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Do you also miss LIC premium payments? Here are easy ways to do it

LIC policyholders can choose between online payments, ATM payments and ECS for premium payments, which are some of the easier ways to pay the premium.

twitter-logoBusinessToday.In | February 6, 2019 | Updated 17:28 IST
Do you also miss LIC premium payments? Here are easy ways to do it

Are you an LIC policyholder? If yes, chances are that you have recently received an SMS from India's largest insurer informing you about its digitisation drive. From March 1, LIC will "send Premium Due Intimations and reminders for your Policy Number xxxxxxxx by SMS only", reads the text message.

So here are some easy ways to pay your LIC premium, doing away with the hassles of queuing up at any branch office:

1. e-Services facility

To pay your premium through the LIC website just visit and click on the pay premium online tab on the left side of the page. In the new window that opens, you get two options - 'Pay Direct' and 'Through customer portal'. The latter requires you to have previously registered and you have to key in your user ID and password.

The next step is to enter details such as policy number, instalment premium (excluding taxes) payable and the like if you chose the Direct Pay option, while registered customers simply need to click on the policy they want to renew, check the already uploaded details and confirm payment.

Policyholders will then be directed to the payment gateway page, where you need to choose between net banking and credit/debit card payments.

2. Pay through Paytm

On the Paytm app, select LIC, which is listed among the "Recharge and Bill Payment" options. Enter your policy number and your policy details such as premium due date, number of the instalment due and premium amount will reflect. Crosscheck the details, select insurance offers and promo code of your choice for cashback and deals, if available, and proceed for payment. Here, too, you get multiple payment options such as Paytm Wallet, net banking and credit or debit cards.

On the successful payment, Paytm will send you a message on your registered email and mobile number for your reference.

3. Pay through the ATMs of select banks

You can also choose to pay your premium through the ATMs of Axis Bank and Corporation Bank. "This facility is absolutely free for all customers. No charges are to be paid to LIC / Bank for this facility.  Customer has to register his policies through the bank website. Registration data as per the required format/mandate from the bank is to be submitted to the bank," reads the LIC website. However, policies with Mly Ordinary and SSS Mode are not allowed under this scheme.

If you simply can't remember to pay your premiums on time, then you could also consider opting for the Electronic Clearance Service (ECS) option. This is a facility by which premium is deducted by your bank at a pre-decided date and remitted to LIC. To avail of this option, policyholders need to submit a mandate form to LIC and also authorize his/her bank to deduct premiums at the chosen date. Bank will then deduct premium on the basis of invoice received from LIC.  

(Edited by Sushmita Choudhury Aagarwal)

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