The Life Insurance Corporation of India or LIC is one of the most trusted brands when it comes to insurance. The LIC has a range of life insurance products, each designed to meet a certain set of requirements of the policyholder and their immediate family.
The premium amount paid toward the LIC policy is eligible for exemption under Section 80C of the Income Tax Act of 1961. So, most of the investors will purchase a LIC policy for income tax purpose.
The maximum limit of exemption in the case of life insurance premium payments is Rs 1,50,000. But the only condition is the premium amount must be less than 10% of the sum assured.
Earlier, the policyholder had to physically visit the LIC branches to get the premium payment receipt or has to request a LIC agent for getting a copy of the same.
With the introduction of digitization in the Life Insurance Corporation of India, e-services have made it easy for customers to make premiums online without having to physically visit the LIC offices. Apart from this, the policyholder can also access LIC online payment receipt anytime and download the same as proof that you paid insurance premium and grab tax benefits.
Note: To download the LIC receipt for online payment or for securing the consolidated premium paid statement for each of the policy purchased by the policyholder, it is mandatory to first register for the LIC e-Services.
Steps to Download LIC Premium Paid Receipt Online:
Step1: First, visit the official website of LIC and click on 'LIC's e-Services' found under the 'Online Services' option.
Step 2: If the policyholder is a registered user, select the option 'Registered User'.
Step 3: Now, you will be redirected to the login screen, wherein you will have to enter the login credentials (user name, password, date of birth).
Step 4: Select the appropriate option whether you are an agent or a customer.
Step 5: Now, you will be redirected to 'LIC's e-Services' welcome page.
Step 6: Proceed further and you will be able to see two options in this screen - 'Individual Policy Paid Statement' and 'Consolidated Premium Paid Statement'. Here Individual Policy Paid Statement option can be selected to download the premium payment statements for individual policies. The 'Consolidated Premium Paid Statement' option can be used to download the premium payment statements for every single policy purchased from LIC.
Step 7: After selecting the appropriate option, select the fiscal year and if you prefer to download an 'Individual Policy Premium Paid Statement', then select the policy number.
Step 8: The premium paid receipt can be downloaded in PDF format and the same can also be printed and kept as a record.
Policy Holder Not a Registered User
In case, the policyholder is not a registered user with the LIC's e-Services, then the following procedure should be followed to register on the LIC web portal.
Step 1: First visit the official website of LIC.
Step 2: Now on the left-hand side of the page under the 'Online Services' box, click on 'Customer Portal'.
Step 3: You will be re-directed to the 'LIC e-Services' page wherein you will have to click on the 'Registration for e-Services' under the 'Functionalities Offered' section.
Step 4: Here, there will be two options namely - 'Registered User' and 'New User'.
Step 5: Proceed further and select the 'New User' option and enter all the relevant details requested thereafter. You will be asked to enter your name, email-id, mobile number, LIC policy number, date of birth as mentioned in the policy document, instalment premium amount, and so on.
Step 6: Once all the required details are filled in, the user will have to check the 'Proceed' option.
Step 7: Now, a User ID and Password has to be selected and these will be your login credentials for the LIC Portal in future.
Step 8: Proceed further, a welcome mail will be sent to your registered email ID. An email will be sent to confirm the registration for LIC's e-Services.
Once you have successfully registered under LIC's e-Services, you can log in to the official web portal and select the option 'Registered User' before entering your user ID and password (login credentials). Every time you login into the portal, you will be able to access an array of services like basic services, premier services and e-services.