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

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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
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Read more about: insurance lic
Story first published: Tuesday, December 23, 2014, 13:08 [IST]
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