LIC Waives Off Charges On Credit Card Payments Towards Policy Premiums

In an effort to promote digital transactions, Life Insurance Corporation of India (LIC) has waived off convenience fee on all payments made towards the insurer. The waiver became effective on 1 December 2019.

The national insurer said that all credit-card originated payments towards renewal premium, new premium, or repayment of loan and interest on loans against the policies will not attract any additional charges or convenience fee its parlance.

"This facility of free transactions using credit cards shall be applicable to and implemented across all collecting systems--card less payment and card dip/ swipe on point of sale machines," LIC said in a statement on Monday.

Customers can download the MyLIC App to for online transactions, it added.