Life Insurance Corporation of India (LIC) is one of the oldest and most trusted insurance providers in the country. It has been providing financial security and peace of mind to millions of people for over six decades. As a policyholder, one of the most important responsibilities is to ensure timely payment of premiums. In this digital age, LIC offers several convenient options for premium payment, including LIC online payment.
LIC Payment:
LIC premium payment is the process of paying the premium amount for an insurance policy on time. The premium is the amount that a policyholder needs to pay to keep the policy active and avail the benefits of the policy. Failure to pay the premium on time can lead to policy lapses, and the policyholder may lose out on the benefits of the policy.
LIC Online Payment:
LIC online payment is a convenient and easy way to pay LIC premiums using the internet. It eliminates the need for physical visits to LIC offices or banks for premium payments. Policyholders can make the payment from the comfort of their homes, using their computers or mobile devices.
LIC offers various modes of online payment, such as net banking, debit card, credit card, UPI, and mobile wallets. One can choose the mode of payment that suits them the best. Online payments are fast, secure, and hassle-free, and the transaction can be completed within a few minutes.
LIC Premium Payment:
LIC premium payment is a regular payment that a policyholder needs to make to keep the policy active. It can be paid monthly, quarterly, half-yearly, or yearly, depending on the policy terms and conditions. The premium amount is calculated based on the sum assured, age of the policyholder, policy term, and other factors.
LIC Premium Payment Online:
LIC premium payment online is a secure and convenient way to pay premiums using the LIC website or mobile app. To make the payment, the policyholder needs to log in to the LIC website or mobile app and select the policy for which they want to make the payment. They can then choose the payment mode and complete the transaction.
Late fee for lic policy premuim
The late fee for LIC policy premium varies depending on the duration of the delay and the type of policy. Generally, the late fee is 2% of the outstanding premium amount for each month of delay. However, the maximum late fee cannot exceed 30% of the annual premium amount. It is advisable to check with LIC or refer to your policy document to get the exact late fee applicable to your policy.
As per the Goods and Services Tax (GST) rules in India, late fees charged by insurance companies such as LIC are subject to GST. The rate of GST applicable on late fee charged by LIC is 18%.
LIC revival campaign is a special initiative taken by the Life Insurance Corporation of India (LIC) to encourage policyholders to revive their lapsed insurance policies. Under this campaign, LIC offers attractive discounts on the late payment fee and interest on the unpaid premium amount. The campaign is typically announced for a limited period of time and is designed to help policyholders who have not paid their premium dues on time and whose policies have lapsed.
The last revival campaign by LIC was held in the year 2020. However, LIC may announce a new revival campaign in the future depending on their business requirements and market conditions.
Discount on late fee: The amount of discount offered in LIC revival campaigns may vary depending on various factors such as the policyholder’s outstanding premium amount, policy tenure, etc. Generally, the discount offered can range from 20% to 50% of the total outstanding premium amount. However, it’s important to note that the exact discount rates and eligibility criteria can vary for different policies and campaigns. It’s best to contact your nearest LIC branch or agent to get more information about the current revival campaign and the discount rates applicable to your policy.
Benefits of LIC Online Payment:
LIC online payment offers several benefits to policyholders. It is fast, secure, and convenient. Some of the other benefits include:
- Time-saving: Online payment eliminates the need for physical visits to LIC offices or banks, saving time and effort.
- Convenience: Policyholders can make payments from anywhere and at any time, using their computers or mobile devices.
- Secure: Online payment modes are secure, and the transaction details are kept confidential.
- Easy tracking: Online payment provides an instant payment receipt, which can be used for future reference.
Methods to pay LIC premium
There are several methods to pay LIC premium. Here are some of the most common methods:
- Online Payment: You can pay your LIC premium online through the LIC website, using net banking, credit card, or debit card.
- Auto Debit: You can set up an auto debit facility on your bank account, and the premium will be automatically deducted on the due date.
- Paytm: You can use Paytm to pay your LIC premium using your mobile phone.
