Thursday 30 April 2020

Pay LIC premiums through Net banking / Phone banking

Pay LIC premiums through Net banking / Phone banking

Pay LIC premiums through Net banking / Phone banking



Now you can pay your LIC premiums through net banking/phone banking. You can pay your LIC premiums 24X7 using net banking and phone banking because of anywhere and anytime access to the internet. However, there are certain policies where you cannot pay the premium either via net banking or via mobile banking mode.



Which LIC policies are eligible for payment of premiums through Net banking / Phone banking?

1. Only those LIC policies are eligible for payment of premiums through Net banking / Phone banking which are being serviced in networked branches or those policies which can be accessed through our MAN or WAN. MAN stands for Metro area Network and WAN stands for Wide Area Network.
2. LIC policies which are in the regular mode of payment i.e. yearly, half-yearly or quarterly can be paid through Net banking / Phone banking.
3. LIC policies having mode of payments such as single premium, ordinary monthly and salary savings scheme (SSS) are not eligible for payment of premiums through Net banking / Phone banking.
4. Lapsed policies or policies due for revival are not eligible for payment of premiums through Net banking / Phone banking. To be eligible for this facility, policies should reflect in-force policy status.


Benefits of paying your LIC premiums through Net banking / Phone banking

1. You can decide and authorize payments 24X7 because of anywhere & anytime access to the internet.
2. You can issue payment instruction from the comforts of your home or office.
3. It will save your time by not standing and waiting in queues for making the payment.
4. There is no extra charge for using this facility. It is a free service from LIC and you don’t have to pay any charges to LIC or its authorized agencies.
5. You have the option to select the bank account you want to pay from.
6. You can decide in a future date on which you want your account to be debited.
7. You can modify your instructions during the intervening time.
8. You will get reminders and alerts by email about the premium dues from the banks and service providers.
9. Demand draft/pay order charges for outstation policy premiums can be avoided using this facility.
10. You can also view your LIC premium dues and other policy details.


Charges for using this facility

This facility is a free service for policyholders of LIC. LIC policyholders will not be charged for availing this LIC premium payment facility.

Authorised Banks and Service Providers

1. Authorised Banks:
HDFC Bank
ICICI Bank
Bank of Punjab
UTI Bank
Federal Bank
Corporation Bank
Citibank
2. Authorised Service Providers (available only in select cities):
BillJunction.com
Timesofmoney.com
BillDesk.com.


How to pay LIC premiums through the banks/service providers?

1. Log in to the bank/service provider’s website.
2. Signify the date on which you want your account to be debited and click the consent for the payment. Here you can even specify a particular account if you have multiple bank accounts.
3. The authorized Bank will debit your bank account and consolidate the payments. Now bank will send the consolidated amount to LIC in form of bankers’ cheque / pay order.
4. The authorized service provider will send the instructions to your bank branch through the RBI’s Electronic Clearance System. Now your bank will debit your account and credit the same to the service provider’s bank account. The service provider then remits the amount to LIC.
5. If the service provider has autopay facility then you can issue standing instructions to the service provider to debit your account as when the bill becomes payable. If the service provider has phone-banking facility then you can issue telephonic payment instructions.


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Pay LIC premiums through Net banking / Phone banking

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