How to Pay LIC Premiums Through PhonePe?

LIC Premium Payment Online

Online premium payment for LIC’s life insurance policies has made it easier for policyholders to keep track of their policy status and premium due dates. LIC’s online portal now features several payment modes that one can use to repay loans, pay interest, premiums, and renew their policies. These services can be availed 24/7 from the comfort of your home, in addition to being completely free of charge. On successful payment, you will receive the e-receipt without having to wait for someone to finish formalities on your behalf.

The LIC online premium payment modes available are Credit Cards, Debit Cards, Net Banking, Google Pay, Amazon Pay, Paytm, PhonePe, and MobiKwik. The following sections discuss LIC premium payment through PhonePe in detail.

LIC Premium Payment through PhonePe

PhonePe is a UPI app. You can get it free from the Play Store or App Store. Lots of people in India use it every day to pay bills, send money and shop online. You can also use it to pay your LIC premium. Just add your bank account, debit card or credit card to the app, and pay with whichever one you like.

LIC Premium Payment Online - PhonePe

These are the steps to pay LIC premiums using PhonePe:

Step 1: Install the PhonePe App from Google Play Store if you’re an android user or from Apple App Store if you’re an iOS user.

Step 2: Register if you’re a new user and log into your account. Link your desired bank account on the app.

Step 3: Go to Recharge & Bill Payment. Find LIC/Insurance under Finances and Taxes and click on Life Insurance Corporation (LIC).

Step 4: Enter the mandatory details like policy number, date of birth, etc. Proceed when you’re done.

Step 5: Confirm your premium and policy details. Click on Pay Bill and choose the desired bank account from the list of linked accounts to pay.

Step 6: After a successful transaction of premium, you can view and download your premium receipt from the view receipts tab.

Step-by-step Guide on How To Pay LIC Premiums Through PhonePe

• Once you install the application on your phone, you shall be asked to enter the mobile number that is linked to your bank account.

• Enter the OTP to create your PhonePe profile.

• Add your bank account to make UPI-based transactions.

• Now scroll to the Recharge & Pay Bills section.

• Under Financial Services & Taxes, you will find LIC/Insurance and click on it.

• Click on Life Insurance Corporation of India.

• You will now be asked to insert your Policy Number and email ID.

The LIC policy number can be found on the policy bond that was issued to you at the time of purchase. Further, the email ID is where you will receive confirmation of payment or the receipt upon successful transaction.

• Click on Confirm.

• The resulting page highlights all the important information regarding the policy and the due premium amount.

• You’ll find multiple payment options to choose from, including PhonePe wallet, Google Pay, Debit card, Credit card.

• After choosing a suitable option, click on Pay Bill.

• You shall be asked to enter verification codes as per the option chosen.

• Please remember to wait while the payment is being processed. Do not press back or anything else.

• If it’s a debit card or credit card payment, you will receive an OTP on your phone that you will need to enter.

• Once your screen reflects Bill Payment Successful, you can click on done.

Note that the bill status shall be reflected on your portal in 3 to 5 days from the date of payment.

You can view the receipt in your email ID that you can download to claim tax benefits. Furthermore, the receipt will also be available for download on the PhonePe app under the History section.

Is Paying Premium Using PhonePe Helpful?

LIC has offered the option to pay premiums through PhonePe for the customers’ convenience. You skip the queue at the branch, avoid carrying cash or cheques, and get your payment confirmed in seconds, all from your phone. For most policyholders juggling busy schedules, that alone makes it worth using. Using PhonePe sensibly can help policyholders to enjoy the comfort of paying premiums even at the last minute.

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