Gone are the days when you need to stand in long queues to make LIC premium payments. LIC now offers 10 different options to make premium payments.
Life Insurance Corporation of India (LIC) is undoubtedly one of the most trusted names when it comes to insurance in India. Millions of policyholders rely on LIC for their long-term financial security and peace of mind. However, once you have a policy, keeping the premiums paid on time is crucial to keep the benefits active. Thankfully, LIC has evolved with the times, offering numerous payment options to suit everyone’s convenience.
So, what are the top 10 ways you can pay your LIC premium? Whether you’re tech-savvy or prefer traditional methods, we’ve got you covered. Let’s explore!
10 Options for LIC Premium Payment
1. LIC Online Payment Portal
Gone are the days of waiting in long queues! LIC’s official website provides a simple and seamless platform to pay premiums online.
Here’s how it works:
- Visit the LIC official portal (licindia.in).
- Go to the “Pay Premium Online” section.
- Enter your policy details and proceed to pay via Net Banking, Credit Card, Debit Card, or UPI.
The portal is user-friendly, and payments are processed instantly. You’ll also receive an acknowledgment immediately via email or SMS for your records.
2. LIC Mobile App (LIC Pay Direct)
Prefer managing your insurance on your smartphone? LIC’s official mobile app, “LIC Pay Direct,” is a game-changer.
- Download the app from Google Play Store or Apple App Store.
- Log in with your credentials.
- Go to the premium payment section, enter the policy details, and pay securely.
The app also allows you to check your policy status, due dates, and premium receipts on the go. Talk about convenience at your fingertips!
3. Electronic Clearing Service (ECS)
Hate the hassle of manual payments every month? Set up an ECS mandate, and LIC will automatically deduct the premium from your bank account on the due date.
Benefits of ECS include:
- No late fees or missed payments.
- Completely automated and stress-free.
To set it up, you need to submit an ECS form along with a canceled cheque to your LIC branch. It’s a one-time effort for years of peace.
4. LIC Premium Payment via Banks
Several nationalized and private banks are authorized to collect LIC premium payments. If you prefer banking channels, this method is perfect.
Here’s what you need to do:
- Visit your bank’s branch or online portal.
- Use the LIC policy number and other details to pay the premium.
- Most banks offer both online and offline options for LIC payments.
ICICI Bank, HDFC Bank, and Axis Bank are a few popular choices. Payments are secure, and you get instant confirmation.
5. Payment Through Credit and Debit Cards
If you enjoy the rewards and cashback that come with using credit cards, this method might be for you. LIC accepts payments through most major credit and debit cards.
How to pay:
- Visit the LIC website or mobile app.
- Choose the “Credit/Debit Card” option during checkout.
- Enter the necessary card details and proceed with the payment.
This method is quick, secure, and often comes with perks like reward points or cashback depending on your bank.
6. UPI Payment
UPI (Unified Payments Interface) has revolutionized digital transactions in India. Paying your LIC premium via UPI is fast, hassle-free, and requires no complex banking information.
Steps:
- Go to the LIC portal or app.
- Select the UPI option during premium payment.
- Enter your UPI ID and approve the payment request on your UPI app.
Apps like Google Pay, PhonePe, and Paytm make UPI payments a breeze, and you get instant confirmation.
7. LIC Premium Payment via Wallets (Paytm, PhonePe, etc.)
Digital wallets have become a popular way to handle transactions, including LIC premium payments.
Here’s how:
- Open your wallet app (like Paytm, PhonePe, or Amazon Pay).
- Go to the “LIC Premium Payment” option.
- Enter your policy details and proceed to pay.
These apps often provide cashback offers or discounts on bill payments, giving you added value.
8. LIC Branch Offices
If you’re someone who prefers traditional methods, paying your premium at a LIC branch office is still an option.
Simply visit your nearest LIC branch with your policy number and premium amount. You can pay in cash, cheque, or demand draft (DD).
Pros:
- Personalized service.
- Instant receipts and confirmation.
However, keep in mind that branch visits can involve waiting in queues, especially around premium due dates.
9. Authorized Franchisees and Agents
LIC has partnered with authorized agents and franchisees like AP Online, MP Online, and Suvidha Centres to collect premium payments. You can visit these centers and pay your premium with ease.
What to expect:
- Provide your policy details and payment amount.
- Receive a printed receipt as proof of payment.
- These centers are widely available in urban and rural areas alike.
This method is especially useful if you don’t have easy access to a branch office or the internet.
10. ATM Payments
Yes, you read that right! Some banks allow LIC premium payments through their ATMs.
How does it work?
- Visit your bank’s ATM.
- Insert your debit card and choose the “Bill Payment” option.
- Select LIC as the biller, enter your policy number, and confirm the payment.
Banks like Axis Bank and Corporation Bank offer this service. It’s a great offline option for those who may not use the internet much.
Paying your LIC premium has never been easier with so many options at your disposal. Whether you’re tech-savvy or prefer a more traditional approach, there’s a method tailored just for you. From online portals and mobile apps to bank channels and offline payments, LIC ensures every policyholder can pay their premiums without a hitch.
The key is to choose a method that suits your lifestyle. Want a hassle-free experience? Go digital with the LIC app, UPI, or wallets. Prefer face-to-face transactions? LIC branch offices and agents have got you covered. Just don’t miss your premium due date to keep your policy benefits active!
