIC policy renewal is the process of keeping an LIC policy active by paying the due premium amount on or before the due date. Coverage under the policy must be maintained by policyholder by paying premiums on the due date.

The Life Insurance Corporation of India offers several ways for policyholders to renew their policies, both online and offline. It is crucial for policyholders to follow insurance renewal due dates and grace periods so that their policies don't lapse. An LIC policy lapse can lead to a loss of coverage, policy benefits and potential financial repercussions.

How to Renew Your LIC Policy Online?

LIC of India is quite flexible when it comes to LIC renewal payment. It allows several online premium payment gateways and methods, offering complete flexibility and convenience to the policyholders all across the world. One only needs to know their life insurance policy number as they get the option of online LIC premium payment direct by policy number. One can even pay LIC premium online without login using LIC’s Pay Direct feature.

Let’s understand each LIC renewal premium payment online process in detail.

How to Pay LIC Renewal Through Policybazaar?

LIC India policy renewal is no rocket science. With Policybazaar’s easy and user-friendly LIC premium renewal online payment procedure, one shall complete their LIC renewal process in a few clicks. Given below are the steps for payment of LIC renewal premium through Policybazaar.

Step 1: Go to Policybazaar and on top of the page click on “Renew Your Policy” and select your policy type.

Step 2: You will get three options to log in - by typing your mobile number and DOB to login through verification code or through your Application Number or Policy Number.

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

Step 4: Write your life insurance policy number and date of birth and click "Continue".

Step 5: Review your LIC policy renewal information and pay your renewal amount through the payment method of your choice. You shall have the option to pay through authorised UPI apps, credit or debit card or through Net Banking.

Note: After making an LIC renewal premium payment online successfully, the amount gets settled with LIC in 3-5 business days.

You can also visit the Life Insurance Renewal page of Policybazaar to understand the renewal procedure and steps for your policy.

LIC Premium Payment Online Without Login Through Official LIC Website

Life Insurance Corporation of India has the Pay Direct feature for its policyholders to make LIC premium payment online direct without login. It is a hassle-free and quick pay method for individuals who know their policy number.

Given below are the steps one should follow for online LIC premium payment direct by policy number.

Step 1: On the LIC homepage, click on the “Pay Premium” button.

Step 2: You will be redirected to the Quick Pay LIC page which is the place for several policy related payments. You have to select “Renewal Premium / Revival”.

Step 3: On the LIC Renewal Premium / Revival page all fields are mandatory to enter.

Step 4: Type in your policy number, mobile number, date of birth and email ID.

Step 5: Read the 6 terms and conditions and if you are okay with them then click on the “I Agree” checkbox and submit.

Step 6: LIC offers various payment options including debit/credit cards, net banking and digital wallets. Select your preferred payment method and proceed with the payment.

Step 7: Upon successful payment processing, a confirmation message will appear on the screen. Additionally, LIC will send an email confirmation to the provided email address.

What is the LIC Premium Renewal Payment Online Process For New Users?

New users who have purchased term insurance or any other life insurance policy from LIC for the first time shall also be able to pay renewal premium LIC directly through the website without login. The only requirement is they should know their policy number to use the Pay Direct of LIC. The process of online LIC premium payment direct by policy number is already mentioned in the above section for your reference.

However, it is advised to new policyholders of LIC to register and login to the website at least once. Registered users are able to access the LIC Customer Portal, which is something every policyholder should use. The LIC renewal premium payment online portal can also be used to make renewal payments with great ease and from the comfort of your homes. It also makes it easy to manage your life insurance policy yourself without needing the help of any LIC agent or customer services.

Given below are the steps for new users to register with LIC.

Step 1: On the LIC homepage you shall see the ‘Login’ button, under that click on ‘Customer Portal’.

Step 2: You will be redirected to the Customer Portal Login Page. There click on ‘New User Sign Up’.

Step 3: Now write all the following details:

• Policy Number

• Instalment Premium (without tax)

• Date of Birth

• Country Code and Mobile Number

• Email

• Passport Number

• PAN

• Gender

Writing your passport number and PAN is not mandatory.

Step 4: Click on Proceed. You will receive your login credentials which will be a user id and password. Use these credentials to login to the LIC Customer Portal every time.

LIC also has the My LIC App that further eliminates the need to open the website and log in every time to use the online features of LIC. It is available on both Google’s Play Store and Apple’s App Store.

What is the LIC Premium Renewal Payment Online Process For Registered Users?

