Life Insurance Corporation (LIC) of India, as we all know is the largest Insurer in the country. Until recently, all the premiums of the policies taken from LIC should be paid only at the LIC offices present in one’s locality or can be paid with the help of agent who made the policy. You all might be used to those long queues to pay/renew your premiums at LIC offices. Now you don’t have to worry about those long queues anymore. LIC of India has introduced online payment facility for renewal of policies apart from few designated third party bill collectors like Tick Business Solutions and eSeva’s.
To renew premiums online, all you have to do is register with a user ID and password. Once you’re registered, you can enter your profile information and then list all the policies registered under your name.
To enter you policy details you can find a group of tabs on the left side. Select Enroll policies and enter your name, policy number and premium amount that you should pay. In that group of tabs you can find various other options such as to view all the enrolled policies.
Note: You can enroll the policies of your family member too in your account to know their due dates etc, but you can
only pay your policies pay their premiums as well.
If you want to pay your premium online, you can see a group of tabs on the right side where you can find Pay Premium Online tab which when clicked takes you to a page that lists all the policies that are due to be paid at that time. So even if you missed the policy renewal order by post, you can find all the details here online. Once you select the appropriate policy, you can proceed further to pay the premium amount online. Currently almost all Indian banks net banking payment facility is provided besides Citibank and Union bank Debit card payments. However, there is no provision for credit card payment (Update: Credit card and debit cards are now accepted).
After you complete the payment process, an auto receipt will be generated in the name of the person who made the payment. An email will also be sent to the registered email addressed.
You can access all such receipts in future by going to the Pay premium online receipts link.
Note: Yearly premium paying policies will have a grace period of 1 month from the last due date. There will be no fine if you pay your premium in this grace period. Once this period ends, every month, a certain fine amount will be added to your premium, which you can see online before paying. You can continue to pay the premium with fine online and a receipt will be generated as usual.