It is not as if all LIC Policies can be paid online or through net banking. There are certain policies where you cannot pay the LIC premium either through net banking or through the online mode.
1) Need to be serviced in networked branches
One of the most important criteria that is needed to pay LIC Policies through online or net banking is that these need to be LIC networked branches. What this means is that they should either have MAN or WAN access. WAN stands for Wide Area Network, while Man stands for Metro Area Network.
2) Mode of payments
Policies that are in the regular mode of payments like yearly, quarterly and half yearly mode can be used for payments through net banking or through online.
3) Policies that are not available for online payment
Policies that are done through the salary saving schemes and those that are a single premium policy are not eligible for payment through online or net banking.
4) Lapsed policies
Policies that have lapsed also would not be eligible for payment through the online mode.
Benefits of paying your LIC premium online or through net banking:
1) Payment can be done anytime
The payments can be done at anytime and 24x7. This is a big advantage of net banking and paying LIC premiums online.
2) No extra charges
There are no extra charges involved, while paying your LIC premium online.
4) Avoid unwanted expenses
You would avoid unwanted expenses on courier and other charges.
4) No need to stand in the queue
There would also be no need to waste time by standing in the queue.
It is better to pay all your LIC premiums online as there are tremendous benefits of doing so. You also get an acknowledgement that you should preserve.
Remember, that this is a tried and tested system of payment and those who are apprehensive and never tried, should not be worried. However, we suggest that you be a little careful when and ensure that you have a fully secure internet system with a robust ant virus software, as you should always.