Author
LoansJagat Team
Read Time
9 Minute
03 Feb 2025
LIC Merchant Portal: Your Ultimate Guide to Features and Benefits
Ramesh, a LIC agent in Pune, had an established client, Sunita, who struggled to keep track of her policy premiums due to her hectic schedule as a small company owner. Sunita failed to pay her life insurance premiums on time, risking her family’s financial stability.
Ramesh instantly searched Sunita’s policy details using the LIC Merchant Portal, recognized the missed payment, and began the online premium collection process. The interface allowed him to submit the payment on Sunita’s behalf in real-time, ensuring that her policy remained active.
Ramesh also set up SMS and email reminders for Sunita through the site to ensure she never missed another deadline. This guaranteed her policy benefits and improved Ramesh’s relationship with his client, leading Sunita to recommend his service to others in her network.
This example demonstrates how the LIC Merchant Portal enables agents to provide efficient and proactive service while maintaining client pleasure and trust.
What is the LIC Merchant Portal?
The LIC Merchant Portal is an online portal developed to help Life Insurance Corporation of India (LIC) agents and merchants easily manage their clients' policies and transactions. This portal allows agents to obtain policy details, process premium payments, and provide various client-related services, improving operations and increasing client satisfaction.
Key Features and Services of LIC Merchant Portal
Here are a few key features and services of LIC Merchant Portal given below:
- Policy Management: Agents can access and edit policyholder information, track policy statuses, and manage policy papers.
- Premium Collection: The portal makes it easier to collect premiums by allowing agents to accept payments online securely.
- Transaction History: Agents can access a detailed transaction history that is helpful for record-keeping and financial planning.
- Support Resources: The site provides various resources to help agents in their responsibilities, such as training materials and marketing tools.
Difference between LIC Merchant and LIC Agent
Aspect | LIC Merchant | LIC Agent |
Role | LIC Merchants are authorized entities or intermediaries responsible for collecting premiums and managing specific administrative tasks. | LIC Agents are individual representatives of LIC who sell policies, provide consultation, and acquire new clients. |
Primary Function | Focuses on premium collection, invoice management, and policy-related administrative tasks. | Focuses on acquiring customers, selling LIC products, and providing post-sales service to policyholders. |
Association | It is usually associated with LIC as a service provider, often operating on behalf of multiple clients. | Directly associated with LIC as individuals working under the LIC framework. |
Customer Interaction | Handles backend administrative tasks and has limited direct interaction with clients. | Regularly interacts with customers, providing personal guidance and addressing queries. |
Revenue Source | Primarily earns through service fees or commissions related to premium collections. | Earns commissions on policies sold and renewals of existing policies. |
Technology Use | Heavily reliant on the LIC Merchant Portal for day-to-day operations. | May use the LIC Agent Portal for client management and policy details but primarily works offline. |
How do you register for the LIC Merchant Portal?
If you are a LIC-registered merchant, you may sign up for the LIC Merchant Portal by visiting the website and completing the steps outlined below. You must supply personal, company, and banking information.
Once your registration is complete, you can receive consumer payments using your LIC cards.
Step 1: Visit the official website of LIC India.
Step 2: Click “Want to be a LIC Agent” under “Online Services.”
Step 3: After that, you must click “Register Now.”
Step 4: Now, you must complete the registration form with your number, email, and other details.
Step 5: You must submit the form and wait for your Activation Email.
Step 6: After receiving the activation email, click the link to activate your account.
Step 7: Finally, you can log in to the Merchant Portal using your Username and Password.
If you have any concerns about the LIC Merchant Portal or need assistance getting started, please contact our customer service team at 022 6827 6827.
Log in to the LIC Merchant Portal
Here is the simple step-by-step guide to logging in to the LIC Merchant Portal
- Once you visit the official website on the top right side, click the “login” button. Click and choose the “Merchant Login here.”
- The new page will then open in a new window.
- Fill in your username and password to log in to the portal.
- It will also instruct you to fill out a CAPTCHA to determine whether or not you are a robot.
- Finally, click on the submit button. You will be able to log in to your account.
This is how you may effortlessly log in to your Merchant Portal.
LIC Merchant Portal Forgot Password?
Don't worry if you've forgotten your LIC Merchant Portal password. To reset it, simply follow these steps:
Step 1: You just have to visit the official website.
Step 2: You will see the login option in the right corner.
Step 3: Click on it to get a drop-down menu.
Step 4: The merchant login option is in this drop-down menu. Click on it.
Step 5: You will be redirected to the login page. You can see it on the login page if you look below. You will spot the Forgot Password option.
Step 6: Click on forgot password.
Step 7: On this page, you will be asked to enter your User ID and Email ID and then click Mail New Password.
