Most of us who have taken an insurance policy from LIC are under the impression that paying the premium is still done only in the familiar old way, through LIC agents or in person at the local LIC branch office. The latter particularly could be a time-consuming task.
But today, paying of premiums through LIC’s official website can work out far more convenient and save us a lot of time.
Apart from this, an advantage of the online premium payment is that one can pay many policies in a single account.
Read through the following steps to know how to pay your LIC premium online:
1. Create your login ID in the LIC website
First, go to:
Find just below the “LOGIN” button in the yellow box on the top right hand corner of the above page, “New User? Click Here”
On clicking the above line, you are automatically directed to this page:
You can create a new account here, by registering yourself as a customer, with your own unique username and password.
2. Enroll policy
After creating the user account, you can login to the portal with the username you created.
Once logged in, you need to add your policy number to retrieve the policy details.
In the left side menu in the page, you will find an “Enroll Polices” link. Click on this link, and then add your policy number and the premium amount.
3. View Policy details
If you enroll a policy, you will then be able to view all the details related to the particular policy; including the policy commencement date, sum assured, plan, policy term, address, premium, next premium due, accrued bonus, branch and agent details.
4. Pay Premium
-Now click on the ‘Pay Premium Online” link and you will see a list of policies whose premium is due.
-You can choose to select the policies for which you want to pay premium and click on the ‘submit’ button.
-You will be directed to a page where you can choose from a list of multiple banks for payment and will be directed to the login page of your selected bank.
Note: It is essential that you have a net banking account with at least one of these banks for this purpose.
-At the bank page, you will need to login with your net banking username/password. On successful login, the total amount to be paid by you towards LIC will be displayed.
-You will need to verify your balance (displayed) and confirm the transaction to the bank. Simultaneously, a ‘successful/unsuccessful transaction’ message will be flashed.
-On a successful transaction, a digitally signed e-receipt will be generated and e-mailed to you. In case of an unsuccessful transaction, you will be informed and the reason thereof.
-Once done with the transaction, you will be returning to the ‘home’ page of the LIC website where you started.
One added advantage in case of making the payment online is that we can keep the receipts safe by saving them in our system after we receive them by email.
If you are enrolling a policy for different individuals, you will need to create a separate user id. The reason for this is that the system does not allow you to enroll the policy if the birth date on the profile and that of the enrolled policy holder do not match.
It would also suggest using a separate user id for each person.
No further registration involved at the service provider end.
No time lag from the date of payment to date of obtaining receipts.
It is also a secure arrangement, as the policy data is not shared between LIC and Banks over net as only the amount to be paid is encrypted and transported. The login ID at both the sites (LIC and Bank) is known only to you.
Above all, there is no charge for you to avail this service any time!