LIC offers a range of insurance products like ULIPs, pension plans, and child plans. With a strong physical presence in the country, LIC has established its brand presence online as well. The company also offers both online and offline premium payment modes to its customers. This article gives an insight on such payment modes, especially focusing on LIC premium payment through PhonePe.Read more
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LIC’s new initiative of Online Payment Gateway is an on-demand service for customers. It allows them to avail several provisions provided by the company at their fingertips. However, this payment gateway initiative is only available for customers who have registered their policies.
The premium payments for the registered policies can be made by using any of the following online payment methods:
PhonePe is a digital payments app that processes payments through Unified Payment Interface (UPI). The customers can pay your premium through a quick log in and entering policy credentials.
Apps like PhonePe are highly efficient and help you make your premium payment in a short time. PhonePe can be used to make direct payments to the merchant. This can be done either by using the merchant’s phone number or scanning QR code. The app also sends a confirmation message of the payment and a receipt link for future reference.
The steps to make your LIC premium payment via PhonePe include:
Download the PhonePe app from play store
Register yourself on the app
Fill in your bank details to link the account
Click on LIC icon
Enter payment details
Confirm the payment and collect the receipt
To view your e-receipt, click on “view receipt.” You can even download it for claiming tax benefits.
The payment methods for registered and non-registered users only differ a little. A registered user has an account on the official website and is vested with your account credentials. You can log in every time and keep track of all your policies and premium payments.
Being a registered user makes the payment and tracking any transaction easier. But if you are not a registered user, you still can pay your premium online as a guest user.
For users who want to pay the LIC premium online, follow these steps:
Visit the official online portal of LIC and open premium payment page. Here you will find two options: “pay direct” and “pay premium through e-services.”
If you are a registered user, choose “pay premium through e-services.”
Enter your LIC credentials and click “submit.”
View your policy details and then select the “online payment of premium” option.
You will reach the payment gateway page, where you can make the payment by any payment method of your choice.
If you are a non-registered user, select the “pay direct” option.
Select the premium payment option from the drop-down.
Complete the 3-step process after that, including customer validation, premium particulars, and payment.
Customer validation will require you to enter the policy number and date of birth. In premium particulars, you have to enter the details about the premium. Finally, on the payment page, you can make the payment using the payment method best suited for you.
After completing the transaction, you can download the e-receipt to keep it for future records.
The company is committed to the service of its customers. Therefore, it has made online payment available as a forward in that direction. You can pay your premium as a registered or guest user.
You can pay your LIC premium amount online via debit/credit card, UPI, and Net Banking. PhonePe provides you with an easy way to complete your payment free of cost. For any inconvenience, you can contact their customer service.