- ECS (Electronic Clearance Service): You can give an ECS mandate to LIC, and the premium will be deducted automatically from your bank account on the due date.
- ATM: You can use an ATM to pay your LIC premium by selecting the “Bill Pay” option and entering the necessary details.
- LIC Branch Office: You can visit your nearest LIC branch office and pay your premium in person.
LIC Pay Direct
LIC Pay Direct is a facility offered by Life Insurance Corporation of India (LIC) for premium payment through the online mode. It is a fast, easy, and secure way to make premium payments without any hassle. Here are the steps to use the LIC Pay Direct facility:
Step 1: Visit the LIC website: To use the LIC Pay Direct facility, the policyholder needs to visit the LIC website, which is www.licindia.in.
Step 2: Go to the LIC Pay Direct page: On the home page of the LIC website, the policyholder needs to click on the ‘Online Services’ tab and then select the ‘LIC Pay Direct’ option from the dropdown menu.
Step 3: Enter the Policy Details: On the LIC Pay Direct page, the policyholder needs to enter the policy number, installment premium, and other details asked for in the fields provided.
Step 4: Choose the Payment Option: After entering the policy details, the policyholder can select the payment option that is most convenient for them. They can choose from options like net banking, debit card, credit card, UPI, or mobile wallets.
Step 5: Make the Payment: Once the payment option is selected, the policyholder needs to make the payment by entering the required details like account number, card number, CVV, and OTP.
Step 6: Receive the Receipt: After the payment is made, the policyholder will receive an instant receipt of the transaction. The receipt can be downloaded, saved, or printed for future reference.
In conclusion, LIC Pay Direct is a quick and easy way to make premium payments online. The policyholder needs to follow the above-mentioned steps to make use of the facility and enjoy a seamless premium payment experience.
LIC premium payment online paytm
Paytm is one of the popular digital wallets that offers a range of services, including online payments for various services, including insurance premium payments. It is a convenient and secure way to make LIC premium payments online. Here are the steps to make LIC premium payment online using Paytm:
Step 1: Open Paytm App: The first step is to open the Paytm app on your mobile phone.
Step 2: Choose the LIC Premium Payment Option: In the app, click on the ‘LIC Premium Payment’ option from the list of services.
Step 3: Enter LIC Policy Details: In the next screen, you will be asked to enter your LIC policy details, including policy number and premium amount.
Step 4: Choose the Payment Mode: After entering the policy details, choose the payment mode as ‘Credit Card/Debit Card/Net Banking/ Paytm Wallet/ UPI.’
Step 5: Make Payment: Next, enter the payment details, such as card details or bank details, as per the chosen payment mode. Confirm the payment and click on the ‘Pay Now’ button.
Step 6: Receive Payment Confirmation: After the payment is made, you will receive a confirmation message of the successful transaction. You can also check the payment status and transaction history in the Paytm app.
In conclusion, making LIC premium payment using Paytm is a quick and secure way. The Paytm app ensures the safety of the payment transaction, and you can complete the process in just a few clicks. It saves time and offers the convenience of making payment from anywhere and at any time.
LIC premium discount
Life Insurance Corporation of India (LIC) does not offer any discount on the premium amount payable. The premium amount is calculated based on various factors such as the age of the policyholder, the sum assured, policy term, premium payment frequency, and other relevant details.
However, LIC does offer rebates on the premium payable for certain payment modes, such as annual or bi-annual payments. Policyholders who opt for annual or bi-annual payments may receive a rebate on the premium payable, which can vary depending on the policy and the payment mode chosen.
Additionally, LIC also offers a bonus on certain policies, such as endowment and money-back policies. The bonus is an additional amount added to the sum assured and is paid out along with the maturity benefit or death benefit, as applicable. The bonus amount can vary depending on the policy term, premium payment frequency, and other factors.
It is important to note that the premium amount is a crucial factor in determining the policy’s benefits and the amount payable in the event of a claim. Policyholders should ensure that they pay their premiums on time and choose a payment mode that suits their financial situation to ensure the continuity of the policy and maximize the benefits offered by LIC.