Registered users can easily login to the LIC Customer Portal using their user ID and password and pay their premiums to renew their LIC policy. Given below are steps to pay LIC premium payment online through LIC Customer Portal for registered users.

Step 1: Begin with the official LIC website homepage.

Step 2: Click on the “Login” button.

Step 3: Enter your login credentials (user ID/email/mobile, password, and date of birth) and sign in to continue your LIC policy renewal.

Step 4: Open the “Self Policies” section to check your available policies for LIC renewal premium payment.

Step 5: Pick the policy you want to pay the premiums for and review the amount and due date.

Step 6: Choose how you want to pay (UPI, card,etc.) and complete your LIC premium online without any hassle.

Other Ways to Pay Your LIC Premium

LIC renewal premium payment online option isn't the only digital-adjacent option available:

Via ATM: Axis Bank and Corporation Bank allow LIC premium payments through their ATMs, once you've registered for the facility with your bank. This works for most LIC policies, but not for ULIPs, health plans, online term plans, monthly premiums or Salary Savings Scheme premiums.

Via mobile wallets and UPI apps: In addition to the LIC website and app, you can pay through UPI apps like PhonePe, Google Pay, and Paytm, a popular option for many policyholders in recent years.

How Renewing LIC Policy Online is Beneficial?

Renewing your LIC Policy online has significant benefits in this fast-paced world. Gone are the days of visiting the branch every month and standing in long queues just for your LIC renewal payment. LIC renewal premium pay is the new norm and LIC also has made remarkable progress in their online payment services.

Know why LIC renewal premium online payment is a beneficial choice:

• Convenience

  One of the most important benefits of LIC renewal online is the convenience it offers. The renewal process can be done in the comfort of your home or office without the need to visit an LIC branch or agent. This will save you time and effort particularly if you have a hectic schedule.

• Accessibility

  LIC Renewal can be done at any time using online methods. There is no more limitation of working hours of LIC branches and offices.

• 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

  LIC Online renewal can be done via multiple payment options. You can pay your premium using net banking, debit/credit cards, UPI, online wallets and more authorised gateways.

• No Geographical Constraints

  Geographical constraints do not limit online renewal. 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 NRIs.

Things To Keep In Mind While Renewing LIC Policy Online

LIC online renewal is both convenient and efficient. However, policyholders should remember to check important details before and while paying their premiums.

Given below are some basic but important notes to keep in mind when paying LIC renewal premium.

• Renewal Due Date: Keep track of the date your policy is due for renewal. Missing the deadline could result in a lapse in coverage and you or your family shall not be able to claim any benefits.

• Policy Details: Verify that the policy details that you see on screen while renewing your LIC policy are accurate. Ensure your personal information, policy number and sum assured are correctly entered.

• Premium Amount: See the premium amount which is due to renew LIC. Be sure to have enough funds in your account, or the method you indicate for payment.

• Policy Coverage: Re-evaluate your financial needs after certain intervals and check if your policy's coverage still meets your demand. Identify any changes to coverage limits, riders etc. that may be required in existing coverage.

• Riders or Add-Ons: Look at whether you need 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: It's a good time to get an overview of coverages you may need in general. Think about your life changes, including marriage, birth of a child or change in financial status, that could require you to adjust your coverage.

What to Do If Something Goes Wrong?

A few common issues, and what LIC's own guidance says to do about them:

Payment failed, but my account was debited: This is usually a session timeout or a temporary technical issue. If you paid through a registered login and don't receive your receipt within 48 working hours, email your policy number, transaction date, and bank statement details to LIC's support team at bo_eps1@licindia.com.

I was charged twice for the same premium: The duplicate amount is refunded to the payment service provider, who then credits it back to your bank account or card.

I can't complete the payment at all: Two common reasons: your policy may currently be in a lapsed state (in which case you'll need to visit an LIC branch to revive it), or the premium amount entered doesn't match your policy's actual basic premium (remember: enter the amount without tax, exactly as shown on your policy document).

Is the online receipt valid for tax purposes?: Yes, the e-receipt generated for an online payment is valid for income tax purposes. Note that LIC does not send a separate physical receipt by post for online payments, and digitally signed receipts were discontinued in November 2014 — the standard e-receipt is what you should keep for your records.

Wrapping It Up

LIC Policy renewal through online methods has now become the default LIC premium payment for many policyholders. It is convenient and time-saving yet secure. LIC of India is a government-backed insurer and one of the most trustworthy in the country. It allows authorised payment gateways only. However, policyholders should still be cautious while making any payment online.

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