LIC Payment Online ensures the policyholders to make online LIC policy premium payment from anywhere through different modes of payment Net Banking, ATM, Debit Card, Paytm, UTI and Corporation Bank, Cash, DD, Cheque, Agents etc. A real-time payment update is done, and a receipt is also issued towards the premium paid by the policyholder. Also, there are various Income Tax benefits provided under section 80C, 80CCC, 80D where the premium is paid from the taxable income by the policyholder.
Life Insurance Corporation (LIC) is the oldest insurance company started in 1956, and it is the most trusted provider of life insurance in India. Over time, there are other providers in the market to cater to different needs of insurance. Let’s look at the benefits of ensuring a life that gives financial security to the dependents of the policyholder.
Life insurance is a kind of contract between the policyholder and the insurer to pay an agreed sum of the amount on an event/maturity whichever is earlier against the premium paid by the policyholder. Still, there is a long way to go as everyone needs to understand the prominence of insuring life in India.
Keeping the vital role of life insurance in view in our lives, LIC has designed various policies/plans to suit the requirements of wide client base in India.
There are number of policies that are offered by LIC to its customers where they save and invest money along with getting tax exemption at the time of filing their tax return.
To enrol for a certain LIC policy as per the individual’s requirement, one can first register online or visit any LIC office to buy a policy. A person can also get these services through Agents/Agencies. Once the policy is decided, one must start making the payment towards premium annually or twice in a year based on the policy category.
Currently, we are in the internet age where everything can be done at fingertips sitting anywhere in the world. Many institutions, banks, corporates etc. have shifted online which is making a lot of difference in creating the comfort and convenience that saves a lot of time and energy.
Now there are various ways to make the Premium payment as below:
All the customer who has enrolled for LIC policies can register and pay the premium online on a real-time, safe and secure platform.
Step 1: To register for online services, one has to register on the LIC website (1)
And select ‘Pay Premium Online’ option on the screen to proceed further
Step 2: Here you get two options
LIC has tied up with two leading banks – Corporation Bank and Axis Bank for hassle-free client experience to its customers. This ensures that the policyholders can make the premium payment at any of the above branches in India.
There are certain points to note as below in case of payment being made through these banks.
We also have a huge number of customers who prefer to make the premium payment through offline modes. There are 4 service providers to provide offline payment services namely AP Online, MP Online, Suvidha Info serve, Easy Bill Limited. Here are the points to consider for offline payment.
In addition to different payment modes, LIC has also authorised Retired LIC Employees, Senior Business Associates (SBA), Selected Personnel to play the role of Collection Agents. These agents can collect the premium amount even for ULIPS apart from Health and SSS Policies via cash/cheque option. A signed receipt will be provided to the policyholder. LIC has provided SBAs with few more rights like access to policy status reports, Certificates for Income Tax, Quotations for Surrender etc. where there is no service fee applies.
A. The online premium payment option is completely FREE to all the LIC policy holders.
A. The policy holders can pay the premium 30 days before the due date till policy is in force. Also, the LIC after the policy holder is registered sends regular bills/reminders along with details like Policy name, Premium Amount, Due date, Validity etc.
A. The LIC premium can be paid at any of the LIC offices through Cash/DD/Cheque across India.
A. Here the policy holder need not visit the LIC branch physically and make payment directly at their comfort without paying any additional charges to the agents. The date on which payment must be made can be decided by the policy holder and authorise payments from the bank account he wishes to pay the premium.
A. All ULIP/Non-ULIP policies except non-SSS (Salary Savings Scheme) / Health Insurance policy premiums can be paid online by the policy holders
A. Online Premium Payment is an option where the payment is done through net-banking through LIC web site. Here the receipt is shared immediately which is digitally signed by LIC. Under Bill Pay payment mode, registration is made by the policy holder through a bank/vendor. LIC sends the invoice and payment is received through the vendor. Here the policy holder makes payment through Net banking, ATM, phone banking, credit card, etc. and the receipt is sent through post by LIC.
A. Yes, the Income Tax receipt is valid for Income Tax purposes.
A. Once the payment is made, it gets updated immediately as its real-time, and a receipt gets issued immediately to the policy-holder for future reference.
A. One can miss out on paying timely LIC premium as per the due date where the policy gets lapsed and void. So, by paying the outstanding premium, the policy can be made active by the policy-holder.
We are sure that by now that you must have noticed the importance of “Insurance” and the huge role of LIC in India.
It has succeeded and continued its efforts in spreading prominence among the citizens on life insurance and designed various policies as per the needs of different people and backgrounds. A policy holder can register for a certain policy and start paying the premium online through different options like Net banking, ATM, Authorised Banks, Agents, ECS etc. The online payment is updated real time, and a digitally signed receipt is provided to the policy holder for future reference from LIC India. The Income Tax Department of India has also given certain tax Exemptions to those individuals who pay the premium amount from their taxable amount based on their tax category.
What all you are waiting for? Go ahead to choose an appropriate Insurance policy for a hassle-free online payment along with enjoying the benefits. This, in turn, helps to financially secure yourself and your family from unforeseen circumstances.