LIC Online Premium Payment Option – 10 ways to pay online or offline

lic online premium payment optionDo you know that one can choose from 10 LIC online premium payment options? Yes, time has changed and LIC has also change its premium payment options as per need. One can choose any of these Online Premium Payment options and pay LIC premium online or offline very easily. Gone are the days when LIC agent used to visit your home monthly or quarterly or yearly to collect the premium amount. But now one can easily manage his/her own LIC policies online and pay premiums online.

10 LIC Online Premium Payment Options you should know

How do you pay LIC premium regularly? I am sure if you are still following the old ways to pay LIC premium, then you will like this article. And next time onward you will choose online premium payment option only. Anyway let’s check out all of them one by one.

  1. The simplest way is to visit LIC official website and register with your policy. Then login to your LIC online account and easily pay your LIC premium choosing many online premium payment options like net banking, IMPS, Visa/Master Card payment, RuPay Debit Card or any Credit card. One can also pay LIC premium without registration. But you should proceed with registration only as with that you can easily check your policy status, accured bonus and also change policy address online if require.
  2. Collect the ECS mandate form from any LIC office or any Bank and pay LIC premium via ECS regularly. ECS is a very popular online premium payment option one can choose. In that the mount will deduct from ones account as per the standing instruction decided while filling ECS form.
  3. Download the LIC Windows mobile app and pay your policy premium from your smartphone.
  4. If you have a Corporation Bank or ICICI bank account then you can visit your respective branch and fill out the standing instruction form. With this your account will directly debited the premium every month or as per decided.
  5. One can also visit any third party service like AP Online, MP Online, Suvidha or CSCs and pay your premium easily.
  6. One more online premium payment option is via EBPP or BILL PAY. Only few banks cover this facility. They are Corporation bank, ICICI bank, Citi bank, HDFC bank, Axis Bank, Federal Bank. One can register for this facility online or even by filling a form in any bank or LIC office.
  7. If you are investing in LIC mutual funds via LICNMF (LIC Nomura Mutual Fund) account, then you can create a standing instruction from your LICNMF account. Amount will be debited from this account as per instruction.
  8. For senior citizens or people who are not comfortable with online premium payment can visit any Premium Point and Life Plus centers and pay premium by cash or cheque. There are total 32,000 such Premium Point are operating and more than 2500 Life Plus centers are there authorized by LIC to collect premium.
  9. Few bank like Corporation bank, Axis bank and ICICI bank also provide ATM payment options as well. Register your policy and pay LIC premium from any ATM of these banks.
  10. Pay you premium by visiting Corporation bank or Axis bank branch in cash or by cheque. This is one of the oldest way of premium paying option. But it is limited to only 2 banks, so may not be useful everyone.

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Best online premium payment option for LIC

Undoubtedly if you have internet connection then register yourself with LIC official website and then pay your premium via online account. If you want to access your LIC account from mobile then download Windows app. But if you don’t have internet facility then it is better to visit any nearby LIC office and pay premium directly. ECS is also a good way to pay recurring payment without forgetting. In case you pay monthly premium for your insurance policy then ECS or creating any standing instruction to automate the payment will be good. But don’t forget to keep sufficient balance in your account to avoid ECS failure and any penalty.

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So which is the most convenient way for you? I think all the online premium payment options are mostly used in urban area with people who are aware about online payment. But for the rest of India remaining offline payment options are the ultimate way to pay LIC premium. In case of online payment one can easily generate LIC premium payment receipt instantly.

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  1. Can I pay online premium of LIC policy of my wife through internet banking with my bank account ? if yes then how ? from which site ?

  2. Please tell me when to choose renewal premium and when to choose additional (top up) premium option while paying premium online.

  3. Using all except one of these options will attract convenience tax, which is 1%. On the long run, the economics of this makes no sense.
    Of all the listed methods, BILLPAY is the only option that does not have this fee/tax. Even better, make use of this option in your credit card. I use this in my Citi CC and save some in interest, some in credit card annual fee waiver.,etc. No reward points though 🙁

    1. Billdesk charges convenience fee for credit card too which means only option of not paying extra money is to go with Debit/Cash card or Wallet services.

      I wanted to pay using credit card but the convenience for 5k – 10k is ~Rs50

    1. Hi anand,

      You will automatically get the premium payment generated receipt online itself. As soon as you pay the LIC policy premium online, you have to acknowledge the receipt and then get the pdf receipt. In-fact you will get an email with the premium payment receipt.

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