There are various ways by which you can pay your LIC premium. One of the way is to pay premium through ATM. This facility is available with Axis Bank and Corporation Bank.
This facility is absolutely free for all customers. No any charges are to be paid to LIC / Bank for this facility.
How to register for premium payment through Bill Pay/ATM?
- Registration through Bill Pay can be done through the Bank/Service provider website or through a physical form issued by them.
- On being approached, the service provider obtains a written mandate from you, authorizing him to realize the billed amount directly from your bank account. You may have to give the bank account details and other requisite details as required by the service provider.
Customer has to register his policies through the bank website. Registration data as per the required format/mandate from the bank is to be submitted to the bank.
Bank sends the registration data for all the policies newly registered on next working day to PCMC in required format.
Policies with Ordinary Mode of payment i.e. Yearly, Half-Yearly and Quarterly Mode of payment are allowed under this scheme.
Policies with Mly Ordinary and SSS Mode are not allowed under this scheme. Policy should be in-force at the time of registration.
However, ULIP policies and Health plans are not allowed under this scheme.
In case if premium is already paid through any other mode before receipt of the payment through ATM or the premium amount does not match with premium required, the payment received through ATM goes to refunds and the amount is refunded by direct credit to the bank account. It may take approximately 15 days.