LIC has partnered with many digital giants that allow its customers to pay premium online. That’s a piece of good news for LIC policyholders as they can now pay premium online in a few clicks from their favorite apps. Many people are fed up with standing in a long queue at the LIC branch office to pay the installments of the LIC premium. Recently LIC has collaborated with Google Pay from which policyholders can pay LIC premium from Google pay.
Pro Tip: You can also read our step by step guide on How To Add Two Bank Account In Google Pay(Tez)- Multiple Bank Accounts and How To Restore Bank Accounts In Google Pay
How To Pay LIC Installment Online
With the rising of smartphones and easy internet access, many governments and public service providers have come digitally and providing their service which can ease the life of their users.
For LIC payment you need your Policy number from which you can fetch your premium details like policyholder name, LIC premium due date, premium amount to be pay. These details are necessary whether you are pay LIC premium from PhonePe, Google Pay, Paytm, etc.
7 Options To Pay LIC Premium
I have listed all the options for LIC premium payment and some with their step by step guide.
1. Premium Payment from Branch (Oldest One)
2. LIC Premium Payment Online From Google Pay
3. LIC Premium Payment Online From PhonePe
4. LIC Premium Payment Online From Paytm
5. Online LIC Payment Through LIC Portal
- LIC Pay Direct(No Registration Required)
- Registered User (First Create LIC Account To Pay Premium Online)
6. LIC App For Premium Payment – LIC Pay Direct
7. LIC Premium Collection Through Authorized Banks (Axis Bank, City Union Bank, IDBI Bank)
You can also watch our video to pay for your LIC online.
Step By Step Guide To Pay LIC Premium Using Google Pay
When paying LIC premium from Google Pay there will be zero payment charges. This means you don’t need to pay any extra charges and instead of standing in a long queue your precious time will be saved to pay the installment of LIC premium online. Here is our step-by-step guide to paying LIC premium from Google Pay.
Step 1: First of all launch your Google Pay app and make sure you are login to your Google Pay account.
Step 2: Now you need to tap on + New Payment to pay your LIC premium. However, you can also find the Life Insurance Corporation services under the Business categories.
Step 3: After this, you can see various services in categories wise. Select the insurance to pay your LIC premium.
Step 4: At this step, you can see various insurance service providers. Select your insurance company, in this case, it is LIC.
Step 5: Now you need to link your LIC policy so that you can easily pay and track your payments.
Step 6: At this step, you need to fill in your policy number, email id, account name so that you can link your LIC policy and pay the premium.
Step 7: After filling in all relevant details you need to review the details tap on the link account.
Step 8: Once your LIC Policy is successfully linked with Google pay, you can see your policy details like premium amount, LIC premium due date, and bill number. Now you need to tap on pay bills to pay life insurance premium online.
Step 9: After completing the payment you can now see your LIC payment status as paid with the date of payment. However, it can take a maximum of 3 working days to reflect your payment in your LIC account.
You can download your LIC premium receipt or slip directly from your email address which you entered while linking your LIC policy to Google Pay. You can download your payment slip in the pdf form. Save it for future reference.
Before making payment you can check for LIC payment offers or cashback in Google pay under the offers section. This will help you to save some money.
FAQ (Frequently Asked Questions)
Yes, you can pay your LIC premium online if you don’t use net banking. You can use Debit Card, Credit Card, UPI to pay your LIC installment online. After paying your LIC you will get the receipt of your premium in your email id in the pdf form.
You have missed the payment for your LIC premium and the due date has been passed. Don’t worry you still have lots of time to pay the premium. Because LIC offers a grace period of 15 days when you haven’t paid your premium within due dates. Make sure you can pay your premium 15 days from the due date. Also, there are some exceptions in plans in which you will not get the grace period.
Yes, you can change your LIC payment mode anytime. You can pay online and offline without any hassle. But online payment is the best method to pay your premium amount. So that you don’t need to visit the LIC branch office to pay your installment. No need to stand in a queue.