Visiting the LIC of India office, taking the challan there and writing stuff on it to pay your policy premium can be boring at times. If you are geeky enough, you would have paid the LIC premium online, but since you are at the LIC Office to pay the premium, here is what you could do next time to simplify your premium payment process.
Pay Premium using a Cheque
Instead of taking money from the ATM, filling the challan form while in the Office (loosing few places in the queue there by), just use the Cheque book that you may have received along with your Savings/current bank account. With cheque, you don’t even have to carry the LIC premium due date Intimation letter along with you.
Steps to write a cheque to pay LIC Premium
- Cross the Cheque at the top left hand corner (that is, just strike a couple of lines across the cheque at the top left end).
- In the ‘Pay to’ field, write LIC of India
- Write the premium amount in letters in the place provided and in numbers in the Box provided or in a appropriate place
- Sign at the bottom right or in the appropriate place
- At the back of the cheque, write your name, policy number and your phone number.
Tip: If there are multiple policies in the name of a same person, all can be combined into a single cheque by adding up the premium amount (In this case, mention the total of all policies on the front end of the cheque and write all the policy numbers and its corresponding premium amount separately at the back end).
Note: The cheque will take a couple of days to clear (even more if the payment is made on a week end) so be sure to maintain sufficient amount in the account till the clearance is done.