LIC payments can be made online through authorised banks. Authorised banks include HDFC Bank, ICICI Bank, Bank of Punjab, UTI Bank, Federal Bank, Corporation Bank, and Citibank.
In select cities, authorized service providers can also collect LIC premiums. They are BillJunction.com, TimesofMoney – Browser Check, and All Your Payments. Single Location.
- TimesofMoney – Browser Check is available in Bangalore, Mumbai, and Delhi.
- BillJunction.com is available in Bangalore, Mumbai, Delhi, Chennai, Kolkata, Hyderabad, Ahmedabad and Pune.
- BillDesk.com has its operations in Bangalore, Mumbai, Delhi, Kolkata, Chennai, Pune, Ahmedabad, Baroda and Surat. They also have tie-ups with their partner banks that includes IDBI Bank, Bank of Baroda, ABN-AMRO Bank.
As a policyholder, you need to hold a bank account with any of the authorized banks and have netbanking enabled. On the respective bank’s online portal, you will be given an option to make the payment towards your LIC policy.
You need to add LIC as a biller and provide your policy details – policy number, instalment premium, email ID, and any other relevant information. This process is a one-time set up, post which you can make premium payments directly and the money will be debited from your bank account.
Since your premium is overdue, if it is still within the grace period, you should be able to pay it online. If the payment is overdue past the 30-day grace period, then your policy will have lapsed. You will have to revive the policy within 6 months from the due date of the missed premium payment.
There are three kinds of revivals:
Ordinary revival – If you revive your policy within 6 months from the due date of the first missed premium, there will be no need for health checks. You simply need to pay the premium plus interest to revive the policy.
Non-medical revival – This option is available if the amount to be revived does not exceed the prescribed limit for non-medical assurance as specified in the life insurance policy.
Medical revival – Depending on the amount to be revived, there maybe medical check-ups required.There are a few other revival schemes: Special Revival, Revival by instalment, Loan-cum-revival and Survival Benefit-cum-revival. You need to approach the LIC branch to get more details. You can also “SMS “LICHELP ” to 9222492224 to get help.
Note, that if you have registered for online payment, it is preferable that you do not pay at cash counters. Online payments also have a lag between the date of payment and the date on which the policy status is updated.