Choose payment method of your preference i.e. LIC Premium payment online. You need to notice to LIC of India in form 3750 2. To pay premiums through the insurer’s website, visit www.licindia.in and click on ‘Pay Premium Online’ from the ‘Online Services portal’. Â» Premium can be paid at the cash counter of any LIC Branch Office. In such case, kindly contact nearest LIC branch for revival of policy. Can I opt for NACH? LIC Premium Payment Options 2020. Subsequent premiums will be collected thru, Yes, it is possible. If a premium of INR 20,000 is paid, INR 15,000 would be allowed as a deduction while the remaining INR 5000 would be a part of your taxable income. Relevant letter is emailed to the customer for rejection of mandate wherever email-id is available and printed letter is sent to the customers where no valid email address is captured. Premium can be paid for all in force non-sss policies. How does LIC acknowledge the registered policy details? LIC offers the ECS facility to make the premium payments fairly easy and less complicated. Intimation to policyholders regarding changes in tax structure due to implementation of Goods and ServicesTax (GST) - Click Here Beware of Spurious Phone Call and Fictitious/Fraudulent Offers " FRAUDULENT … Also on ALL POSSIBLE digital modes through LIC website without any service charges. Under this method, the premium would be automatically deducted from the Policyholder’s bank account on a specific date. For this, firstly, you have to log on to the official website of LIC, i.e. Timely payment of policy premiums ensure that you get all the benefits of the policy. Keep the payment receipt with you as an evidence for your payment. If the amount has been deducted from your account and has not been adjusted in your policy for more than 10 days, kindly contact your banker as the amount would be lying in the suspense account of your banker to be reversed in your account. Valid, signed Premium receipt will be issued by the Collection Center immediately. However, Axis Bank card holders are extended a facility by Axis Bank by absorbing convenience fee for their customers.The policyholder can also use his/her credit/debit card to make the online payment for LIC premiums apart from net banking. Â» Premium can be paid by CASH/CHEQUE/DD. How is Payment Done Online For LIC? Policy is in lapsed condition, which is generally after 6 months from last premium due date. It will save time by not waiting in long queues for making the payment. 1... Life Insurance Corporation, popularly known as LIC is one of India s most renowned and oldest life insurance companies. In offline mode, policyholders must visit the nearest branch office of LIC and wait for a long time by facing a long rush for LICOnline payment. Payment can be made in any bank branch or extension counter throughout the country by cash or cheque drawn on that Bank. Premium should be paid across the cash counter in the branch all the dues till the date of payment. September 14, 2011. From where I will get the refund, in case it happens to be a double payment. The receipt will be downloaded as a PDF file, In order to change the nominee, you need to follow these steps- 1. How can I make the payment through above banks? Policyholders can also pay through Franchisees and Merchants, through various digital methods. Required documents: Relation proof with the nominated individual, Policy Bond, Form 3750, photocopy of LIC policy. Premium for E-term policies cannot be collected. Whether any extra charges be collected by the bank? Missed LIC Premium Payment, pay within 30 days, without any interest. The VISA, Master, and Rupay of debit … With a whopping customer base of more than 250 million, the state-run insurer, LIC is the country s largest life insurance planner. To make LIC online payment through Paytm, you just need to follow a few short steps and you will be done with the LIC payment. Policyholders can choose to pay their premiums through LIC’s official website, via Credit/Debit Card or Net Banking. But to avail of the income tax benefits, you must have the proof of LIC premium payment. You need to endorse your nomination 3. Whether any other receipt will be issued to me? "OFFICIAL ANDROID APP FROM LIFE INSURANCE CORPORATION OF INDIA" This app is developed for LIC’s esteemed customers to make direct payment of LIC premium, loan interest and loan repayment. Last premium before maturity under, However, if the date of payment is prior to at least a week, kindly send the bank details where debit of premium is reflected and send a mail with bank statement to, Double payment is made while making payment through online portal, Duplicate payment is being refunded to our service provider to be credited back to your account. Here, the problem arises when you have misplaced the receipt, or you may not have received on your e-mail id. No, payment can be made only by Cheque drawn on that Bank. Go to the LIC of India s website 2. Â A flat fee for Debit Card and Net Banking transactions is absorbed by LIC. This e receipt is valid for income tax purpose. Can a Single mandate be used for multiple policies? Check your policy details by clicking on the policy number, Follow these simple steps to download LIC premium receipt- 1. Make Payment Via Amazon ICICI Card And Get 2% Cashback. But, if you don’t want to make a user ID and password. Customer will not be charged for availing this payment facility. How should the Bank Account Number be written on the mandate form? A separate mandate form with new bank details is to be submitted to LIC Servicing Branch office. LIC Premium Payment . Yes, the receipt is valid, signed receipt. The Payment and updation of master happen in real time.