Inspite of clearly explaining the benefits of registering one’s policy on the LIC’s customer portal, multiple times, people just keep on asking me for their policy status and payment status. So while I certainly cannot give you your policy status (which can only be known if you register your policy), I can atleast give you a better and easier way to pay your premiums. For this, you need to have Internet Banking facility with your SBI account (also applied for most other banks but the registration process may be different) and I assume most people have the facility these days.
All you need to do is add ‘Life Insurance Corporation of India’ as a Biller.
First have your policy details ready with you. You need to know your policy number and the premium amount (note: You can only pay Yearly, Half Yearly or quarterly payable premiums by this method; monthly payable premiums cannot be paid via this method).
Once you have then ready, log in to your Internet Banking account and head to ‘Bill Payments’ section. There, select ‘Manage Billers’ on the left side and then select ‘Add’ tab. There, in the dropdown list of National Billers, select Life Insurance Corporation of India.
Then input your policy number and premium amount. Nickname is anything you wish to identify this bill with. For example, if this is your daughters bill that you are registering, you can enter her name to identify the bill.
Optional: If you want, you may select Auto-pay, which will automatically pay the premium when it’s due. This will fail if there isn’t sufficient balance in the account.
Submit the details. You will now receive a One Time Password which you need to enter in the ‘Approve’ tab. Once you’ve done that, your Biller registration application will be sent to LIC of India for verification and once that is verified (it may take 2 to 3 working days), LIC will send premium bills to your Internet Banking account.
One advantage of going by this method is that you will never miss any of your premium payments since the bank will send an SMS to your mobile (you can also get SMS alerts from LIC) when a new Bill has arrived. This is especially useful if you are the head of the family and have many policies to manage.
If you want, you may also read our earlier post on 8 different ways to pay LIC premium.