LIC Policy Payment: While paying through digital modes remember these 5 important rules

LIC Policy Premium Payment: While paying your policy premiums via digital modes, like net banking and mobile banking is always convenient and does not require one to visit LIC branches or authorised banks in physical capacity, it is important to be careful while using this feature. There are certain dos and don’ts that the Life Insurance Corporation of India (LIC) prescribes in case you opt for digital payment services. Know what these are!

See the dos and don'ts: 

1. Once you have registered yourself for premium payments through net-banking or phone-banking, you should avoid paying at cash counters, because there are many instances where payment for the same due-month is received twice.
2. 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.
3. 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.
4. 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.
5. LIC has authorised banks including HDFC Bank, ICICI Bank digital service providers like BillJunction.com, Timesofmoney.com, and BillDesk.com to collect policy premiums.

See Zee Business Live TV Streaming Below:

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.