Alternate Channels of Premium Collection for LIC policies
Alternate Channels of Premium Collection for LIC policies
Online Premium Payment is LICs initiative to provide on demand premium collection service within a few clicks! It provides for real-time payment of renewal premium dues through the LIC portal. Premium payment facility is available to both registered as well as Non-registered customers by using PAY DIRECT option on LICs website -www.licindia.in.
1. Premium can be collected for Ordinary In force and Spot Revival allowed policies under all Plans and modes (YLY, HLY, QLY & MLY ordinary).
2. Premium for policies under Salary Savings Scheme (SSS) mode cannot be paid online.
3. Premium for NACH mode cannot be paid online. However premium will be accepted online only if last NACH transaction is dishonored and NACH mandate status is pending.
4. Acceptance of premium can be done up to 30 days before the Due Date.
5. It is advisable to refrain from paying premium through this channel if the policies are already registered under BILL PAY option of Electronic Debit to avoid duplicate payment.
6. Renewal Premium can be collected for ULIP & HEALTH Insurance Policies also.
Facility of Premium Payment in Advance
1. Policyholder can deposit the premium in advance, subject to maximum dues allowed i.e. up to the end of financial year. E.g. Premium falling due upto 31st March can be collected in current Financial Year.
2. Premium due in Next financial year can also be deposited in advance for a maximum period of three months in advance of the due date of the premium.
ONLINE LOAN REPAYMENT & LOAN INTEREST PAYMENT
A policyholder can repay his/her outstanding Policy loan and loan Interest Payment online without visiting the servicing branch. The option is available in CUSTOMER PORTAL under Online Payments Tab. Policyholder can also pay it by using PAY DIRECT option after keying in relevant information like Policy number, Insurance Premium, Date of Birth, Mobile number and Email id.E-Receipt will be sent to the email id registered by the policyholder and it will also be available in his/her Portal account.
A customer should not attempt two loan repayment transactions on the same day , if the amount is debited from his bank account. This may result in to wrong Interest Calculation or Duplication of the transaction.
Click here for Frequently Asked Questions by Customer Portal User.
For a registered customer, Once the policies are enrolled, list of policies where premium/loan interest is due can be viewed by clicking on link,“Online Payment”.
Policies for which premium is desired to be paid are selected by clicking in the selection box.
Before clicking the“Check & Pay”button, policyholder must read the instructions displayed on the screen.“Premium should be paid on the policy owned by you only. A receipt would be mailed to your registered email-id. If Premium Receipt is not Generated /Error Page Displayed: If the premium amount is debited from your bank account but error page displayed, a receipt will be sent to your email-id in three working days after receiving the confirmation from your bank. If receipt is not received in three working days you can report such occurance to bo_eps1[at]licindia[dot]com. Please check whether your bank account is already debited with the amount of earlier transaction. If debited please do not pay again. Receipt will be sent as stated above.”
LIC premiums can be paid by using Net Banking accounts with following banks:For Authorized Banks Click Here(Content is in English)(19.9 KB).Other modes of payment areDebit-Cards (VISA/MASTER/RUPAY), Payment banks, UPI and Credit cards (AMEX/VISA/MASTER/RUPAY).There areno chargesfor payment through Debit-card, Net-banking and UPI.
Premium Payments through Credit Cards are subject to a"Convenience fee". The"Convenience Fee"applicable is entirely absorbed by LIC.
The premium receipt for the payment through Portal/Pay Direct can be printed online and will also be e-mailed to the Policy Holder at the same time. Simultaneously successful/unsuccessful transaction message will be flashed.
The premium receipt will also be available under his PORTAL underMy app -> Basic Services -> Online Payment Receipts.
The receipt for a successful transaction can be generated through LIC website :-
- Go to www.licindia.in
- Click on Pay premium online
- Click on Pay Direct( without login)
- Click on “View transaction status” link
- Put your policy number, transaction date and type of payment (renewal prem. /adv. Prem. /loan)
- Download the receipt by clicking on it.
Registered user can directly generate receipt by logging into their account.
The path for downloading receipt from user id is :-
Basic Services -- > Online Receipts --- > Choose Year --- > Type of payment (Advance/Loan/Renewal premium)
If the amount is debited twice for the same due, it is refunded to the service provider, who in turn transfers the amount to the customer’s bank / card issuer .
• This is a simple process with one time enrollment of the policies.
• Premium can be paid anytime and anywhere.
• Valid premium receipt is received instantly.
• It is also a secure arrangement, as the policy data is not shared between LIC and service provider.
• There are no charges for payments made through Debit Card / Net-banking / UPI .
Payment of LIC premium can be made through through Paytm/ PhonePe/ GooglePay/ Amazon Pay/ Mobikwik app .
Renewal premium can be paid throughthese Appby clicking on the LIC logo under the Insurance category.
While initiating the payment email id will be asked from the user. The payment receipt will be sent to this mail id only. Also same will be available for download in apps itself like in “Paytm - My Order” , “PhonePe - History”, “Google Pay - All Payment activity”, “Amazon Pay – Your orders” No other receipt will be issued by LIC. Premium position will be updated on real time basis.
Payment of LIC premium can be made on the website/ applications of banks as under :
The customer will open the website of his / her bank in the browser OR invoke the Banking App on his / her mobile device.
