What are the Benefits of Paying LIC Premiums Through Net-Banking/Phone-Banking?

Posted By:
Subscribe to GoodReturns

If you have LIC policy and you are still paying premiums physically, than here is what you need to look at. Here are few benefits of paying your premium through net-banking/phone-banking.

Benefits of Paying LIC Premiums Through Net-Banking/Phone-Banking?

  • 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.

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
GoodReturns.in

Read more about: insurance, lic
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?