Thanks to competition, our very own LIC has changed for the better. LIC has created its own payment gateway that enables us to pay premiums online. This initiative is a part of the process where satellite branches were launched to allow easy access to customers even from remote areas. Gone are the days of yore when one had to depend on his agent to pay the LIC policy premium. Today paying your policy premium is just a click away.  All we have to do is create a user name in the website, choose the type of policy and then pay premium of LIC online.

LIC premium can be paid through the following methods:

• Through ECS –Electronic Clearance Service. This facility can be availed at the time of inception of the policy or later after the completion of the policy. During policy inception only the ECS (MLY) can be opted, however, receipts shall not be printed and the customer shall get a premium paid certificate sent by the servicing branch. The ECS mode can be opted for ULIP policy holders only at the inception stage. A mandate form duly signed by the policy holder is to be submitted to any of the LIC servicing branches. This must also be signed by the bank account holder. This form is then to be attested by the customer’s bank. A copy of the mandate form is to be submitted to the firm who will then set up the ECS.
• EBPP payment can be made through a number of banks that are mentioned in the website. This facility is also simple. Just click on the link which says “Pay Premium Online” and you can see a list of premiums that you are due to pay. Choose the premium that you wish to pay. You will be taken to a page where you can choose from the banks mentioned above .You need to have a net banking account with any of these banks. At the bank site enter your bank user id and password. The total premium to be paid is then displayed on the screen. Also your current available balance is displayed .This can be verified before making the payment. After successful transaction a digitally signed e-receipt is sent to your email id.
• Policy premiums can also be paid through ATM’s. As of now this facility is extended only with Axis Bank. The customer has to first register his policy on the bank website.
• Common customers of LIC and Corporation Bank having ATM card facility can pay their premiums through SMS.

There are many benefits of making payment online. First and foremost-it’s free! The premium can be paid anywhere and at any time-even when you are out of the country. You can receive a valid receipt instantly. It’s a secure mode of making payment as the policy details are not shared with the banks by LIC. Only the amount to be paid is made known to the bank.

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