 What details do I need to provide to be able to see and pay my bill?
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Policy Number (e.g. 658542571)Premium Amount (e.g. 154.00)
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Will I be able to see my bill amount and due date?
Yes
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Can I pay my bill without receiving an electronic bill?
No
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Can I pay my bill after the due date?
No
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Can I pay in part/excess against my bill?
No
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What are the types of my bill I can pay electronically?
LIC accepts electronic payments only for those policies whose premiums are payable on a quarterly, half-yearly or yearly basis.
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Can I pay my bill electronically, irrespective of where the policy was purchased?
A customer can make electronic premium payments for LIC policies that are purchased in cities (Click here for the list of cities) covered by LIC's "Wide Area Network" and LIC's "Metro Area Network". Also, please note that within these cities, the specific LIC servicing branch from where you purchased the policy should be part of this network. Additionally, the premiums should be payable on a quarterly, half-yearly or yearly basis.
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How do I know that the premium payment made by me towards my policy has been accepted by LIC? Do I get a receipt? Is it valid for my taxation benefits?
You will receive a receipt from LIC at your registered address (mentioned in the policy) against each successful electronic premium payment you make through the Bank. This receipt is valid for your taxation purposes. | After LIC receives your electronic premium payments from your Bank, LIC validates these payments to ensure that they match correctly as per the amount that has been due against your specific LIC policy account. During this validation process, your electronic payment could be rejected by LIC for any of the following reasons: If for reasons mentioned above, your premium payment is rejected by LIC, the Bank will inform you about the same. Accordingly, the premium collection that is received back from LIC will be credited to your account. If your payment is successfully validated, LIC prints a receipt and dispatches the same to the policyholder at the address specified in your policy. After this, your payment information is updated into the records of your servicing branch (from where you purchased your LIC policy). Please note that in some cases (as indicated below), there could be a delay in LIC updating your payment information at the servicing branch system. Such reasons could include: |
How much time do I have for payment of my bill premium?
LIC raises the premium notices 30 days before the premium becomes due and provides a grace period of 30 days for the policyholder from the due date to make the premium payments. Accordingly, after you receive your first electronic premium notice, you will get approximately 60 days to make payment. | If the policy holder does not pay within the prescribed time frame, LIC charges interest on a monthly interval and sends monthly premium reminder notices. Accordingly, the first electronic premium reminder notice is sent immediately within 15 days for making the payment. Thereafter, the premium reminder notices are sent every 30 days. Please note that whenever the next premium is due, LIC will raise a premium notice incorporating the last premium payable, the interest calculated on monthly rests thereon and the amount payable on the next premium. It should be noted that currently, the policies issued by LIC lapse if no payments are received after 6 months from the premium due date. |