LIC Payment: Know these important facts when opting for digital payment modes for your policy

LIC Payment: Paying your policy premiums via digital modes like net banking and phone banking is a convenient way and does not require a visit to be paid to LIC branches or authorised banks. But there are certain important things that the Life Insurance Corporation of India (LIC) prescribes in case you have opted for digital payment services.

Some of these dos and don'ts are:

-- Once registered for Premiums payments through Net-Banking/Phone-Banking, you should avoid paying at cash counters, because there are many instances where payment for the same due-month is received twice.

-- Since renewal premium receipts are dispatched to the postal address as per your policy records, please 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 from the servicing branch of your policy. 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 updation 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 Bankdigital 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 has over 70% market share in the insurance domain. Government of India being its only stake holder, LIC policies come with sovereign guarantee.