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FAQs About Premium
Collections Received Through Net-Banking.
What are the benefits of paying your
LIC premiums through net-banking/phone-banking?
You as our policyholder:-
* Can decide and authorize
payments 24hrs a day * 7days a week because
of anywhere & anytime access to internet.
* Can issue payment instruction within the
comforts of your home or office, and avoid personal visit
to LIC branch
* Will save time by not waiting in queues for making the payment.
* Can avail the free service from LIC, as you don’t have to
pay any charges to LIC or its authorized agencies for this
additional benefit.
* Can choose the bank account you want to pay from, any or
all of your bank accounts can be registered with the service
provider.
* Can decide in advance the date on which you want your account
to be debited.
* Can choose to modify your instructions during the intervening
time.
* Will get reminders and alerts by email from the banks and
service providers about the premium dues.
* Can avoid expenses of postage/courier in sending the remittance
to LIC.
* Can avoid demand draft/pay order charges for outstation
policy premiums.
* Can also view your premium dues and other policy details
Which policies are eligible for payment
of premiums through this facility?
* Policies which are being serviced in networked
branches, or those policies which can be accessed through
our MAN (Metro Area Network) or WAN (Wide Area Network).
* Policies which are of ordinary mode of payment ie. Yearly
(Yly), Half-yearly (Yly) or Quarterly (Qly).
* Policies with mode of payments such as single premium, ordinary
monthly (Mly) and Salary savings scheme (SSS) are not available
for this facility.
* Policies should reflect in-force policy status. Lapsed policies
or policies due for revival are not valid.
What are the charges to be paid for
availing this facility?
* This facility is absolutely free for the
policyholders of LIC.
* LIC has agreements with the authorized banks/service providers
wherein LIC will pay a mutually agreed charge per transaction
on monthly basis. Customer will not be charged for availing
this payment facility
Which organisations are authorised
to collect LIC premiums through their net-banking/phone-banking
facility?
* Authorised Banks:-
o HDFC Bank, ICICI Bank, Bank of Punjab, UTI Bank, Federal
Bank, Corporation Bank, and Citibank
* Authorised Service Providers (available only in select cities)
:-
o BillJunction.com, Timesofmoney.com, and BillDesk.com.
Who can register with the authorised
banks?
* You as our policyholder having a bank
account with any of the above-mentioned authorized banks in
any of its branches in India.
* You should have opted for the net-banking facility with
the respective bank. Details of the same can be obtained from
the respective bank through its web-site. Downloadable forms
are also available for new customers.
* You should be able to access the net-banking account with
the login & password provided by the bank.
* For more details about net-banking, you may log on to the
respective bank’s website.
Who can register with the authorised
service providers?
* You as our policyholder having a bank
account in any bank in the select cities where the above-mentioned
service providers have their operations.
* On being approached, the service provider obtains a written
mandate from you, authorising him to realise the billed amount
directly from your bank account. You may have to give the
bank account details and other requisite details as required
by the service provider.
In which cities do the authorised
service providers operate from?
* BillJunction.com has its operations in
Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Ahmedabad
& Pune.
* TimesofMoney.com has its operations in Mumbai, Delhi, &
Bangalore.
* BillDesk.com has its operations in Mumbai, Delhi, Kolkata,
Chennai, Bangalore, Ahmedabad, Pune, Baroda & Surat. They
also have tie-ups with their partner banks viz. Bank of Baroda,
IDBI Bank, ABN-AMRO Bank.
How to add the policy details at
the authorised bank/service provider’s web-site?
* Using the login & password provided
by the bank/service provider, you can log on to your account
page at the bank/service provider’s website
* You have to add LIC as biller with the policy details and
other requisite information. In general, you would have to
enter the policy number, the instalment premium, email-id
and any other information. This is a one-time process for
each policy.
* Some of the service providers/banks’ web-sites have a demo
page showing the process of adding the billers.
How does LIC acknowledge the registered
policy details?
* The bank/service provider sends these
details to LIC for validation & confirmation of the registration
data at pre-determined intervals.
* LIC validates the registration data and informs the bank/service
provider about the registration status. Since LIC’s database
is de-centralized, generally it takes a week’s time for confirmation
of registration data.
* A consolidated database of registered policies is maintained
by LIC. This database is updated at regular intervals on the
basis of changes received from the original servicing branches.
* LIC also sends auto-mailers to the registered policyholders
informing the registration status.
When can I pay the insurance premiums?
* On confirmation of the registration, LIC
will regularly send the bills/invoices mentioning the due
dates, premium amount, late fees, validity date, etc to the
service provider/bank.
* As and when premium becomes payable under the registered
policy, LIC sends the bills to the bank/service provider,
and the information will be displayed by the bank/service
provider in your net-banking account page.
How to pay the insurance premiums
through the banks/service providers?
* You have to log on to the bank/service
provider’s website.
* On the web page, you have to signify the date on which you
want your account to be debited and click the consent for
the payment. You may even specify a particular account in
case of multiple bank accounts.
* The authorized Bank will debit your bank account, consolidate
the payments and send the consolidated amount to LIC in form
of bankers’ cheque / payorder.
* The authorized service provider will send the instructions
to the bank branch (as mentioned in your mandate form) through
the RBI’s Electronic Clearance System and the bank will debit
your account and credit the same to the service provider’s
bank account, who’ll then remit the amount to LIC.
* Some service providers have autopay facility (where you
can issue standing instructions to the service provider to
debit your account as when the bill becomes payable), or phone-banking
facility (where the you can issue telephonic payment instructions)
How will the payment get accounted
under the policy?
