LIC Policy Premium Payment Online: How to pay through banks/service providers? Check easy step by step guide

When it comes to saving money or buying an insurance policy, the first name that comes to our mind is Life Insurance Corporation (LIC) of India, a state-owned insurance group and investment corporation. Most of us have invested our hard-earned money in LIC policies. And, to continue those policies, we have to make timely payment of our policy premiums. Many times we worry about going to LIC office to make payments but in a big relief now you can pay your LIC policy premium payment online as well through banks/service providers. It is very safe, secure and easy too. You can check this simple and easy step by step guide to make LIC policy premium payment online through banks/service providers:-

Step 1- You have to log on to the bank/service provider’s website.

Step 2- On the web page, you have to signify the date on which you want your account to be debited and click the consent for the payment. You may even specify a particular account in case of multiple bank accounts.

Step 3- The authorized Bank will debit your bank account, consolidate the payments and send the consolidated amount to LIC in form of bankers’ cheque / payorder.

Step 4- The authorized service provider will send the instructions to the bank branch (as mentioned in your mandate form) through the RBI’s Electronic Clearance System and the bank will debit your account and credit the same to the service provider’s bank account, who’ll then remit the amount to LIC.

Moreover, some service providers have autopay facility (where you can issue standing instructions to the service provider to debit your account as when the bill becomes payable), or phone-banking facility (where the you can issue telephonic payment instructions).

Isn't it so hassle-free to make LIC policy premium payment online through banks/service providers!