LIC Premium Payment (प्रीमियम भुगतान) can be done both ways either Online or Offline, Because of the Internet facility in India the LIC Premium Online Payment is easy and available with Auto Debit Facility.
What I mean to say is that I have an IDBI Bank account and the same day I started my LIC Endowment Policy of 18k per year Premium; the bank employee linked my account with the policy and now every year on the 30th of August my LIC Premium get auto debited and I just make sure the sufficient amount is there in the bank account.
Warning: Based on my Personal Experience, if your LIC Policy is linked with your Bank account and if you do not have sufficient balance for auto-debit then you might get a penalty of Rs.500 for payment default. So to avoid this penalty make sure you maintain a sufficient amount of balance for the period of auto debit.
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Mods of LIC Premium Payment:
Introducing the useful Mode of Paying the LIC Premium before your due date. I especially prefer the Auto Debit because it forces me to pay the premium and continue my policy.
- Offline Mode:– Pay LIC Premium using “LIC Cash Counters“, “DD/Cheque Payment“
- Online Mode:- Pay LIC Premium using “Net Banking“, “UPI Apps“, “NACH/Autodebt”
How to Pay LIC Premium Online?
Online Payment mode is the fastest way to pay your LIC Premium, with this method you can avoid penalties and stop your policy by missing out on any payment.
LIC Premium Payment using NACH – Auto Debt Mode:
NACH is a bank facility governed by RBI and comes under NPCI electronics payment in this your LIC Premium is auto-debited from the account you have linked your policy. These Premium debits can be monthly scheduled, quarterly, or yearly scheduled.
For monthly schedules, there are two things you must keep in mind.
- Premium Auto Debit Debit dates allowed are the 7th, 15th, 22nd, and 28th of the month. you can choose any while implementing this Auto debit feature.
- If you choose the Monthly scheduled date you will have to pay an extra 5% payment charge. In My policy case, I am using Yearly debit as I said earlier.
Other Conditions for NACH Auto Debit LIC Premium:
- NACH Facility can be availed at the time you buy the policy or when the policy is completed.
- NACH Feature is not allowed for E-Term policies.
- You can opt out from this Auto-debit feature but you must give the application to the bank 30 days before the next payment date.
- No Other Mode of Payment will be considered if NACH is active till your Premium for the current month fails due to any reason.
- If your LIC Premium Payment Failed via NACH due to low balance no further payment will be done by Auto Debit till you pay the Failed Payment.
Lic Online Payment Without Login Using UPI:
Payment Apps like Paytm and Amazon Pay provide multiple services rather than just recharging your Mobile phone and QR Payment. One of those services is LIC Premium Payment Service using the UPI Apps.
Just sign up with Paytm or Amazon Pay, look for Payment services, and Pay with the UPI Bank linked in the App. Next time the App will send you auto remainder to pay the next premium.
How to Pay LIC Premium Using Amazon Pay UPI APP?
Follow the 4 easy steps given below to pay LIC Premium Using the Amazon Pay UPI App and continue your policy.
Step 1: Open the Amazon Shopping App and Go to Amazon Pay as shown in the image above.
Step 2: Then Look for the Insurance Option and click on Insurance Premium below the Insurance Option.
Step 3: Search and Select LIC as a Policy Provider
Step 4: Then it will ask for your Policy Number and Email ID to receive the payment Receipt.
At last click on the Fetch Bill button and pay the amount. If you are using the NACH Auto Debit option then it will show “NO Bill Pending.”
How to Pay LIC Premium Offline?
There are two methods under Offline payment of LIC Premium, either you can visit the LIC Cash Counters and pay the premium or Visit your bank and create a DD (Demand Draft) for your Policy Number, OR just drop a cheque in the Bank with the Policy Number written on the cheque.
How to Pay LIC Premium Offline from the Bank?
First Visit your bank and ask the cash counter about how you can pay the LIC Premium offline from your bank, Now I will share a common method of how anybody can pay the LIC Premium using Cheque and DD (Demand Draft).
Generate a Demand Draft with the name of LIC add your Policy Number and pay the amount including bank charges for the LIC Premium your policy has.
Pay LIC Premium using a Cheque:
- Visit your Bank with the Chequebook
- Write a Cheque and place your Policy Number in the To Name Place.
- Enter the Premium amount and submit the cheque to your Bank.
Good News: If you want to pay Premium for multiple policies, then write one policy number on the front side, and other policy numbers at the back of the cheque and write the total amount for all Policy Premium. (Make sure you don’t put different policies from different companies on the same cheque.)