- SELECT ‘Pay Bills ‘
- Choose “insurance” as the category of Biller
- Click on “Insurance” and view the list of insurance companies in dropdown menu
- Click on ‘Life Insurance corporation Of India”
- Proceed by keying in the policy number, name, email address, mobile number. The premium due dates, total amount due (with GST, late fee if any) is fetched from the LIC customer portal and displayed to the customer.
- The online payment happens from the net banking enabled account of the customer instantly on clicking “submit”.
- There are NO charges for the transaction.
- E receipt is emailed to the email address of the customer keyed in at the time of initiating the transaction in the display screen.
- There is an option to download the e receipt as a pdf onto the customer’s device.
Presently this service is facilitated through 24 scheduled banks (Click here for list)
ECS facility for payment of premium was started in L.I.C. since March 2004. This is a facility by which premium is deducted by bank at pre-decided date and remitted to LIC.
LIC of India has migrated all its existing policies registered under the ECS mode of premium deductions to NACH mode with effect from November 09, 2016.
TheNational Payments Corporation of India (NPCI)has implemented an electronic payment service termed asNational Automated Clearing House (NACH)is a funds clearing platform set up by NPCI similar to the existing ECS of RBI. RBI has mandated that all Merchants & Financial Institutions have to compulsorily migrate to NACH as ECS will be completely replaced by NACH.
Under the NACH system, mandate forms are to be submitted as hard copies at the servicing branch of LIC.
Conditions to avail this facility:
1. NACH facility can be availed at the time of inception of the policy or later after completion of policy.
2. In NACH (MLY) mode, 5% extra premium charged under normal Monthly mode is waived.
3. No receipts will be printed and dispatched for NACH (MLY) mode policies. Premium paid certificate can be obtained twice in a year from the servicing branch.
4. NACH mode of payment can be opted for all Inforce ULIP, Non-Ulip and Health policies as per plan conditions.
5. NACH mode is not allowed for E-term Policies.
6. To opt for NACH facility the next premium must be due at least after 1 month from the date of exercising the option of NACH facility.
7. Arrears of premiums cannot be collected through NACH.
8. Under the policies registered under NACH mode, premium cannot be paid through any other payment channel except in case of NACH dishonor.
9. If NACH debit to customer’s bank is dishonoured , deduction will automatically stop for the further dues until the premiums that have fallen due are paid at LIC Branch / premium Point/LIC customer portal.
10. Debit dates allowed are 7th, 15th, 22nd and 28th of the month.
Debit dates are calculated automatically on the basis of Date of commencement as follows :
How to avail this facility:
1. NACH mandate form, duly signed by the account holder should be submitted along with cancelled cheque leaf/copy of passbook for validation of bank details of account holder.
2. There will be a separate mandate for each policy.
3. For NACH monthly mode cases, two installments of premium will be collected for New policies. These will be in addition to the premium installments for back dating cases.
4. All NACH mandate forms submitted by customers at the LIC Office will be sent to LIC’s NACH “Sponsor Bank” for scanning.
5. Sponsor Bank will upload the scanned images on the NPCI platform.
6. The customer’s bank will validate the credentials from the image of the NACH mandate with the customer’s details in the database of the Bank.
If found valid, the customer’s bank will accept the NACH mandate received from the customer and SMS conveying acceptance of the customer’s NACH mandate for inclusion in the process of debiting all future premiums due under a given policy under NACH process will be sent.
If the customer’s bank detects any discrepancy in the image of the NACH mandate of the customer, customer will be informed of the rejection status through SMS on the registered mobile number in LIC’s database. In such rejections, fresh NACH mandate is to be submitted to LIC Branch after taking necessary corrective action.
7. For change in Bank details, fresh mandate form (fulfilling the conditions in point 1) should be submitted to the servicing branch.
8. Policy holder should ensure that sufficient funds are available in the bank account at the time of debit date and mandate is not dishonoured.
9. Any dispute regarding dishonor should be taken up with the customer’s bank only.
10. This facility of easy premium payment can be availed of not only in respect of the policies of self but also on the policies issued on the lives of the spouse and children.
For the NACH dishonours, LIC sends a letter to the policy holder intimating the dishonour with reason. If the reason isInsufficient funds/Account Closed,dishonour charges of Rs. 125/- will be payable in addition to the due premiums and late fee (if applicable) with GST.
If NACH is dishonored twice for the reasonAccount Closed or No Such Account,no further Debit will happen unless fresh NACH mandate is submitted to LIC servicing Branch.
Authorized Banks/ Mutual Fund:
1. ICICI Bank
2. Axis Bank
3. Federal Bank
4. Union Bank (For Account holders of the erstwhile Corporation Bank)
5. LIC Mutual Fund
Authorised Service Providers
|Date of Commencement||Debit Date|
|1st to 7th||7th of the same month|
|8th to 15th||15th of the same month|
|16th to 22nd||22nd of the same month|
|23rd to 28th||28th of the same month|
|Ingenico Group:||Website||Ingenico Group: Collects premium through these banks|
|Indialdeas.com (Bill Desk):||Website||Indialdeas.com (Bill Desk): Collects premium through these banks|
Last modified date : Wed, 13 Sep 2023 07:09:09 +0000