Different Channels of Premium Collection for LIC Policies

LIC PORTAL:

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.

LIC Website: www.licindia.in

Relevant Conditions:

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.