Life Insurance Corporation of India make the payment easy for LIC Policy holder, now you can pay online LIC premium and obtain the LIC services also. Online premium policy is very easy to use and time saving policy.
Methods by which LIC premium can be paid:
- ECS –Electronic Clearance Service. This facility can be availed at the time of inception of the policy or later after the completion of the policy. During policy inception only the ECS (MLY) can be opted, however, receipts shall not be printed and the customer shall get a premium paid certificate sent by the servicing branch. The ECS mode can be opted for ULIP policy holders only at the inception stage. A mandate form duly signed by the policy holder is to be submitted to any of the LIC servicing branches. This must also be signed by the bank account holder. This form is then to be attested by the customer’s bank. A copy of the mandate form is to be submitted to the firm who will then set up the ECS.
- EBPP payment can be made through a number of banks that are mentioned in the website. This facility is also simple. Just click on the link which says “Pay Premium Online” and you can see a list of premiums that you are due to pay. Choose the premium that you wish to pay. You will be taken to a page where you can choose from the banks mentioned above .You need to have a net banking account with any of these banks. At the bank site enter your bank user id and password. The total premium to be paid is then displayed on the screen. Also your current available balance is displayed .This can be verified before making the payment. After successful transaction a digitally signed e-receipt is sent to your email id.
- Policy premiums can also be paid through ATM’s. As of now this facility is extended only with Axis Bank. The customer has to first register his policy on the bank website.
- Common customers of LIC and Corporation Bank having ATM card facility can pay their premiums through SMS.
Step-by-step guide for using LIC Online Payment facility :
- Firstly enrolled your policy, then click on the link ‘Pay Premium Online’ to see a list of policies whose premium is due.
- You have a choice to select the policies for which you want to pay premium.
- You will be directed to a page where you can choose from multiple banks for payment and will be directed to the login page of the selected bank. It is essential that you have a net banking account with at least one of these banks.
- At the bank site you will need to login with your net banking user name/password. On successful login, the total amount to be paid by you towards LIC will be displayed.
- Please verify your balance (displayed) and confirm the transaction to the bank. Simultaneously successful/unsuccessful transaction message will be flashed.
- On successful transaction, a digitally signed e-receipt will be generated and e-mailed to you. In case of an unsuccessful transaction you will be informed and the reason thereof.