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.
- 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