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LIC, the most prominent, oldest, reliable and trusted insurance company of India was established in 1956. Millions of Indians trust LIC with their insurances. Recently LIC begin to fulfil the insurance and financial need of their customers and has expended its products and services.

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A customer can pay for their policies via number of methods. LIC offers payment through their online portal, authorised banks, franchises, Paytm app and approved LIC agents

Details about various payment methods are given below


ONLINE LIC PAYMENT- for registered as well as non registered users

LIC now provides more efficient and secure option to make online payment to their customers. The registered and non registered costumers have different payment process but have same benefits of making efficient and secure payment anyone and anywhere.

LIC offers e-service facilities to registered policyholders for the payment of their policy premium.


Follow the given steps for online payment


Step 1- go on the official website of LIC India. Choose from “pay direct or through customer portal” option according to your convenience

Step 2- provide correct details and credentials of your LIC policy. For customer portal option you will need to enter your login ID and password. Click on submit button after proving required information

Step 3- enter your policy number and premium payment amount on next screen

Step 4- you can view all your enrolled policies after entering all the details

Step 5- click on the option “pay premium online” after reviewing your policy details to make online payment

Step 6- select all the respective policies for premium payment from redirected page and submit to confirm your selected policies

Step 7- choose your preferred payment option like credit/debit card or net banking from payment gateway page.



National automated clearing house (NACH) is an electronic payment gateway service implemented by the national payment corporation of India (NPCI). NACH is expected to replace current EVS service of RBI

For premium payment important forms has to be submitted to respective branches of LIC under NACH system.

You can also pay premium via ATM if given banks:

  1. Corporation bank
  2. Axis bank


A customer can register his/her policy to these banks via bank’s website for absolutely free.




LIC has joined forces with two of India’s pride banks (Axis and Corporation) to give an additional comfort to everyone of their clients in making premium instalment for LIC policies. LIC clients can make their premium policy instalments at axis bank of Corporation bank offices too.

Points to keep in mind when doing payment through bank-

  • Payment accepted for only active policies
  • For regular life insurance policies, premium payment can only be done 30 days in advance.
  • Only an authorised bank can issue a valid signed receipt after successful registration
  • You can make payment by cash/cheque or demand draft at any authorised bank branch
  • You cannot make payment for Salary Saving Scheme (SSS) policies
  • You can make term insurance policies and advance premium payment only 15 days before due date
  • ULIP and health policies payment are not accepted


LIC payment via merchant/agent


Authorized personnel and agents can collect premium from customers on behalf of LIC. Some vital details about collection of premium payment by authorised agents is as follows-

  • Authorised personnel will only collect premium for insurance, ULIP policies and not for health insurance
  • No service charge or fee is charged for the services provided by authorised personnel

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LIC payment via Debit/Credit card


You can use your debit/Credit card to make premium payment for your policy. This can be easily done via IDBI bank Gateway. Follow the given steps to make payment via your debit card or credit card.

  1. Visit the official website of LIC payment and select the circle against ‘IDBI gateway’. Choose your card type (credit/debit) and enter the payable amount to calculate the tax and other applicable charges with your premium payment amount. Submit after completion of process.
  2. Now enter the card details I.e., card number, name on card, card’s date of expiry, CVV2/CVC2 number, your mobile number and email ID as asked on redirected page. Type correct Captcha code as replayed in box. Lastly enter the OTP sent on your mobile number or your ATM pin to complete the payment process.
  3. Click on Pay button. You’ll receive payment receipt on your registered email ID after successful payment.


Perks of making payment via Debit/Credit card


  • No further registration is required among you and the service provider
  • No postponement in time from the payment to acquiring receipt
  • Totally secured mode of payment as the amount to be paid is data encrypted and transported through a safe medium, Janice your policy data is not shared with LIC, bank or any third party at any cost. Login ID at both bank LIC and bank is only known to you.
  • No extra charges on using credit/debit card for payment.


LIC premium payment via Paytm

You can use Paytm app or go to Paytm website to make payment for your LIC policy premium.

  • Go to Paytm website or open Paytm app
  • Choose from various bill payment options shown
  • Click on insurance icon and choose LIC from the given options
  • Enter your respective LIC policy number
  • You can make payment either using Paytm wallet or other options like credit/debit card or net banking through Paytm.
  • You will receive confirmation message via SMS, mail or Paytm notification after successfully paying LIC policy.


Grace period for LIC premium payment


If by any cause you are unable to pay LIC premium before scheduled due date, LIC gives you extra period of time to make payment without charging any interest on premium. This is not application in some plans. This relation time frame is known as grace period.

Usually a grace period of 15 days from due date is granted to policies with monthly mode of payment

And a grace period of one month from due date is granted to policies with quarterly, half-yearly or yearly mode of payment.


LIC calculator


LIC offers a new tool called online premium calculator to help you generate an instant quotation for premium that you required if you consider to start a new policy or renewing one.


Income tax benefits in LIC policy


  • For payment of life insurance premium, deduction of tax is allowed from income under Sec. 80 C
  • Deduction of tax from taxable income in LIC plan for receiving pension of an individual for any amount deposited is allowed under Sec. 80 CCC
  • If an amount is paid to keep health insurance of an assessee or his family then tax is deducted up to Rs 25,000 under Sec.80 D
  • Deduction of Rs. 75000 from an individual’s total income is allowed on amount deposited with schemes from LIC in case of maintenance of a handicapped person.


Some guideline for LIC policy



Premium notices are sent by LIC one month prior the due date of premium payment

The due dates of perfumes are usually highlighted in the first page of policy bonds




You can use different payment methods for payment of LIC premiums:

  • Cash, cheque or DD at branch office
  • Cheque, money or demand draft sent by post
  • Internet banking
  • Standing instructions from banks to remit payment
  • Via ATMs of UTI bank or corporation bank
  • Also via electronic clearing services (ECS)


How to check LIC policy status


You can check weather your policy is active or has lapsed due to failure in repayment of premium or if policy has expired by checking your policy status. Policy status gives other essential information about your policy which can be used for further reference.

You can check the status of your policy at the branch serving your policies


How can you revive a lapsed policy


In cases, if your policies have lapsed because you were unable to make payment of premiums or because of some other criteria within due date, all the term and condition applicable are void until the time you revive your policy.

In order to revive a lapsed policy, you need to make a payment of accumulated premium in addition of interest along with health requirement.


Avail loans on policies


These LIC plans can be used as collateral to get a loan against your required area and these plans are fundamental in nature. You can choose to pay for loan with interest or allow loan to be deducted at time of claiming payment and continue to pay the interest


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