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10 Options for LIC Premium Payment

LIC Premium Payment

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.

Loan against LIC Policy – Online Facility

LIC Pay Direct –

LIC Pay Direct allows you to make premium payment by giving basic information like policy number, premium, DOB.

Registered User-

For register user online payment of LIC premium is very easy.  Login to http://www.licindia.in/  any pay premium online through net banking, IMPS, credit card or debit card.

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.

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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.

Premium Payment

Click on Image above to see full Advertisement. – Image Credit LIC

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?

Shitanshu Kapadia
Shitanshu Kapadia
Hi, I am Shitanshu founder of moneyexcel.com. I am engaged in blogging & Digital Marketing for 10 years. The purpose of this blog is to share my experience, knowledge and help people in managing money. Please note that the views expressed on this Blog are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment , tax, financial advice or legal opinion. Please consult a qualified financial planner and do your own due diligence before making any investment decision.