List of LIC’s offline and online premium payment options
Life Insurance Corporation of India is the leading life insurer in Indian with almost every second person in India being a subscriber to the insurer. That is the reach of LIC in India. In India, people rely more on LIC because of the fact that it is dedicated only towards insurance banking and is governed partially by the government agencies.
As there are many users of LIC in India, very few of them know that there are several options of paying their insurance premiums apart from paying them directly or paying them through their agents.
Some of us often believe that the agent who has got our policy opened with LIC would be collecting the payments every time we have to pay the premiums. This thought is absolutely incorrect. In fact, many of the agents working for LIC are part time professionals and they may not be able to continue paying your premiums in a long run.
Hence, you should look for sustainable options of paying your LIC premiums and this is where this article would educate you about all the available options with LIC. In this article, we would discuss all the online and offline modes of paying LIC premiums.
Offline modes of LIC Premium Payment
- ECS Payment
ECS facility of premium payment was started by Life Insurance Corporation in the year 2004. By ECS, it is meant that if you choose to pay your premium through this facility, you need to provide your bank details and an ECS authorization and from the next time, your premiums would be paid automatically and directly from your bank account.
If you want to avail ECS payment facility for LIC insurances that you have, all you need to do is fill up the ECS mandate form at any of the LIC branches and the facility would be activated for your account. There are however few conditions that apply for LIC ECS facility, as listed below:
- You can opt for ECS facility anytime during your insurance period or at the start of the policy
- If you are paying monthly ECS, the five per cent additional premium charges would be waived off for your premium payments
- In this case, no receipt would be given to you except for the fact that you can get it from your bank statement or from the LIC office every year.
- ECS facility can be availed for any of the monthly/quarterly/half yearly/yearly premium payment
- If you are opting for ECS facility, you must not owe any premium due on your account. Only when you have paid all your previous outstanding premiums would you be eligible to opt for ECS payment
- The dates available for ECS payment are 7th, 15th and 28th of every month
- Arrears of premiums could not be paid through ECS facility
- If ECS premium payment is activated on your policy, no other mode of payment would be acceptable for the concerned policy
- Bill Payment or EBPP option
EBPP stands for Electronic Bill Presentment and Payment. This service of LIC premium payment is absolutely free of cost. If you want to pay your premiums through this channel, you would have to register your policy on your banker’s website and then your banker would send the same request to LIC.
Once everything is authorized from LIC and your Bank, this facility would be enabled within approximately 2-3 days. If this facility is activated, you can pay your premiums either through Standing Instructions (SI) or through net banking facility. You can also pay your premiums through this mode by using your credit cards.
It is noteworthy to mention here that this policy is only available for active policies and not for ULIPs and SSS. The authorized banks under this facility for LIC are as below:
- ICICI Bank
- HDFC Bank
- Federal Bank
- Axis Bank
- Corporation Bank
- LIC Credit Cards
- Citi Bank
- Premium payment through ATM
The ATM facility of LIC premium payment is available only for customers of two banks, i.e. Corporation Bank and Axis Bank. This facility is absolutely free of cost, however, those who do not have a bank account in either of the two banks may not use this facility.
It is noteworthy here that monthly and SSS mode of premium payment would not be allowed through this facility.
Online Payment options for LIC Premiums
- Online LIC Payment Through LIC Website
If you are looking for an online method of LIC premium payment, one of the mode could be by visiting the LIC website and paying from there. For this option to be available for you, net banking should be activated on your account.
There are two ways of paying premiums through LIC website, i.e. by registering on the website or without registering on the website. Few things that you should keep in mind regarding premium payment through LIC website are:
- Monthly and SSS premiums would not be allowed to be paid through this method
- The premiums through this mode can only be paid for active policies
- You can’t pay the premiums for next financial year
- You can pay through this method irrespective of which country you are residing, just because the facility has to be used through internet
- If you are paying through this mode, you would receive the receipt of the payment immediately after you have paid the premium
- The service is completely free of cost
- There are three options through which you can pay, i.e. through credit cards/debit cards/net banking
- Online LIC Payment Through Authorized Banks
If you are a customer of Corporation Bank or Axis bank and you have internet banking activated on your account, you can pay your premiums instantly by this option
- Online LIC Payment Through registered Franchisees
There is a little confusion here. The LIC website mentions that you can pay online through a number of registered franchisees of LIC through the online mode, however it also mentions somewhere else that the payment at these franchises would only be through cash. This is a little confusion, however, you can rest assured that through these registered franchisees mentioned below, you can surely pay your LIC premiums.
Registered franchisees of LIC
- Easy Bill Limited
- SuvidhaInfoserver Pvt. Ltd.
- Online LIC Payment Agents Collection Points
If we go by the LIC’s portal, this facility is listed within the online modes of premium payments, however, in actual, this is an offline mode of premium payment and only cash and cheque payments are received at these centers. The payment at these points could be made for all policies and payments except for monthly payments and SSS. Outstation cheques at these premium payment points are not allowed and the service is absolutely free of cost.
- Online LIC Payment Through Senior Business Associates
There are several senior development officers of LIC who are authorized to collect premium payments from the customers and provide them receipts. Along with collecting your premiums for the policy, these senior officials would also provide you a complete status of your policy, issue of surrender value/revival/loan, issue of any form that you may need, may issue certificates for any income tax purposes and issue ULIP statements.
These are some of the modes through which you can pay your LIC premiums. Last but not the least, you can also pay your premiums to any of the registered retired LIC employee, who is authorized and can provide them with cash or cheque in order to pay your premiums.