Ways to Pay LIC Premium | LIC Premium Payment Options (Online and Offline)

LIC (Life Insurance Corporation of India) is the oldest insurance company in India. LIC is the most trusted brand among investors in the country. Many of us have taken life insurance policies from LIC. But only few people know the various options available to them to pay LIC premium. So, I thought to compile all the ways to pay LIC premium.

Ways to Pay LIC Premium

LIC has made various options available to the policy holders to pay premiums.

1.  Payment at LIC cash counter

2. Payment through alternate channels

LIC Premium Payment at LIC Cash Counter

You can pay LIC premium at the cash counter of any LIC Branch Office. LIC premium can be paid by cash, cheque or demand draft. You can also pay LIC premium for your ULIP policies at any LIC Branch.

LIC Premium Payment through Alternate Channels

There are different payment options available for LIC premium payments. Here is the list of LIC’s online and offline premium payment channels

LIC’s Offline Premium Payment Channels

1. NACH (National Automated Clearing House)

LIC has migrated all the policies registered under the ECS mode of premium to NACH mode. Under this, the mandate form to be submitted at LIC servicing branch for registration along with proposal form.

2. Bill Pay or EBPP (Electronic Bill Presentment and Payment)

Bill Pay facility is absolutely free for all customers. To avail this service, you need to register your policy on the Banker’s site. Banks will send the policy for verification to LIC. Once it is authenticated by LIC. You can pay premium either by giving standing instructions to the bank or manually pay using bank’s net banking. The facility can be availed for Inforce, Non-ULIP, Non-SSS policies. Only policies with Yearly, Half-Yearly and Quarterly mode of payment are allowed. A receipt will be sent to the address mentioned in the policy. Note that an e-receipt is not generated for this mode of payment. Authorized banks for this facility are given below:

1.  Axis Bank

2. Citi Bank

3. Corporation Bank

4. Federal Bank

5. HDFC Bank

6. ICIC Bank

7. LIC Credit Cards

3. LIC Premium Payment through ATM

You can pay LIC premium through the ATM’s of Axis Bank and Corporation Bank. This facility is also free for all customers. However, for this facility, you need to register your policies via bank website. Policies with Yearly, Half-Yearly and Quarterly mode of payment are allowed.

Also Read: List of Banks in India

Also Read: How to invest in Direct Mutual Funds in India?

LIC’s Online Premium Payment Channels

1. LIC Website

You can Pay LIC premium dues through LIC website (www.licindia.in). This is the easiest option to pay LIC premium online. You can pay your premium through net banking. You can pay using your credit card or debit card. Click Here to check the authorized banks for Net Banking. You can pay LIC premium either by registering as a customer or without registering also. You can pay premiums for all modes of payment except monthly or SSS. This is also a free service. You will get your premium receipt immediately.

2. Authorized Banks

Below mentioned two banks are authorized to collect premium for LIC policies

a) Axis Bank

b) Corporation Bank

You can pay LIC premium in any branch of extension counter of the bank. You can pay premium only for active, non-ULIP and non-monthly policies. The receipt issued from the bank is a valid receipt. You will not get a receipt from LIC.

3. Franchisees

You can pay LIC premium through many service providers, which include Government and Private companies. The franchised service providers are:

a) AP online

b) MP online

c) Suvidha Infoserve

d) Easy Bill Pay

You can pay premium through cash only at these franchisees. Here, you can pay premium only for active policies. You can not pay premium for ULIP plans or monthly payable plans. Signed receipt issued by these franchisees is a valid receipt. The facility is also free for all customers.

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Also Read: Sovereign Gold Bond Scheme: How to buy Sovereign Gold Bonds (SGB)?

4. Merchants

Following are the LIC premium collection points:

a) Premium Point (Empowered Agents)

b) Life – Plus (Senior Business Associates)

c) Retired LIC Employee Collection Payment

Premium Point (Empowered Agents)

Some LIC Agents authorized to collect the premium in cash or cheque. They also  issue a valid receipt with their signature. You can pay premium for ULIP policies also. But you can not pay for health insurance policies. You don’t have to pay any service charges for this facility.

Life – Plus (Senior Business Associates)

Some of the senior development officers are selected. They collect the premium in cash or cheque. Here, you can not pay using outstation cheques. Procedure is same as for agent’s collection point. Premium paid online using LIC portal. SBAs also provide following services to you:

i) Issue of LIC policy status reports.

ii) Issue of Surrender/Loan/Revival value quotations.

iii) Issue of forms.

iv) Issue of certificates for income tax purpose.

v) ULIP statements.

Retired LIC Employee Collection Payment

Some retired LIC Employees authorized to collect LIC premium in cash or cheque. Outstation cheques not accepted. They will issue a valid receipt. You can also pay premium for ULIP policies but not for health insurance policies. This is also a free service to pay LIC premium.

Note: This post was originally published on December 22, 2018 and has been completely updated for accuracy and comprehensiveness.

Hope this post will help you in choosing a right way to pay LIC premium.

Also read: LIC Term Insurance Plan | LIC e-Term PLan

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