Knowledge Base Life Insurance Basics How to make LIC premium payment?
Thursday, 27 December 2012 15:08

How to make LIC premium payment?

Written by  Yashish Dahiya
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How to make LIC premium payment?

Life Insurance Corporation of India or LIC is the biggest life insurance company in India. It dominates market with the largest market share. Each year, millions of people buy LIC policy. There are already many million Indians who have existing LIC policy. People have different payment mode preference while making premium payment. Some people prefer to pay by cash. Others prefer cashless transaction through cheque, online payments etc. LIC has made it possible for its policyholders to make payment of premium amount through multiple channels. These are:

Offline Modes:

Through LIC branch office: You can submit the premium due amount by visiting any of LIC branch office. Payment is accepted by cash, cheque, credit card etc.

Through LIC agent: LIC agents through whom you have purchased the policy can also pick up premium amount from your house. However this mostly depends on your relationship with the agent. Always ask for receipt from agent especially in case of cash payment.

Through ECS: This gives the required permission to LIC to withdraw particular amount on set date from your bank account.

Through ATM: LIC has tie-ups with two banks- Axis Bank and Corporation Bank. You can register your policy with these banks and then use ATM to pay the premium.

Online Modes:

LIC Website: You can make premium payment directly to LIC by using their website. You will need to register yourself on their website. The payment can be made by using net banking, debit cards and credit cards.

Authorized Banks: As mentioned above, LIC has tie-up with Axis bank and Corporation Bank. You can visit any of their branches to make the premium payment. Only cash and cheque are accepted.

Franchise: LIC also has partnered with many collection centres so that premium can be paid for their policies easily. Only cash payment mode is allowed and receipts are issued by collection centre. The authorized franchised that can collect LIC premium are

1. APonline (Andhra Pradesh government official portal)

2. MP online (Madhya Pradesh government official portal)

3. Suvidha Infoserve Pvt Ltd

4. Easy Bill Limited

Read More:

How to check LIC Policy Status

Life Insurance Corporation of India

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