How to Pay LIC Premium Online – Step-by-Step Guide

LIC premium online payment is a digital method that allows policyholders to pay their insurance premiums using the internet, without visiting a physical LIC branch.

Let’s understand this with an example. Priya, a school teacher in Delhi, has two LIC policies. Due to her busy schedule, visiting the LIC office every few months became difficult. One day, her colleague showed her how to pay the LIC premium online. Since then, Priya pays her premiums quickly using her phone—no queues, no paperwork.

Here's a snapshot of Priya’s online payments:

Knowing how to pay the LIC premium online gave Priya peace of mind and saved her valuable time. Whether through the LIC website, mobile app, or trusted partners, learning how to pay the LIC premium online is a smart move for every policyholder.

Benefits of Paying LIC Premium Online

Paying your LIC premium online offers several advantages like convenience, time savings, and 24/7 access.

Take the example of Anil, a bank employee in Jaipur. Earlier, he had to take time off work just to stand in long queues at the LIC office. Once he learned how to pay the LIC premium online, everything changed. He now pays from his mobile in minutes, even during lunch breaks.

Here’s a comparison of Anil’s experience before and after he discovered how to pay LIC premium online:

Anil says that learning how to pay the LIC premium online not only saved him time but also made managing his finances much easier. It's a smart, secure, and hassle-free way to stay insured.

How to Pay LIC Premium Online?

If you're wondering how to pay LIC premium online conveniently and securely, net banking is one of the easiest options. Here's a detailed step-by-step guide to help you make your payment successfully through your bank’s internet banking portal:

Step 1: Log in to Your Bank’s Net Banking Portal

Visit your bank’s official website and log in using your registered user ID and password.

Step 2: Go to the Bill Payment Section

Navigate to the section titled “Bill Payment,” “Pay Bills,” or something similar, depending on your bank’s layout.

Step 3: Select LIC as the Biller

Under the list of billers, search for “LIC” or “Life Insurance Corporation of India.” Some banks list LIC under the “Insurance” category.

Step 4: Enter Your Policy Details

Provide your LIC policy number, date of birth, and any other required information as prompted by the bank.

Step 5: Verify Premium Details

The system will fetch your LIC premium amount, including taxes or late fees if applicable. Verify all details before proceeding.

Step 6: Initiate the Payment

Choose your payment account, confirm the amount, and complete the transaction using your OTP or other bank authentication.

Step 7: Save the Payment Receipt

Once the payment is successful, download or save the receipt for your records. This serves as proof of payment.

Step 8: Check Payment Status

Keep an eye on your bank statement or transaction history to confirm the payment status, as suggested by ICICI Bank.

How to Pay LIC Premium Online Without Extra Charges?

Ravi, a 36-year-old teacher from Bengaluru, recently wanted to switch from standing in long queues to paying his life insurance premium digitally. While searching for how to pay LIC premium online, he had one main concern: Are there any extra charges involved?

To his surprise, Ravi found out that the facility is completely free for policyholders! That meant he could save time and effort without spending anything extra.

As he continued learning how to pay LIC premium online, he also wanted to know which banks and platforms were officially authorised to collect payments. Here's what he found:

Authorised Entities to Collect LIC Premiums Online

Ravi decided to use his ICICI Bank net banking account to complete the payment. The process was smooth, quick, and completely charge-free. Now, he encourages others to explore online methods whenever they ask how to pay LIC premium online an easy way. He shares his experience, highlighting the convenience and security of the process.

Do's and Don'ts of How to Pay LIC Premium Online

Meena, a 40-year-old homemaker from Jaipur, recently registered to pay her LIC premiums through net banking. She was thrilled to learn how to pay LIC premiums online, but a quick chat with a LIC agent helped her understand that there are some important points to remember to avoid confusion or double payments.

Here’s what Meena learned that every policyholder should keep in mind when choosing how to pay LIC premium online:

Now Meena knows how to pay her LIC premium online safely. She tells friends to check their address, save receipts, watch payment status, and keep contact details updated for LIC messages.

Eligibility for Paying LIC Premiums Online: Which Policies Qualify?

Aman, a 39-year-old businessman from Delhi, wanted to pay his LIC premium online. He liked the idea but found out that not all LIC policies can be paid online.

To qualify for the online payment facility, the following conditions apply:

1. Payment Modes: Only policies with ordinary modes of payment—Yearly, Half-Yearly, and Quarterly are eligible.
   
   
2. Ineligible Plans: Policies like ULIP, Health, and E-TERM Plans cannot be paid for using the online facility.
   
   
3. Exclusions: Single Premium, Ordinary Monthly, NACH, and Salary Savings Scheme (SSS) policies do not qualify.
   
   
4. Active Status: Your policy should have an in-force status. Lapsed policies or policies due for revival are not valid for online payments.

Aman has two LIC policies: one is a yearly premium policy, and the other is a ULIP policy. He was glad to find out that his yearly premium policy qualifies for online payment, while the ULIP policy doesn’t. He quickly followed the simple steps to add his eligible policy and make the premium payment through his bank’s online portal.

Conclusion

How to pay LIC premium online is a straightforward and convenient process, provided your policy meets the eligibility criteria. By following simple steps, such as logging into your bank’s online portal and adding LIC as a biller, you can easily make payments for policies with ordinary payment modes like yearly, half-yearly, or quarterly premiums.

Understanding how to pay LIC premium online ensures that you avoid delays and confusion, especially with multiple payment options available. It’s crucial to keep your policy in force and ensure all details are accurate for a seamless experience.

With the convenience and accessibility of online payments, learning how to pay LIC premium online can simplify your premium payment process and save you time. Additionally, it helps you maintain timely premium payments, ensuring uninterrupted coverage and benefits.

FAQ’s

1. How can I pay my LIC premium online?
To learn how to pay LIC premium online, log in to your bank’s net banking portal, select LIC as a biller, and enter policy details for payment.

2. Which policies are eligible for paying premiums online?
Only policies with ordinary yearly, half-yearly, or quarterly premiums are eligible. Learn how to pay LIC premium online for these policies via net banking or authorised service providers.

3. Is it safe to pay LIC premiums online?
Yes, it’s secure. By following the steps to learn how to pay LIC premium online, you can safely make payments through your bank’s secure platform.

4. Can I pay LIC premiums through mobile apps?
Yes, you can pay via mobile apps. Simply follow the process for how to pay LIC premium online using your bank's mobile app or authorised service providers.

5. What should I do if my payment fails?
If your payment fails, check for transaction issues. Learn how to pay the LIC premium online properly and verify your policy details for successful transactions.

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LoansJagat Team

We are a team of writers, editors, and proofreaders with 15+ years of experience in the finance field. We are your personal finance gurus! But, we will explain everything in simplified language. Our aim is to make personal and business finance easier for you. While we help you upgrade your financial knowledge, why don't you read some of our blogs?