LIC Premium Payment - An Overview

With years of experience and delivering policies with top-notch quality and suitability of the buyers, Life Insurance Corporation of India has created trust and reliability amongst all the insurers in India.

We are past the days of long queues outside the LIC’s branch office just to pay your premium dues. As the world is moving towards digitalization rapidly, so is the LIC of India.

Now the Life Insurance Corporation premium payment is just a click away with the help of LIC policy payment online. Here, you will understand the complete online premium paying process of LIC.

LIC of India Online Premium Payment: Step by Step Process

Sitting at your home and making the LIC premium deposit of your life insurance policy with just a few simple steps is something people in the 80s would never imagine. Even though both online and offline processes of LIC premium payment are available in the market, individuals are getting attracted to the simple and hassle-free online process more.

Let us discuss the LIC of India’s online premium payment method in detail. However, before the payment process, here are the steps to be followed by first time users for registration:

• Step 1: Visit LIC’s official website

• 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

LIC Premium Online Payment Facilities

After successful registration, you may need to know the LIC Premium online payment facilities offered.

For LIC policy payment of 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 made for all active term insurance and life insurance policies, excluding Salary Saving Scheme Policies. Payment of premium can be made one month before the due date till the policy is in force.

• Under Varishtha Pension Bima Yojana (VPBY) and Pradhan Mantri Vaya Vandana Yojana (PMVVY) plan policies, loan interest cannot be paid

• All RBI approved Credit cards and Debit cards can be used for payments

LIC Premium Payment Channels Online

Given below are some of the Life Insurance Corporation online payment channels:

LIC Premium Payment Channels Offline

• NACH

• Bill Pay

• ATM

LIC Online Payment

For Registered Users

• Step 1: Visit the Life Insurance Corporation of India’s website

• Step 2: Select from the two options under online payment:

  • Pay Direct (without login)

  • Through customer portal

• Step 3: If chosen the Pay Direct option

• Directly select payment type (no need for login credentials)

• Step 4: If chosen the Through customer portal option

  • Log in with the login ID and password

  • Click on sign in after filling in the necessary information

• Step 5: Once successfully logged in, the policy number and premium amount payable need to be provided.

• Step 6: After submitting the details, you can now view all your policies

• Step 7: Select the one you want to pay the premium for

• Step 8: Click on submit

• Step 9: Payment gateway will be the next page you will be redirected to

• Step 10: Select the suitable payment option and make the necessary payment and your premium is paid in these simple and easy steps

LIC Offline Payment

• NACH (National Automated Clearing House)
  Under NACH, important documents are submitted in the respective branch office of LIC for payment of premium.

• ATMs and Banks
  Automated Teller Machines (ATMs) or their respective bank branches can be used by the following banks for making the LIC premium payment offline:

  • Axis Bank

  • Union Bank of India

Here are some points to remember while making LIC premium payment offline through banks:

How to Pay LIC Premiums Using WhatsApp?

Earlier, LIC India payment online of premiums through website login or through LIC e-services were the preferred methods. However, recently, LIC has introduced a pay direct (without login) option for LIC payment online via WhatsApp. However, before using this option, ensure your policies are registered at the LIC Customer Portal with the same contact number.

Step 1 Send a “Hi” on WhatsApp to the official LIC number: 8976862090 and from your registered mobile number only.

Step 2 The chatbot will instantly reply with your policy information and the overdue premium.

Step 3 To renew your LIC policy by LIC premium payment, follow the steps displayed in the chat.

Step 4 You will get the option to pay premiums online through UPI, net banking, credit / debit card.

Step 5 Once the payment is done, a digital LIC premium payment receipt will be sent to your WhatsApp chat immediately.

Quick Pay LIC Premium Online Using LIC Pay Direct (Without Login)

LIC payment procedure has been made very easy with online methods so that policyholders from all backgrounds can make the deposit of LIC premium easily. Using the Ebiz LIC pay direct (without login) option is fast as no login is required.

Step 1 Visit LIC website and click on LIC India Pay Premium option.

Step 2 Click the Pay Direct button.

Step 3 Select ‘Renewal premium/Revival’ on the drop-down menu.

Step 4 Fill in your policy number, installment and premium amount, date of birth, email and mobile number.

Step 5 Submit and pay using any one of the online options (UPI, Debit card, Net banking).

Step 6 You will receive an e-receipt on your email after payment is confirmed.

Documents Required for Online LIC Premium Payment

Online LIC premium payment does not require a lot of documentation because you have already purchased the policy, that’s when the rigorous documentation was done. For policy renewal, you just need to pay premiums regularly, and all you require is the following.

• Policy number

• Date of birth

• Registered mobile number and email

• PAN Card information (in some cases)

• Lastly, you should know your premium amount that is due

What are the Benefits of LIC Policy Payment Online?

The below are the key benefits of paying LIC premiums online through pay direct (without login) option, Ebiz Pay Direct option on LIC website or through LIC account login.

• Convenience
  You can make your LIC premium payment conveniently from home. You do not need to visit the LIC branch or wait in long queues. With pay direct options, you do not even have to login to your LIC account.

• Multiple Payment Options
  Pay your LIC premium online using UPI, cards, net banking, or wallets, whichever is easy for you.

• Accessibility
  One of the most underrated benefits of online LIC payment is you can do it anytime as online payment services work 24/7. No need to spare time to schedule a visit to the branch.

• Safe Payments
  LIC only allows authorized online payment methods so that your LIC premium payment is secure whether you pay directly or use the LIC login portal.

Is LIC Payment Online a Safe Option?

Life Insurance Corporation of India (LIC) is the most trusted and reliable insurance provider in India. The company is backed by the Government of India and allows online secure and authorized payment gateways for its online payments. LIC only shows you online payment options that it allows and that are safe. Therefore, LIC payment online is a completely safe method.

Summing it up!

With advancements in technology every passing day, online methods of payment have become more popular and stress-free. It is important to grow with technology which is why LIC India has introduced multiple online premium payment options to help their customers renew policies with ease. Some of the several payment options are UPI, debit/credit cards and net banking. You can either pay directly through the Pay Direct option on LIC website or through WhatsApp. If you’re not comfortable paying directly, then you always have the option to pay by logging in to your LIC account. Whichever method and gateway you use, you can be rest assured as they are all authorized by LIC for security.

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