Life Insurance Corporation (LIC), Established in 1956 is one of India’s oldest, reliable, prominent and a trusted insurance company. Link to
Pay online LIC premium Click here.

When To Pay The LIC Premiums

Remember to pay your premium in time, even if our notices do not reach you. There may be a postal delay.

LIC usually sends premium notices one month in advance to the due month of the premium.
The months in which premiums are due are given on the first page of the Policy bond.

Grace Period For LIC Premium Payment

In case you have not paid the premium within the due date there is still time for you to make the payments without payment of interest on the premium. This period is called the grace period. (With the exception of some plans)
The grace period for policies where the premium payment mode is monthly is 15 days from the due date.

The grace period for policies where the premium payment mode is quarterly, half-yearly or yearly is one month but not less than30 days.

How And Where To Pay The LIC Premiums

• »By cash, local cheque (subject to realization of cheque), Demand Draft at Branch Office.
• »The DD and cheques or Money Order may be sent by post.
• »You can pay your premiums at any of our Branches as 99% of our Branches are networked.
• »Many Banks do accept standing instructions to remit the premiums. So by providing a standing instruction to your Bank to debit your account for the premium amount and send it vide a banker’s cheque to LIC, on the due dates and months mentioned on your policy bond.
• »Through Internet : Payment of premiums can be made through Internet through Service Providers viz.HDFC Bank, ICICI Bank, Times of Money, Bill Junction, UTI Bank, Bank of Punjab, Citibank, Corporation Bank, Federal Bank and BillDesk.
• »Premium payment can also be made through ATMs of Corporation Bank and UTI Bank.
• »Premium payment can also be made through Electronic Clearing Service (ECS) which has been launched at Mumbai, Hyderabad, Chennai, Kolkata, New Delhi, Kanpur, Bangalore, Vijaywada, Patna, Jaipur, Chandigarh, Trivandrum, Ahmedabad, Pune, Goa, Nagpur, Secunderabad & Visakhapatnam. A policyholder having an account in any Bank which is a Member of the local Clearing House can opt for ECS debit to pay premiums. The policyholders wishing to use this system would have to fill up a Mandate Form available at our Branches/DO and get it certified by the Bank. The certified Mandate Forms are to be submitted to our BO/DO.
• »Policy can be anywhere in India: Citibank Kiosks at Industrial Assurance Building, Churchgate, New India Building, Santacruz, Jeevan Shikha Building, Borivili are dedicated for collection of premiums through cheques.

LIC Online Payment Process For Registered and Un-registered Users

The option to make premium payments online is now possible by LIC.The payment process for registered and non-registered users are different .

Registered policyholders can choose to pay their policy premium via the e-Services facility offered on the LIC website.

The steps are as follows:

• Step 1 – Visit LIC India website Click here. Select from the two option “Pay direct” or “Through customer portal”.
• Step 2 – The following options will ask you to provide details and credentials of your LIC policy. The LIC login ID and password will be required if you select the customer portal option. Provide the necessary information and click on the Submit button.
• Step 3 – Once clicked, you will be asked to provide your policy number and the premium amount payable.
• Step 4 – After you have entered the details, you will be able to view all of your enrolled policies.
• Step 5 – After viewing your policy details on the portal, you will be able to see an option “Pay Premium online” to enable you to make the payment online.
• Step 6 – From this page, select the respective policies for which you want to pay the premium for and click the Submit option to confirm your selection.
• Step 7 – You will be redirected to the payment gateway page where you can select to make the prefered payment option either net banking or credit/debit card.

LIC Offline Payment Process

The National Payments Corporation of India (NPCI) has implemented a service comprising of an electronic payment gateway known as National Automated Clearing House (NACH).  NACH will soon replace the existing ECS created by the RBI.
Under the NACH system, mandate forms are to be submitted to the respective branch of LIC for premium payment.

Premium can be paid through the ATMs of the following Banks:

1. Axis Bank
2. Corporation Bank
This facility is absolutely free for all customers. The customer has to register his policies through the respective bank website.

LIC Payment Process Through Bank

LIC has partnered with two of India’s leading banks (Axis & Corporation) to provide an added convenience to all their customers in making premium payments for LIC policies. LIC customers can make their policy premium payments at Axis Bank or Corporation Bank branches as well.

LIC Payment Process Through Agent/Merchant

LIC has authorized selected personnel or agents who can collect premiums on behalf of them. Here are some important details regarding premium collection by authorized personnel

• Collection of premium by authorized personnel will be done for insurance, ULIP policies but not for health insurance.
• There is no service charge or fee levied for usage of service through authorised personnel.

LIC Payment Process Through Debit/Credit Card

You can now make LIC premium payment for your policy using your debit/credit card. The process is simple and will be undertaken via the IDBI bank gateway.  To start off with the process to make premium payment using your debit card/ credit card, follow the below-mentioned Steps to make payment:

1. After logging into LIC payments website, click the circle against ‘IDBI Gateway’, Identify your card type (debit/credit) and enter the amount of premium you have to pay to find out the tax and other charges applicable with your payable amount. click, Submit after completing the process.

