LIC has developed multiple ways in which policyholders can pay premiums for policies. As opposed to the traditional method of paying premiums offline, LIC has established an online portal through which individuals can pay their premiums either through a debit card or a credit card.
The recent initiative of LIC, known as the Payment Gateway (PG) has been instituted to provide on-demand service of premium collection in a jiffy. Policyholders can make real-time premium payments through the portal. However, to avail this service, one needs to register himself/herself on the portal with accurate credentials.
What are the Conditions Applicable?
- The collection of premiums can only be made for ordinary, inforce policies. However, the same can be done under any mode (yearly, quarterly, monthly, or half-yearly).
- Salary Savings Scheme (SSS) policy premiums cannot be paid through the online channel.
- Premiums for ULIPs can be paid through the online portal.
- The minimum penalty fee for paying premiums late is Rs.5.
Step-by-Step Guide on How to Make Premium Payment Using the Online Portal
- In order to pay the premiums for policies online, one needs to register on the website with the accurate credentials (username and password).
- If the policyholder does not have an account, he will have to generate his/her username and password, then continue with the procedure further.
- Once the registration has been completed, the policyholder can then proceed to enroll his/her existing policies on the portal. It is crucial to enter the accurate premium amount while enrolling.
- In case the policyholder has purchased policies for his/her family members (children and spouse), he/she can enroll those using the birth date mentioned in the policy.
- Once all policies have been enrolled, the policyholder will be required to choose the option ‘Pay Premium Online’, wherein a list will be displayed exhibiting all the policies where premium payment is due.
- In the next step, the policyholder will be required to select the policies where premiums are to be paid with the help of selection box.
- Once the payment mode has been confirmed by the policyholder, a Dialog Box will appear as a cautionary message for the policyholder to not make the payment for a second time.
- The next page will display the options that the policyholder wants to choose from for making the premium payment. The policyholder can either choose to pay via netbanking/debit card or using a credit card.
- The policyholder will be required to select the desired option of payment post which convenience charges are displayed on the screen.
- The Payment Gateway (PG) for debit card and netbanking is BillDesk.
- The Payment Gateway (PG) for credit card is IDBI.
- In the next step, the policyholder will be required to select the bank from the displayed drop-down list.
- In the next step, the user is redirected to the bank site wherein he/she will be required to make the premium payment using the accurate credentials.
- The invoice/receipt of this payment can be printed by the policyholder online. LIC also sends a copy of this receipt to the policyholder’s email ID.
- If the policyholder thinks that the payment has been unsuccessful for some specific reason, he/she can check his/her bank account statement before proceeding to make the payment for the second time.
In case the payment is made twice on the online portal, the additional amount is transferred back to the policyholder with the help of the service provider.
Following are some of the banks that have partnered with LIC to promote online premium payment:
- Axis Bank
- Allahabad Bank
- State Bank of India
- State Bank of Hyderabad
- IDBI Bank
- ICICI Bank
- Kotak Mahindra Bank
- Karur Vysya Bank
- Ratnakar Bank
- Karnataka Bank
- UCO Bank
- Vijaya Bank
- Yes Bank
- United Bank of India
Apart from the ones mentioned above, there are multiple other banks that act as service providers.