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Online Payment

Through ‘Online Payment’ feature, you can make your insurance premium payments from the comfort of your desktop. With just a few mouse clicks, consider your insurance payments done and forget your tedious visits to the payment counters.
Now, you can also make your payments through Electronic Clearing Service (ECS) procedure or via online route through listed banks and other authorised service providers. To know details of the banks, alternated channels and their respective procedure, scroll down.

 
LIC Pay Direct
Online Payment Gateway is LIC's initiative to provide you with on demand service within a few clicks!
  1. Click Here To Pay LIC Premium Online
 
Internet Banking

List of the banks

  1. AXIS Bank
  2. Corporation Bank
 
Authorised Service Providers
  1. BillJunction.com
  2. Timesofmoney.com
  3. BillDesk.com
 
ECS- Electronic Clearing Service
  1. Premium Payment through Electronic Clearing Service (ECS)
 
 
 
Internet Banking
 
Your online payment can be done from the list of the banks given below. Premium Payment can be done through NetBanking and MobileBanking too. Given below are the details.
 
AXIS Bank
AXIS Bank has tied-up with Life Insurance Corporation (LIC) to facilitate the common customers of AXIS and LIC to pay their premium amount electronically through Internet. AXIS Bank customers can pay their life insurance premium through "iconnect net banking' powered by "Bankaway.” The customers can view the details of their policies like policy number, premium due date, premium amount, interest amount and gross amount that has to be paid.
 
Corporation Bank
Corporation Bank has tied up with Life Insurance Corporation of India (LIC) to facilitate its customers to pay insurance premium conveniently through the Internet. The service is available for the users of CorpNet, the Internet banking facility offered by Corporation Bank. Under this facility, the users will not only be able to make online payments, but can also view complete policy particulars with payment status online. Presently, this service can be availed by policyholders across 459 Branches of Corporation Bank in 176 locations giving you an unmatched reach. To register for Internet banking service and LIC premium payment service please contact the nearest branch. You can also contact ibank@corpbank.co.in or webcentre@corpbank.co.in for any assistance in this regard.
 
Authorised Service Providers (available only in select cities)
 
BillJunction.com

BillJunction now brings to you a very easy and convenient way to pay your LIC Insurance Premium. You can view your premium details of your policies and pay them at www.billJunction.com from the comfort of your desktop. These services would be available for registered customers of billJunction.com. To avail the services, all you need to do is fill in an online application form and create an account for yourself.

Please note: This service is available for policy holders who have a bank account in any bank in the cities of Mumbai, New Delhi, Kolkata, Pune, Bangalore and Hyderabad and have their policies serviced within any of the 89 cities across the country. Click here to view the cities.

The registration is Rs. 50. Once the online form is filled, it is mailed to the user’s given email id, which has to be signed and posted back addressed to billJunction.com.

 
Timesofmoney.com

TimesofMoney.com offers the bill payment facility for the payment of LIC Policy premiums. Currently, these services would be available for registered customers of www.timesofmoney.com.

 
Procedure:
For registration, click on the following link www.timesofmoney.com. This service is available for policy holders who have a bank account in any bank in the cities of Mumbai, New Delhi and Bangalore and have their policies serviced in any of the 89 cities across the country.
 
BillDesk.com

Pay your LIC premium at your convenience. Customers having their accounts in the registered Banks can view the due amount and pay their LIC premiums directly. This service is available for LIC policies registered in 89 cities.

 
Procedure:
  • Simply log on www.billdesk.com to get started.
  • You will receive your LIC premium statement online at www.billdesk.com
  • You will receive email informing you about the receipt of your premium notice
  • You can pay any time of the day
  • You can choose when and how to pay - OnlinePay or AutoPay
  • You can use your existing bank accounts to make your LIC premium payments
  • You receive timely emails that remind you to pay your LIC premium payments
  • You get a receipt from LIC immediately within a week after you make payment
  • You can store your LIC premium statements, maintain a record of your payments
  • You get instant help for any queries
  • The details/information entered by you is secured by billdesk.com
 
Benefits:
  • There is no further registration involved at the service provider’s end.
  • There is no time lag from the date of payment to obtaining receipts.
  • It is also a secure arrangement, as the policy data is not shared between LIC and Banks over net as only the amount to be paid is encrypted and transported. The login ids at both the sites (LIC and Bank) are known only to you.
  • And above all there is no charge for you to avail this service.
  • It can be used by any customers who have a bank account and an access to the Internet
  • All you need to do is register online at www.billdesk.com
  • To Register, you would need the following details:
    • Your LIC Policy Number
    • Your Bank account details from where you will make the LIC premium payments
  • You will need to provide your email address, a few details and then you are ready to view and pay your next LIC premium notice online at www.billdesk.com
  • You can specify more than one bank account for making your payments
  • You will receive email alerts informing you about your LIC premium notices
  • You can log on to www.billdesk.com, view your LIC premium notice and issue payment instructions online for payment from any of your bank accounts
  • You will also receive email reminders for pending LIC premium notices and confirmation for payments made
  • You can store your LIC premium details and payment information online for up to one year
  • You get a receipt from LIC immediately within a week after you make payment
 
 
ECS- Electronic Clearing Service
 
  • Premium Payment through Electronic Clearing Service (ECS)
    Electronic Clearance Service of Reserve Bank of India is a well-established, quick, reliable, and economic processing for periodic bill payments. LIC offers this facility to its valued customers for payment of premiums. The service comes free of cost. Presently, this system of premium payment is provided at Mumbai, Chennai, Delhi, Kolkata, Bangalore, Kanpur, Vijaywada, Patna, Jaipur, Chandigarh, Thiruvananthapuram and Hyderabad cities only. The policyholders having accounts in the banks in the cites mentioned above are members of the clearing house, which are entitled to avail of this facility for all policies irrespective of the LIC branch to which these policies are attached for servicing.
  • Benefits to the policyholders:
    • Free service to LIC policyholders
    • Save precious time
    • Flexibility in premium payments.
    • No more hassles in sending premiums through postal, courier service, etc.
    • Fewer chances of the policy getting lapsed
    • Signing of a Mandate form, this mentions the date by which the payment will be done from your account.
    • This facility can be availed by the insured as well as the spouse and dependent children. It means the policyholder can claim I.T. relief for the payment of premiums.
  • The procedure for availing of the service and the processes involved:
    • In order to avail of this service, the policyholders should have their Bank Account in an ECS Centre and the Bank should be member of the Clearing House.
    • Policyholder should fill up the ECS Mandate Form and get it verified and certified by the Bank where the Bank Account is maintained.
    • The Mandate Form should be sent to the nearest LIC Branch Office or to the Manager (CRM) of the Divisional Office with a photocopy or a cancelled leaf of the MICR cheque for further processing.
    • On the due date mentioned by the policyholder, LIC will debit the amount from the Account of the policyholder through the ECS process.
    • The policyholder should have sufficient balance to cover the premium due amount, otherwise it will be treated as a case of cheque dishonour and the policyholder would be informed accordingly.
    • The transaction process i.e. the first transaction after the authorisation takes around one month.
    • LIC will send the policyholders the official receipt by post after the premium amount from the respective bank account has been made. Policyholders willing to make payments through ECS process can do so by clicking on the link given below.
Click here to download ECS Mandate Forms (PDF format)

 

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