Gone are days where you need to stand in long queue to make LIC premium payment. LIC now offers 10 different options to make premium payment. Recently I have come across LIC advertisement which says that “LIC premium is due, but why stand in Queue.” I thought to compile details of LIC advertisement mentioning alternate channels available for LIC premium payment.
10 Options for LIC Premium Payment
1 Online Premium Payment through LIC Customer Portal
Easiest option to make premium payment is online through LIC customer portal. There are two ways to make online premium payment using website.
LIC Pay Direct –
LIC Pay Direct allows you to make premium payment by giving basic information like policy number, premium, DOB.
2 Make LIC Premium Payment through ECS
Second way of making LIC payment is ECS. You can give standing instructions at your bank & LIC through mandate form. This ECS mandate forms are also available at LIC branch office.
3 Direct Debit
ICICI or Corporation bank account holder can give standing instructions at bank for direct debit for LIC premium payments.
4 Make Payment through LIC Mobile Application
You can download LIC mobile app and make premium payment online using windows or android based smart phone.
5 Bill Pay or EBPP
Another way of making LIC premium payment online is via EBPP or BILL PAY. Only selected banks offer this facility. These banks are ICICI bank, Axis Bank, Citi Banks, HDFC bank and Federal Bank. You can even register for this facility online.
6 LIC Premium Point
Senior Citizen people who are not comfortable in using online payment option can use facility of LIC Premium point. Across country we have 32,000 premium points and 2500 authorized Life plus offices.
7 LIC premium payment through ATM
You can register and pay LIC Premiums thorough ATM of Corporation Bank, Axis Bank or ICICI Bank.
8 LIC premium payment at Bank
You can pay LIC Premium payment at Corporation bank or at AXIS bank by cash or cheque.
9 Payment through Franchisee
Franchisee payment is also one option for premium payment. Pay in cash at the collection center of AP online, MP online, Suvidha or CSCs.
10 Automatic Premium Payment Service through LICNMF
If you are investor of LIC Nomura Mutual funds you can give standing instruction to LICNMF for debit of LIC Premium payments from their mutual funds account.
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Which Option is best for LIC Premium Payment?
Best option for LIC premium payment is online payment through LIC official portal. Second best option is payment through online mobile app.
If you don’t have time and it is not convenient for you to make online payment. ECS option is ideal for you. If you are opting for ECS option make sure you maintain sufficient balance in your account to avoid ECS transaction failure.
So, which is most convenient option for you and why? Do share your views?