How to Change the LIC Merchant Password?
Step 1: You just have to visit the official website.
Step 2: You will see the login option in the right corner.
Step 3: Click on it to get a drop-down menu.
Step 4: You will see the merchant login option in this drop-down menu. Click on it.
Step 5: You will be redirected to the login page. You can see it on the login page if you look below. You will see the option to “Change password.”
Step 6: Click on it, and a new page will open.
Step 7: On this new page, you will be asked for your User ID, Current Password, New Password, and Confirm New Password.
Step 8: Click on the Reset button. You are done with the procedure.
How to Pay Invoices Using Net Banking?
To pay invoices online using net banking via the LIC Merchant Portal, follow these steps:
1. Log in to the LIC Merchant Portal: To access your account, visit the official LIC Merchant Portal and input your User ID and Password.
2. Go to 'Pay Invoice Online':
- After logging in, go to the 'Merchant Tools' section.
- Then click on the 'Pay Invoice Online' option.
3. Select Pending Invoice:
- A list of pending invoices will be displayed.
Choose the invoice you wish to pay.
4. Confirm Invoice Details:
- Review the invoice balance and ensure all details are correct.
Confirm the information to proceed.
5. Choose Net Banking Option:
- You must select 'Net Banking' as your preferred payment method.
Pick your bank from the list of available options.
6. Complete Payment:
- You will be redirected to your bank's net banking portal.
Log in using your banking credentials and authorise the payment.
7. Return to LIC Portal:
- After successful payment, you will be redirected back to the LIC Merchant Portal.
- A Payment Gateway (PG) ID will be generated.
What are the benefits of using the LIC Merchant Portal?
Here are some of the advantages of using the LIC Merchant Portal:
- Reduced paper use and enhanced record-keeping.
- Improved client pleasure and convenience.
- Timely payment of bills.
- Improved cash flow planning.
Benefits of Using LIC Merchant Portal
Benefit | Description |
User-Friendly Interface | The portal is easy to visit, allowing merchants with varying technical expertise to perform tasks efficiently. |
Secure Transactions | Advanced security features ensure the safety of sensitive data and transactions, protecting both merchants and clients. |
Enhanced Customer Satisfaction | By enabling timely and efficient services, the portal helps merchants build trust and maintain long-term relationships with their clients. |
Real-Time Update | Merchants receive instant updates on policy statuses, premium payments, and customer information, improving decision-making and service quality. |
Accessibility | The portal is accessible 24/7, allowing merchants to manage tasks and assist clients anytime, even outside regular working hours. |
Business Growth Support | With streamlined operations, merchants can focus on expanding their customer base and providing value-added services. |
Services Offered by the LIC Merchant Portal
The LIC Merchant Portal provides various services to improve the efficiency of merchants and agents. Here are some of those mentioned below:
Service | Description |
Policy Data Access | Merchants can view detailed policy information, including loans, surrenders, and nominee details. |
Invoice Management | The Portal helps generate and update invoices for premium collections, ensuring accurate and systematic financial records. |
Online Payments | It allows merchants to process premiums securely and conveniently using net banking and other digital payment methods. |
Policy Renewal | It facilitates online policy renewals, ensuring clients maintain uninterrupted coverage. |
Client Information Updates | It enables merchants to update and manage client details to maintain accurate records for effective service delivery. |
LIC Merchant Portal Helpline and Complaint
If you are looking for assistance with the LIC Merchant Portal or want to complain, the following resources are available.
Helpline for LIC Merchants
Phone: 022-67090501 or 022-67090502
Email Support: agent_support@licindia.com
You can also access the call centre 24/7 at +91-22-68276827, and the services are available in Hindi, English, and eight other regional languages.
For more detailed information, you can visit the official website of LIC customer care.
Conclusion
The LIC Merchant Portal is an invaluable resource that streamlines the premium collection process and makes policy information readily available. Merchants may successfully manage their insurance operations using this platform while improving client relations. Frequent modifications and guidance ensure merchants can utilise the system successfully, which ultimately helps them flourish in the insurance industry.
FAQs Related to LIC Merchant Portal
Q. Who can avail of LIC’s e-Services?
Customers who have life insurance coverage for themselves or their young children. To use LIC's e-Services, you must first register on the LIC portal.
Q. Who Can Use the LIC Merchant Portal?
Only authorized LIC agents, brokers, and corporate agents have access to the LIC Merchant Portal. Registration and permission from LIC are required.
Q. Is There a Fee to Use the LIC Merchant Portal?
No, the LIC Merchant Portal is free to registered LIC merchants and agents. Commissions and transaction-based costs may, however, apply depending on the regulations.
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