Premium Payment
LIC or Life Insurance Corporation of India is the largest life company with a customer dimension of almost 250 million. LIC is the pioneer player in the insurance sector of India for the last fifty years and retain their business processes and customer relationship methodology up to date for each transaction, created by their customers, easy and convenient. In this article we will discuss various methods and channels you can pay LIC premium.
Premium payment at Cash counter:
You can pay your premium at the counter of cash of each branch office, LIC. The following payment options are available:
Cash: In a branch office: fill out the form challan form for premium payment and send the form along with the money.
Cheque: Remember to cross over the cheque to account beneficiary only and make the cheque in favour of LIC of India. Write your name, policy number and your phone number on the back of the cheque journal. If you have more than one LIC policy his company, you can pay all premiums in one cheque. In that case, you need to mention every number on the back of the cheque leaf.
Demand Draft: The demand draft should be in favor of LIC of India. You can also mail your cheque or DD to the Branch Office to pay the premium.
Premium for ULIP policy can be paid to each branch office, LIC.
How to find nearest branch LIC:
Visit Branch Locator to find the nearest LIC branch in your area.
Under electronic clearance Service, you can arrange your bank deduct the premium amount from your bank account on a pre-designated date. To use this free facility that you need to perform steps to follow:
* Check whether ECS payment is available for the city where you bank account his company. You must have a bank account at one of the city mentioned in the list on LIC-ECS-Centre in order to facilitate the use of this facility.
-The download of a mandate form and take a print out. Or Collect a mandate form nearest LIC branches.
* Make three copies of the mandate form
* Please fill all three copies of the mandate form, which is supported by the bank of the customer, and get it signed by the holder of the account and policy. A photocopy of a cheque or a cancelled cheque for which bank account to add to the form. Clearly state the MICR code in the form. The nine-digit MICR code can be found on the first page of your cheque book.
* Submit one copy of the mandate form to the nearest LIC branch. You must have a letter with acknowledgement of receipt.
* Another instance of the mandate form to submit your bank.
* Press and hold the third copy of the form to yourself for future use.
Points to remember for ECS payment:
* Make sure sufficient cash is available for ECS payment on the date of the debit.
* In case the ECS is due to insufficient funds or any other reason, dishonored, ECS will payment be stopped. You must delete all contributions by payment of cash desk of each LIC branch to continue further ECS payment.
* Cost For ECS dishonor LIC extra Rs125.
* When you sign up for ECS, other payment methods of payment no longer available.
* Permitted debit dates are 7th, 15th and 28th of each month.
* To change the details of your account, you must again mandate form.
For further information visit ECS-payment or LIC call center entry 1251.
You can use your LIC premium with the Bill payment option pay of following channels:
* HDFC
* ICICI
* AXIS
* FEDERAL Bank
* Corporation Bank
* CITI Bank
* LIC credit card
* Tech Process Service is available in Mumbai, Pune, Delhi, Kolkata, Ahmedabad, Chennai, Bangalore, Hyderabad and Chandigarh. Banks are HSBC, ICICI, Saraswat Bank, Standard Chartered Bank, Development Credit bank, Karnataka bank, Shamrao Vithal co-op Bank, greater Bombay co-op bank, Oriental Bank of Commerce, Tech process retail customers, SBI-GE cards.
* Bill Desk service is available in Ahmedabad, Delhi, Nasik, Pune, Mangalore, Ludhiana, Goa, Jabalpur, Indore, Hyderabad, Ajmer, Bhopal, Nagpur, Bangalore, Surat, Chandigarh, Kochi, Jaipur, Kanpur, Trivandrum, Vadodara, Kolhapur district, Ludhiana, Coimbatore, Kolkata, Chennai, Goa and Lucknow. If your bank is maintained by Bill Desk go to Bill-reception-banks.
For this payment option, you can pay using your credit card.
You can use your premium LIC via axis Bank or Corporation Bank ATM pay by the following steps:
* Register your policy using the bank’s website.
After successful registration visit nearest axis Bank or Corporation Bank ATM and use your ATM card to pay LIC premium.
* Please note that this facility is available for annual, half-yearly, or quarterly payment. Monthly SSS or payment cannot be made via ATM.
You can use your online using the portal LIC premium pay. To do this you must follow these steps:
* Register with LIC website www.licindia.in to user id and password for your internet account.
-The use of your online account user id, your policy with LIC website www.licindia.in register. The birth date of the user id must match the date of birth mentioned in the policy for successful registration.
* Once registered you can view and select to pay the premium of the policy measures that are due for payment.
* Once you select the policy and confirm the amount, a warning message will appear to no payment again if there was a failed transaction before you haven’t verified your account.
* Clicking ok at the top post will present the bank dropdown which you can select your bank.
* When selecting your bank the browser will redirect you to the website of your bank where you the payment with your bank net-id and password can make.
* If the transaction is successful, a message appears and the receipt will be emailed to your account. You can also print out your receipt online at this point.
* The signature of the online receipt should be validated using the method outlined on the authentication method. You can download the premium certificate from here.
* Please note premiums for SSS or salary savings scheme are not eligible for an online payment.
* You can download the list of banks that are allowed for an online payment on http://www.licindia.in/altpay/alch8002_files/bankname.htm.
You can use LIC premium pay at a branch or extension desk of axis bank. You can pay with cash or by cheque. This method is not available for SSS and ULIP or health policy. When paying the premium, a receipt will be issued by axis bank. This is valid receipt and no further receipt will be issued by LIC.
Payment by authorized collection centers:
You can make LIC premium payment using one of the following authorized collection centers:
Easy Bill Limited- You can pay LIC bill at nearest Easy Bill Ltd collection center. Locate the Easy Bill collection center in your area at http://www.licindia.in/altpay/alch8002_files/EBP-Outlets.htm. For further information visit www.easybillindia.com. For any query or assistance call 1800-11-75-75 (Toll free), 022-26137545.
APOnline- Residents of Andhra Pradesh can use this government agency to pay premium. To find the APOnline collection center nearest to you visit http://www.licindia.in/altpay/alch8002_files/APOnlineFranchises.htm. For further information visit http://www.aponline.gov.in.
One Stop Shop -This 24×7 available collection center has more than 50000 location all around the country. You can locate your nearest center at http://www.licindia.in/altpay/alch8002_files/oss-addresses.htm. For any query or assistance dial 022 4238 4238/022 6684 6684 or visit nearest collection center.
MPOnline- Residents of Madhya Pradesh can pay LIC premium through this agency. To find the nearest MPOnline collection center, visit http://www.licindia.in/altpay/alch8002_files/MPOnlineFranchises.htm. You can find further information at http://www.mponline.gov.in.
Suvidha Infoserv Pvt Ltd -You can use this e-commerce agency to pay your LIC premium. To locate the nearest collection center, visit http://www.licindia.in/altpay/alch8002_files/suvidhaa-addresses.htm. For any query or assistance call 180022 5225.
Please note that you can only pay by cash at any authorized collection center and premium for ULIP or SSS policies cannot be paid using this channel. The authorized collection center will issue a signed payment receipt and that is the valid receipt. LIC will not provide any other receipt.
For any assistance regarding LIC premium payment contact LIC customer care by dialing 1251 (MTNL/BSNL) or contact nearest LIC Customer Zone. You can find contact details of LIC customer Zone in your city at http://www.licindia.in/phone_helpline.htm.
Click Here to Apply For LIC Policy Online
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