2. You will be now be redirected to the page where you will be asked to enter the details of your card i.e. the debit/credit card number, card’s date of expiry, CVV2/CVC2 number, your name as on the card, email ID and mobile number. You will also have to enter the “captcha code” displayed in the box. Finally, you will be asked to enter a one time password (OTP) or ATM pin to complete the payment in full.

3. Click on Pay, you will receive a receipt regarding the payment made on your email id that you have registered with your LIC policy.

LIC Premium Payment with Paytm

LIC policy premium can be paid with Paytm either by Paytm app (android & apple) or Paytm website.

Once you open Paytm app or website, you will see various bill payment options to choose from. Select the Insurance icon and then select LIC from the option.  Refer screenshot .

After that  you need to enter your respective LIC policy number and proceed to make the payment using Paytm wallet or pay through Paytm using other options such as credit card, debit card or internet banking.

After successfully paying LIC policy, you will receive a confirmation message via Paytm notification, SMS and email showing a successful payment message.

How to check LIC Policy Status 

Status of your policy indicates if your policy is in force or has lapsed due to non-payment of premium. It also provides other important information with respect to your policy, for your reference.

The status of your policy is available at the branch that services your policies.
It is also available through our Interactive Voice Response Systems in select cities (Click here to find out if your city is covered).
In cities connected by our computerized networks the status will be available in any of the branches.

Now the policy status of policies being serviced in the cities connected by network are also available through Internet (Click here to register for these services). In select cities online touch screen kiosks are also provided where you can view your policy status.

How to Revive a Lapsed LIC Policy

If your policy has lapsed due to non-payment of premiums within the due date, the terms and conditions of the policy contract are rendered void, till you revive your policy.

A lapsed policy has to be revived by payment of the accumulated premiums with interest as well as giving the health requirements as required . (Clickhere for knowing more about the revival procedure and the different types of revival allowed)
Always keep your policy in force to ensure that your family gets their financial protection assured by your policy.

However certain concessions dependent on the term for which you have paid the premiums are available with the exception of some plans for claims concession.(Clickhere to know the concessions for delayed premium payment and for claims during the lapsed period).

Click here to download Revival forms 

If your policy has lapsed due to non-payment of premiums or other criteria within the due date, the terms and conditions of that policy are void, until you revive your policy.

To revive a lapsed policy, a payment of the accumulated premium along with interest as well health requirements of the concerned individual as required.

Avail Loans On Policies

Many of LIC plans are of endowment type and you would be allowed to raise a loan against your policy should you require funds.
You repay the loan with interest or continue paying the interest and allow the loan to be deducted at the time of the claim payments.
Further loans on policies are also allowed after deduction of earlier out standings (Click here to find out more about loans on policies).
Most financial institutions too allow loans against LIC policies based on the value LIC quotes on request from you.

Surrender Value of LIC Policy

This is the value which is the amount payable to you should you decide to discontinue the policy and encash the same from LIC.
Surrender value is payable only after three full years premiums are paid to LIC. More over if it is a participating policy the Bonus get attached to it as per prevalent rules.
Surrender of policy is not recommended since the surrender value would always be proportionately low.
Should you decide to go in for another insurance at this stage further insurance would be available to you at a much higher premium because your age would have advanced since taking out the earlier policy.
Therefore retention of earlier policies and continuation of all policies without allowing them to lapse is the best strategy for continuing life insurance protection.

Maturity, Survival Benefits, Disability And Death Claims of LIC Policy

When your Survival Benefits (For Money back policies) or maturity benefits are due, we send intimations to you in advance. However, if the survival benefit amount is less than or equal to Rs.60,000/- the same will be sent to you directly without policy or discharge forms with a few exceptions.
If such intimations have not come to you before the due date kindly inform us so that we may take necessary action (Click here to know about the claims procedure)

LIC Helpline

To ensure that you get the best out of your policy please read LIC guidelines carefully.

1. Keep the policy bond safe. It will be required at the time of maturity or Survival Benefit. You will also require it if you are availing a loan or want to assign ypur policy.
2. Inform your spouse/Parents/Children as to where the policy is kept.
3. When you shift residences, please inform the new address to us. Otherwise any communication we send to you, like premium notices, discharge vouchers, etc., will get delayed in reaching you.
4. Ensure that the nominees name is correctly incorporated in the policy bond.
5. Remember to pay your premium in time, even if our notices do not reach you. There may be a postal delay. The months in which premium are due are given in the Policy bond.
6. You may pay the premium by Cheque, DD or Money Order. Remember to quote the policy number everytime in your correspondence. The policy number is consisting of nine digits and can be found at the top left hand corner of the policy bond.
7. Check your policy bond and see if your date of birth is correctly given therein.
8. In case you are handing over the policy bond to any person or office, including the LIC office please take a written acknowledgement.
9. When your Survival Benefits (For Money back policies) or maturity benefits are due, we send intimations to your three months in advance. If such intimations have not come to your even within one month of the due date kindly inform us so that we may take necessary action.
10. When in doubt call your agent or the Branch from where you took the policy.

LIC Branches are Operating Units. Hence, for any servicing matter, contact the Servicing Branch of your policy. However, for obtaining general information, you can contact any of the Branches of LIC.

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