Paying your LIC of India policy premium through SBI Internet Banking (or any of its 5 remaining Associate banks) is as easy as 1-2-3. You will need:
An LIC of India Policy and
An account in SBI (or its Associates) with Internet Banking.
Before you can pay your premiums online using SBI Net banking, you should register your LIC of India policies first (note that Monthly premiums cannot be paid through online but only Quarterly, Half yearly or Annual premiums can be paid). For that purpose, log in to your Net banking account and visit ‘Bill Payments’ section. In the left menu, you can find ‘Manage Biller’ option. Click on that link and then ‘Add’ the biller (LIC of India in this case).
Select All India Billers and then select ‘Life Insurance Corporation of India’.
Enter a nickname (any name, like My lic policy) and then enter the Policy number and Premium amount.
If you want, you may select the Auto pay option. Selecting Auto pay option automatically pays your premiums 2 days before the due date without the necessity of you logging in to pay the premium. You have the option of define the Auto pay limit. For example, if your yearly premium is Rs.18000, you may limit the auto pay to around Rs.19000. But remember that if there is not enough amount left in your account, the payment will not be made.
After entering all the details, submit your request. This request should be accepted by LIC of India only after which you can see LIC premiums in your Net banking account when they are due.
If you have many policies (say, more than 10), it is advisable to also register at LIC Portal and enroll your policies. It then presents all your policies in a neat calendar format and also send’s SMS alerts when any of your policy is due for payment.