* All consolidated payments from the Banks/Service
providers are received at LIC, Branch 883 (under Mumbai Divisional
Office – I), Yogakshema (West Wing), Ground Floor, Nariman
Point, Mumbai-400 021.
* Through batch processing in Internet module, premium transactions
& renewal premium receipts are generated for each policy
number.
* Renewal premium receipts for the same are printed and dispatched
by ordinary post.
* Premium transactions pertaining to branches other than Branch
883 are sent to the respective servicing branch through the
present network programs.
* All unadjusted premium collections are refunded to the Service
provider/bank. Emails will be sent to the registered policyholders’
email-ids informing the status of the registrations/payments.
What are the important points to
be noted for availing this payment facility?
* Once registered for Premiums payments
through Net-Banking/Phone-Banking, you should avoid paying
at cash counters, because there are many instances where
payment for the same due-month is received twice.
* Since renewal premium receipts are dispatched to the
postal address as per your policy records, please ensure
that your policy records are updated with your current
address.
* In case you have not received the renewal premium receipt,
you may collect the premium paid certificate from the
servicing branch of your policy. Duplicate receipts cannot
be printed in any case.
* Since we have de-centralized database structure, the
collections are not adjusted online, the transaction has
to reach the destination servicing branch of your policy
for updation of the policy status. Hence there is short
time-lag between the date of debit in your bank account
and the date when the policy reflects the updated status. LIC Online Payment
ONLINE PAYMENT - LIFE INSURANCE CORPORATION OF INDIA
Life Insurance Corporation of India make the payment easy for LIC Policy holder, now you can pay online LIC premium and obtain the LIC services also. Through the portal 's on demand services just in few clicks.
To avail LIC online payment facilty you have to become a registered customer which you can do online at LIC website by entering the policy details, premium amount, email id.
If you are not registered don't worry WE will give you tips to register or pay online LIC premium
Once the policy number, insurance scheme, amount of premium, amount of sum assured are verified you will get an email from LIC to the email id of registration.
Please Visit LIC website (LIC Officially website) www.licindia.in/epslogin.htm TO Register and follow steps.
Here’s a simple step-by-step guide to use LIC Online Payment facility :
Once you have enrolled your policy(s), you can click on the link ‘Pay Premium Online’ to see a list of policies whose premium is due.
You have a choice to select the policies for which you want to pay premium.
You will be directed to a page where you can choose from multiple banks for payment and will be directed to the login page of the selected bank. It is essential that you have a net banking account with at least one of these banks.
At the bank site you will need to login with your net banking user name/password. On successful login, the total amount to be paid by you towards LIC will be displayed.
Please verify your balance (displayed) and confirm the transaction to the bank. Simultaneously successful/unsuccessful transaction message will be flashed.
On successful transaction, a digitally signed e-receipt will be generated and e-mailed to you. In case of an unsuccessful transaction you will be informed and the reason thereof.
List of bank that support LIC Online Payment
You can use Net Banking accounts with any of the following banks:-
* Bank of India * Union Bank of India * Punjab National Bank * State Bank of India * State Bank of Indore * HDFC Bank * ICICI Bank * Axis Bank * Citibank * IDBI Bank * Centurion Bank of Punjab (erstwhile Centurion Bank) * Centurion Bank of Punjab (erstwhile Bank of Punjab) * IndusInd Bank * ABN AMRO Bank * Kotak Bank * Bank of Baroda * Bank of Baroda - Retail NetBanking * Bank of Baroda - Corporate NetBanking * State Bank of Patiala * State Bank of Bikaner & Jaipur * State Bank of Travancore * City Union Bank * Indian Overseas Bank * Karnataka Bank * Oriental Bank of Commerce * State Bank of Hyderabad * State Bank of Mysore * State Bank of Saurashtra * South Indian Bank * Yes Bank
This facility is available for all non-ULIP policies. Credit card payments are not accepted under this payment facility.
Notes: You have to create separate user id if you are enrolling policy for different persons. It is because the system will not allow you to enroll the policy if the profile birth date and enrolled policy holder’s birth date does not match. They also suggested to use the separate user id for each person.
We have Services in: Andheri
east,Andheri west,Borivali east,Borivali west,Chandivali,
Dadar,Ghatkopar,Goregaon east,Goregaonwest,Jogeshwari east,Jogeshwari
west, Kandivali east,kandivali west,Khar,Mumbai,Malad east,Malad
west,mtunga, Mulund,Mumbai,JVPD juhu,juhu scheme,vazira naka,kandivali
big bazar,samata nagar kandivali,kuluwadi,Mira bhayander,,kankia
kandivali,kankia miraroad,gokul aanand hotel,grant road,lower
parel west,lower parel east,khar east, Khar west,Versova,Fort,
Central,Parel,Juhu tara road,kandivali charkop,aakurli road,Lokhandwala
township,chakala,mahim,bandra east,Bandra west,malad sv road,mind
space Malad,samarpan ,marve road,colaba,mantralaya,lic of
india, Thakur complex,worli,Bandra,juhu,miraroad,bhyandar,
worli,malbarhill,fort,gorai,dahisar,SantaCruz east,Santacruz
west,mahalaxmi,Worli,dahisar east ,Dahisar west, (Mumbai),
Sion, Mumbai, thakur village,Thane, Vile Parle east, Vile
Parle West,lokhandwala kandivali. malad west,malad east,gokuldham,
andheri vileparle,ashokvan,national park,mahindra kandivali
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