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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

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    , ghaziabad
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  • HDFC Life Life Insurance
    "Good for Family Protection"
    0.5 5.0/5 "Blown Away!"
    I have term plan with HDFC Life, I have selected Rs. 1 crore. Yearly I pay Rs.29,000 to the insurer it has the duration of 25 years. They will be providing the lump sum amount to the nominees and second thing they give Rs.50,000 on monthly basis. They disclosed all the terms and condition to me.
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    , ghaziabad
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  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I Have taken Life Insurance policy through LIC it is for the tenure of 15years .The policy is a money back policy.I have taken this policy through Lic agent .The premium is paid through yearly basis .I have received the policy documents on time .The premium is nominal ,the agent clearly explained the process Since it is a government t policy so no issues so far.
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    , chittoor
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  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have taken the life Insurance Policy through lic agent . This policy for the tenure of 30 years.The agent gave all the details ,I have received the policy documents on time I am ,paying premium on monthly basis ,premium is nominal .If pay the premium on delay basis there was no extra charges .
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    , bangalore
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  • LIC Life Insurance
    "Better"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance with LIC and its a 4 years old. The tenure period is 35 years. Am making yearly premium through ECS and the customer service is good. The benefits are good. I got the insurance documents. They have explained me about the policy details.
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    , jaipur
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  • HDFC Life Life Insurance
    "Good Insurance company"
    0.5 5.0/5 "Blown Away!"
    I took term plan from HDFC Life, by paying the premium Rs. 16,000 on yearly basis it has sum assured of Rs . 50 lakhs. The lump sum amount paid to the nominee in certain demise, I make the payment through ecs. There is a critical illness cover along with waiver option.
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    , kadapa
    Reviewed on Apr 20, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the LIFE INSURANCE CORPORATION OF INDIA and using it since from last few years and the name of the policy is JEEVAN SARAL. The maturity period of this policy is for 15 years. The premium paying for 6 months once with this policy.
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    , chennai
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  • LIC Life Insurance
    "Good Tax Saver"
    0.5 4.0/5 "Great!"
    I pay the LIC premium around Rs. 12,000 per annum it has the tenure period of 18 years. One of my relative have suggested this policy, I will be sum assured after the maturity. Now its good for the tax saving and there is some financial security available for certain demise.
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    , bangalore
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  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    This is best customer service provided and response is on time and this is best insurance is all over insurance. And my plan with my family four people . And 10L plan I pay 12K for only 9 years and the rest of the 6 years the company will pay. This is 15years plan , I am happy with this plan.
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    , hyderabad
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  • Bajaj Allianz Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken the life insurance policy which has been provided by the company the policy coverage is for 30L for family. The premium paid by the company and using it since from last few years. The policy has no issues and overall the service is good.
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    , kadapa
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  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have one Life insurance plane . Jeeven aanand plane and my plane is 18years last 6years I have this policy , and this policy is 12L every year 12.5K I paid , this is good policy in my life , and their allover service is very good , I am happy with LIC plane ,
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    , ahmedabad
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  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA since from last 2-3 months. The premium paying for 3 months once and the maturity period of this policy is for 5 years. The executive explained well regarding the benefits of the policy.
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    , bangalore
    Reviewed on Apr 19, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I hold my life insurance with Life insurance corporation of India, The agent had clearly explain me about the plan benefits and policy coverage , i hold 3 policy through it, the premium is use to pay on yearly, half yearly and monthly basis through on line mode.
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    , hyderabad
    Reviewed on Apr 19, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am having the life insurance policy with the HDFC LIFE and holding it around from last 10 years. The documentation process was simple and good. The maturity period of this policy is for long term and the coverage is for family. The premium paying for yearly once.
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    , indore
    Reviewed on Apr 19, 2019
  • LIC Life Insurance
    "AVERAGE"
    0.5 1.0/5 "Really Bad"
    I am using the LIFE INSURANCE CORPORATION OF INDIA since from last few years i am not satisfied with the services of this policy. The name of the policy is JEEVAN SATHI, it gives coverage for self and spouse. The premium paying for monthly once.
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    , chennai
    Reviewed on Apr 17, 2019
  • SBI Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I took my term insurance with SBI life , i itself applied through on line portal, the go best plan there was mention clearly the term and conditions in the on line portal, the premium amount they use to pay though on line mode on yearly basis, whenever i face issue they use to resolve it soon without making it delay.
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    , mumbai
    Reviewed on Apr 17, 2019
  • LIC Life Insurance
    "AVERAGE"
    0.5 1.0/5 "Really Bad"
    I am holding the MONEY BACK policy with the LIFE INSURANCE CORPORATION OF INDIA and the maturity period of this policy is for long term and it gives coverage for family. the returns are lesser also the customer service is not good. The premium paying for monthly once.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 17, 2019
  • LIC Life Insurance
    "AVERAGE"
    0.5 1.0/5 "Really Bad"
    I am not satisfied with the LIFE INSURANCE CORPORATION OF INDIA where i am holding the life insurance policy because the returns are lesser also the documentation process also issues, overall the service is not good. The premium paying for monthly once.
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    , chennai
    Reviewed on Apr 17, 2019
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