LIC is the Life Insurance Corporation of India. You can take up insurance policies according to your requirement and you have to pay a particular amount in an interval of time for the insurance policy you have taken up. The premium is a very small amount that you pay for the insurance that you have selected. It is an affordable amount which can be managed generally by people. The premium that you should pay depends on the amount of insurance you have signed up for.
You can make payment according to your convenience but that should be informed to them. The duration of the payment may be one month or quarterly (for 3 months once) or half – yearly (for 6 months once) or for one year. The amount depends on the duration of time too.
To find the different policies and the premium that corresponds to that policy you can contact an agent or the employers of the LIC. There are many agents who offer the support to help you selecting the policy or knowing about the policy and they contact you during the premium payment time to remind you about the payment. If you don’t pay the premium the LIC has every right to cancel your insurance policies after informing you. They also charge fine when you pay the premium after the date of payment. So to avoid all these you should remember your premium payment dates and pay them accordingly.
To know the exact premium for the various policies you can check in the web site of the LIC. There is a premium calculator provided so that it calculates the various premiums for the duration of time according to the policy. It is better that you don’t forget to pay the premium! Pay proper premiums and enjoy the benefits of the insurance policies!