LIC (Life Insurance Corporation of India) issues a premium payment receipt to policyholders once the premium payment is made. The premium payment receipt serves as proof of payment and contains all the relevant details related to the premium payment.
Table of lic premium discount for monthly, quartely, half yearly and annual payment
Life Insurance Corporation of India (LIC) offers rebates on the premium amount payable for certain payment modes, such as annual, semi-annual, quarterly, and monthly payments. Here is the table of LIC premium discounts for various payment modes:
| Payment Mode | Discount on Premium Payable |
|---|---|
| Annual | 2% |
| Semi-annual | 1% |
| Quarterly | No discount |
| Monthly | No discount |
As per the table, policyholders who opt for an annual payment mode are eligible for a 2% rebate on the premium amount payable. Similarly, policyholders who opt for a semi-annual payment mode are eligible for a 1% rebate on the premium amount payable.
However, no rebate is offered on the premium amount payable for quarterly or monthly payment modes. It is important to note that the premium payment mode can affect the total premium amount payable and the benefits offered by the policy. Therefore, policyholders should choose a payment mode that suits their financial situation and requirements while considering the discount offered on premium payment.
Here are the steps to download the LIC premium payment receipt:
Step 1: Visit the LIC website: The first step is to visit the official LIC website at www.licindia.in.
Step 2: Click on ‘Online Services’: On the homepage of the LIC website, click on the ‘Online Services’ tab located on the top right corner.
Step 3: Click on ‘Customer Portal’: Under the ‘Online Services’ tab, click on the ‘Customer Portal’ option.
Step 4: Login to your account: If you are a registered user, login to your account by entering your login credentials. If you are a new user, click on the ‘New User’ button to register and create a new account.
Step 5: Click on ‘View Transactions’: Once you log in to your account, click on the ‘View Transactions’ option from the menu on the left-hand side.
Step 6: Select the premium payment transaction: From the list of transactions displayed, select the premium payment transaction for which you require the receipt.
Step 7: Click on ‘Download Receipt’: Once you select the transaction, click on the ‘Download Receipt’ option to download the premium payment receipt.
Step 8: Print or Save: After downloading the receipt, you can either print it or save it for future reference.
Alternatively, you can also get the LIC premium payment receipt by visiting the nearest LIC branch office or contacting the LIC customer care service.
In conclusion, the LIC premium payment receipt serves as proof of payment and is essential for future reference. It is recommended to download and save the receipt for your records, and it is also advisable to ensure that the receipt contains all the relevant details related to the premium payment.
Frequently asked questions about LIC premium payment
Q: Is online premium payment safe and secure?
A: Yes, LIC of India’s online premium payment portal is secure and reliable. It uses encryption technology to protect your personal and financial information, ensuring that your data is safe.
Q: Can I make partial premium payments online?
A: Yes, LIC of India allows policyholders to make partial premium payments online. However, it is important to check the terms and conditions of your specific policy to ensure that partial payments are allowed.
Q: What happens if I miss a premium payment?
A: If you miss a premium payment, your policy may lapse, and you may lose coverage. It is important to pay your premiums on time to avoid any disruptions in your insurance coverage.
Q: Can I set up automatic premium payments online?
A: Yes, LIC of India offers the option to set up automatic premium payments online. This ensures that your premiums are paid on time without any manual intervention.
Q: Can I make premium payments for multiple policies through a single transaction?
A: Yes, LIC of India’s online premium payment portal allows you to make premium payments for multiple policies in a single transaction. This can save you time and effort, especially if you have multiple policies with LIC.
Conclusion:
LIC payment and LIC premium payment are crucial aspects of maintaining an insurance policy. With LIC online payment, policyholders can make payments easily and conveniently. It is a secure and hassle-free way to ensure timely premium payment and keep the policy active. Therefore, it is recommended to use the LIC online payment facility for a seamless premium payment experience.