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LIC Premium Payment Through Debit Card

Now you can pay your LIC premiums online through the debit card option. To avail this option, policyholders have to register themselves on the portal with the necessary credentials. ULIP premiums can also be paid this way.
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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.

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LIC Premium Payment Through Debit Card Reviews

Page 1 of 50 1 2 3 4 5
  • Shriram Life Life Insurance
    "Need to decrease charges"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in SHRIRAM LIFE on 3 months before. The policy is for 10 years. I am paying premium in the yearly package of 15 thousands. There is some additional charges of 4.5% for GST. While getting a policy my agent has given an information about the policy details. It covers my whole family.
    Was this review helpful? 0
    , dharmapuri
    Reviewed on Oct 12, 2019
  • LIC
    LIC Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in LIC on 2 years before. The policy is for 20 years. I am paying premium in the quarterly package. While getting a policy my dad is an agent has given an information about the policy details. It is a jeevan anadha policy scheme. It covers up to myself.
    Was this review helpful? 0
    , mangalore
    Reviewed on Oct 12, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    On 7 years before I had taken a life insurance in LIFE INSURANCE CORPORATION OF INDIA. The policy is for 18 years. I am paying premium on yearly basis for the amount of 7 thousands. While getting a policy my agent has given an information about the policy details and provided documents as well. I use to do payment by providing cash to an agent.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Oct 12, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance with LIC and it was purchased before 3 to 4 years. The policy called JEEVAN ANAND with the tenure of 21years. I am paying 1547rupees annually through cheque to the LIC agent. I am happy with the benefits. It was taken for savings.
    Was this review helpful? 1
    , jalgaon
    Reviewed on Oct 11, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in LIC on 7 years before. The policy is for 20 years and it is a jeevan anadha. I am paying premium in the half yearly package. While getting a policy my agent has given an information about the policy details. I use to do payment through online.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 10, 2019
  • HDFC Life Life Insurance
    "Better Policy"
    0.5 5.0/5 "Blown Away!"
    From my HDFC LIFE, i have taken my life insurance. The executive came to my place and informed me about the policy details and gave me some offer since it was good, i have selected them. I have been paying the premium amount of Rs. 2500 per month. The policy term is 15 years. I am not sure about the sum assured amount.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 10, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    For the family purpose, i had chosen the Life insurance policy. For the savings purpose, i have selected the LIC company. I am paying the premium amount of Rs. 30000 on a annual fee. I'm satisfied with the sum assured amount. Since my uncle is working as a LIC agent, he referred me about this policy.
    Was this review helpful? 0
    , dindigul
    Reviewed on Oct 10, 2019
  • ICICI Prudential Life Insurance
    "Better"
    0.5 3.0/5 "Satisfactory"
    My term insurance is with ICICI Prudential because of the good benefits. The tenure is 2years, if Incase any demise happened then nominee would be getting 2L from the insurer. I am paying monthly Rs.258 through ECS. The customer service is not up to the mark.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 10, 2019
  • Reliance Life Life Insurance
    "Good Service"
    0.5 4.5/5 "Excellent!"
    I have taken Life Insurance policy through Reliance agent directly .I have got all the policy details very clearly through the agent.This was a Maturity benefit policy and got the policy documents on time ,I have got my policy documents on time and the policy tenure is for 10 years ,I am paying the premium through Online only.
    Was this review helpful? 0
    , indore
    Reviewed on Oct 10, 2019
  • LIC Life Insurance
    "Better Policy"
    0.5 4.0/5 "Great!"
    My life was insured in Life Insurance Corporation of India. My family members was having a policy with LIC so i'm continuing with the same company. This is a 16 years term policy. This is a money back policy. I have paying the premium amount of Rs. 3600 for every half yearly. I make the premium through online.
    Was this review helpful? 0
    , erode
    Reviewed on Oct 10, 2019
  • LIC Life Insurance
    "Good Insurer"
    0.5 4.0/5 "Great!"
    I have had taken a life insurance with LIFE INSURANCE CORPORATION OF INDIA. The policy is for 10 years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. It is a child policy and it provides coverage for my son as well.
    Was this review helpful? 0
    , bhiwadi
    Reviewed on Oct 10, 2019
  • LIC Life Insurance
    "Good Insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance with LIC on one year before. The policy is for 15 years and it is an educational policy. Now I am paying premium on monthly package. The agent is also my friend so While getting a policy he has given an information about the policy details and documents were provided on time.
    Was this review helpful? 0
    , bhiwadi
    Reviewed on Oct 10, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I pay the premium amount of Rs. 36000 on a yearly basis for my life insurance policy. Chosen my life cover policy from LIC because its like a savings plan. I took the money back policy. Total term period of the policy is 5 years and It has a coverage of Rs. 5 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 10, 2019
  • Bajaj Allianz Life Life Insurance
    "Very Good Policy"
    0.5 3.0/5 "Satisfactory"
    Benefits are good in Bajaj Allianz hence i have selected the life insurance policy from them. I have been paying the premium amount of Rs. 3500 per year. Sum assured amount is Rs. 3 lakhs and the policy term is 5 years. I make the premium through online.
    Was this review helpful? 0
    , thane
    Reviewed on Oct 09, 2019
  • LIC Life Insurance
    "Average benefits"
    0.5 3.0/5 "Satisfactory"
    I have taken life insurance policy from LIC through agent. The benefits are average when I compared with other insurance companies. It was taken for tax benefits only. The tenure period is 25years. The customer service is better. The payment mode is cash and it will be better if they give online option.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Oct 09, 2019
  • LIC Life Insurance
    "Normal Policy for people"
    0.5 3.5/5 "Pretty good"
    I started the life insurance policy in the year 2017 that time I'm not aware of the policies much but that LIC is a prominent company so i have selected that company. Total term period of the policy is 15 years. I have been paying the premium amount of Rs. 4000 in every quarter. I used to pay the premium through online. They are providing me a sum assured amount of Rs. 2 lakhs.
    Was this review helpful? 0
    , pune
    Reviewed on Oct 09, 2019
  • LIC Life Insurance
    "Policy is Good"
    0.5 5.0/5 "Blown Away!"
    LIC is a good and on time policy. I had taken the policy 9 years before. Its because of the life safety i have chosen them. They are providing a sum assured amount of Rs. 2 lakhs. I'm paying the premium amount of Rs. 5000 and its a moneyback policy. I have chosen the half yearly payment mode. I get Rs. 30000 money for every 4 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 08, 2019
  • SBI Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have one life insurance policy with State Bank of India and it was provided by the bank at the time of taking personal loan. The benefits are good. This policy is valid for 10 years. Actually, its a savings scheme and am paying yearly once 30K via ECS.
    Was this review helpful? 0
    , rajahmundry
    Reviewed on Oct 08, 2019
  • SBI Life Life Insurance
    "Go for a safer insurance policy"
    0.5 4.0/5 "Great!"
    As I'm employee of SBI LIFE, the policy is more convenient for me. I took the United linked Insurance policy. I have been paying the premium amount of Rs. 50000 per year. I have to pay the premium for 5 years but the policy term is 20 years. Growth percentage is 11%.
    Was this review helpful? 0
    , ahmednagar
    Reviewed on Oct 08, 2019
  • Aegon Life Life Insurance
    "Okay"
    0.5 3.0/5 "Satisfactory"
    I got a term insurance policy from Aegon and the premium is very cheaper. The nominee would be getting the benefits and have no idea about the benefits much. Its been 1.5years and the premium mode is online. I am doing monthly around 1200rupees.
    Was this review helpful? 0
    , kolkata
    Reviewed on Oct 08, 2019
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