Online Premium Payment is LICs initiative to provide on-demand premium collection service within a few clicks! It provides for real-time payment of renewal premium dues through the LIC portal. Premium payment facility is available to both registered as well as Non-registered customers by using PAY DIRECT option on LICs website - www.licindia.in.
Relevant Conditions:
1. The premium can be Collected only for In force, Ordinary policies under all modes (YLY, HLY, QLY & MLY ordinary).
2. The premium for policies under the Salary Savings Scheme (SSS) mode cannot be paid online.
3. The premium for NACH mode cannot be paid online. However, the premium will be accepted online only if the last NACH transaction is dishonoured.
4. Renewal Premium can be collected for ULIP & HEALTH Policies also.
5. Late fee is computed @ current rate i.e. 9.5%. Minimum late fee is Rs. 5/-.
6. Acceptance of premium can be done up to 30 days before the Due Date.
7. It is advisable to refrain from paying premium through this channel if the policies are already registered under BILL PAY option of Electronic Debit to avoid duplicate payment.
The facility of Premium Payment in Advance
1. The policyholder can deposit the premium in advance, subject to maximum dues allowed i.e. up to the end of the financial year. E.g. Premium falling due up to 31st March can be collected in the current Financial Year.
2. Premium due in Next financial year can also be deposited in advance for a maximum period of three months in advance of the due date of the premium.
Deposit Receipt for Advance Premium will be generated for these transactions. On the due date, adjustment against advance deposit will be done and E-Receipt will be sent to the email id registered by the policyholder and it will also be available in his/her Portal account.
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