We’ve said this earlier and we’ll say it again, since the situation hasn’t changed one bit. Paying LIC premium at LIC branches is such a mess. Filling the challan form (not needed in case of cheque), waiting in line for hours sweating and getting your work done. LIC of India has been pushing its customers to use alternate channels to pay their premium but somehow it seems as if the message is not getting into the ears of Policy holders.
Well, what can LIC do now? Simple, try again.
So here’s the company giving you ‘8 alternate ways’ (that categorically excludes visiting an LIC branch) to pay your premium:
- Using the LIC customer Portal (register your policy at lic portal and pay your premium)
- Using ECS: Always maintain sufficient balance with your bank account? You can fill this ECS Mandate form and submit it once to the LIC office to automatically debit the premium amount whenever its due.
- Through EBPP (Electronic Bill Presentment and Payment): Most banks offer this. If you have Internet Banking facility, just visit the Bill Payment section of your Internet Banking (such as in SBI Internet banking) and find ‘Life Insurance Corporation of India’ and register your policy details. Whenever your premium is due, you will be sent an electronic bill (and also will be alerted by your bank via SMS, in most cases). With just few clicks, you can complete the payment.
- Through Franchises: Such as AP Online, MP Online and Suvidha collection centres.
- At ATM’s: Currently only for Corporation and Axis bank customers (and only at their ATM’s). One time registration is required.
- At Banks’: Again, can only be paid at Corporation or Axis bank. But, policy holders who are not customers of either of these banks’ can pay using money and those who are customers, can also use the banks’ cheque.
- At Life Plus Offices: These are nothing but Senior Business Associates (SBA), who are LIC’s Development Officers. When you pay your premium, the SBA’s themselves give you a receipt with their sign.
- At Premium Points: These are nothing but LIC agents (only authorized ones’). You can pay the premium by giving money or cheque to the authorized agent, who will give a payment receipt himself.
So there you have it; 8 alternate ways to pay your premium. The first 3 ways are the most convenient ways where you do not even have to step out of your home to get the work done.