LIC Policy Premium Payment tips: Remember these 5 important rules while paying via digital modes

LIC Policy Premium Payment tips: If you are paying your Life Insurance Corporation of India (LIC) policy premiums via digital modes like net banking and phone banking, you must remember these five important points. India’s largest life insurer provides facilities for digital payment of premiums. Paying via digital methods is always convenient and does not require one to visit LIC branches or authorised banks.  

There are certain dos and don’ts that the state-run insurer prescribes in case you opt for digital payment services. Know what these are! 

Know the dos and don'ts here:  

Policy holders should avoid paying at cash counters once they have registered themselves for premium payments through net-banking or phone-banking. This may lead to instances where payment for the same due-month is received twice. 
Since renewal premium receipts are dispatched to the postal address that you have mentioned in your policy, it is advisable to ensure that your policy records are updated with your current address. 
In case you have not received the renewal premium receipt, you may collect the premium paid certificate of your policy from the servicing branch. Duplicate receipts cannot be printed in any case. 
Since LIC has de-centralised database structure, the collections are not adjusted online, the transaction has to reach the destination servicing branch of your policy for updating of the policy status. Hence there is short time-lag between the date of debit in your bank account and the date when the policy reflects the updated status. 
LIC has authorised banks including HDFC Bank, ICICI Bank digital service providers like BillJunction.com, Timesofmoney.com, and BillDesk.com to collect policy premiums. 

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As per the LIC's own claims, the state-run insurer is serving over 30 crore customers. LIC is the biggest player in this space and has over 70 per cent market share in the insurance domain. Government of India (GoI) being its only stake holder, LIC policies come with sovereign guarantee.