Queries.

What are the benefits of paying your LIC premiums through net-banking/phone-banking?
You as our policyholder:-
Can decide and authorize payments 24hrs a day * 7days a week because of anywhere & anytime access to internet.
Can issue payment instruction within the comforts of your home or office, and avoid personal visit to LIC branch
Will save time by not waiting in queues for making the payment.
Can avail the free service from LIC, as you don’t have to pay any charges to LIC or its authorized agencies for this additional benefit.
Can choose the bank account you want to pay from, any or all of your bank accounts can be registered with the service provider.
Can decide in advance the date on which you want your account to be debited.
Can choose to modify your instructions during the intervening time.
Will get reminders and alerts by email from the banks and service providers about the premium dues.
Can avoid expenses of postage/courier in sending the remittance to LIC.
Can avoid demand draft/pay order charges for outstation policy premiums.
Can also view your premium dues and other policy details 

 

What are the benefits of paying your LIC premiums through net-banking/phone-banking?

 You as our policyholder:-

 

  • Can decide and authorize payments 24hrs a day * 7days a week because of anywhere & anytime access to internet.
  • Can issue payment instruction within the comforts of your home or office, and avoid personal visit to LIC branchWill save time by not waiting in queues for making the payment.
  • Can avail the free service from LIC, as you don’t have to pay any charges to LIC or its authorized agencies for this additional benefit.
  • Can choose the bank account you want to pay from, any or all of your bank accounts can be registered with the service provider.
  • Can decide in advance the date on which you want your account to be debited.
  • Can choose to modify your instructions during the intervening time.Will get reminders and alerts by email from the banks and service providers about the premium dues.
  • Can avoid expenses of postage/courier in sending the remittance to LIC.
  • Can avoid demand draft/pay order charges for outstation policy premiums.
  • Can also view your premium dues and other policy details 
Which policies are eligible for payment of premiums through this facility?
  • Policies which are being serviced in networked branches, or those policies which can be accessed through our MAN (Metro Area Network) or WAN (Wide Area Network).
  • Policies which are of ordinary mode of payment ie. Yearly (Yly), Half-yearly (Yly) or Quarterly (Qly).
  • Policies with mode of payments such as single premium, ordinary monthly (Mly) and Salary savings scheme (SSS) are not available for this facility.
  • Policies should reflect in-force policy status. Lapsed policies or policies due for revival are not valid. 
What are the charges to be paid for availing this facility?
  • This facility is absolutely free for the policyholders of LIC.
  • LIC has agreements with the authorized banks/service providers wherein LIC will pay a mutually agreed charge per transaction on monthly basis. Customer will not be charged for availing this payment facility
Which organisations are authorised to collect LIC premiums through their net-banking/phone-banking facility?
  • Authorised Banks:-
HDFC Bank, ICICI Bank, Bank of Punjab, UTI Bank, Federal Bank, Corporation Bank, and Citibank
  • Authorised Service Providers (available only in select cities) :  
BillJunction.com, Timesofmoney.com, and BillDesk.com.

 

 

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