LIC (Life Insurance Corporation of India) accepts premium through various ways including Payment at ATM Counters, pay LIC Premium Online, payment through ECS and pay by SMS using any of mobile phone. Below, the easiest method is LIC Policy holders can pay their LIC premiums by Mobile Phones.
Life Insurance Corporation of India has collaboration with Corporation Bank that offers various services such as ATM facility, Any Branch Banking facility, SMS Banking, Mobile Banking facility, etc. The bank has introduced Mobile Pay facility two years ago in the presence of LIC chairman T.S. Vijayan and Corporation Bank chairman-cum-managing director B. Sambamurthy. Now it is available to customers who sign up for the bank’s mobile pay service. Bank customers can register their mobile phone numbers through the bank’s ATMs to avail the new facility.
T.S. Vijayan, LIC chairman recently told in a wide-ranging interview “We are in discussion with two to three banks; if you have a bank account with them, through mobile you will be able to transfer (funds),”
The Bank has extended the Mobile Banking facility to enable payment of LIC Premium through SMS. To Pay LIC Premiums by Mobile Phone, you have to register for Mobile Pay (PayMate) facility of the Bank. Only account holders of Corporation Bank have the ability to use mobile to pay premiums on select LIC policies. The customers basically send a text message to a given number and once the payment gateway verifies their details from LIC, the premium is deducted from the customer’s account. This service does not allow payment for popular unit-linked insurance plans. For the policyholders of LIC, this facility is absolutely free.
LIC has agreement with the authorized banks including HDFC Bank, ICICI Bank, Bank of Punjab, UTI Bank, Federal Bank, Corporation Bank, and Citibank and service providers such as BillJunction.com, Timesofmoney.com, and BillDesk.com where LIC will have pay a mutually agreed charge per transaction on monthly basis there for customer will not be charged for availing this payment facility. Now, LIC expects to expand this facility to more banks and more types of policies.
LIC allowed their policy holders the LIC premium payment facility to pay their premiums through ATMs and net banking some years ago. The LIC premium payment can be made at cash counter or though alternate channels, to know which channels LIC use for premium payment facility visit www.licindia.in/payment_alternate
Pay Premium at ATM Counters:
LIC, India has association with AXIS Bank and Corporation Bank. At these bank’s ATM counters, you can pay LIC policy premium. To avail this facility, first register with the bank’s website then make LIC policy premium payments.
Pay LIC Premium Online:
If you have internet access in your computer, then you will easily pay your policy premium online. Visit www.licindia.in/online payment for more information
Pay using ECS payment:
In order to forget your LIC premium payment dates, you will simply register your policies with ECS payment service at LIC website and then premium amount will be deducted automatically from your account.
Pay Premium by SMS using Mobile Phone:
To pay LIC premium by mobile phone, the Corporation Bank customers can register their mobile number at any Corporation Bank ATM counter. You can pay the premium amount just by sending a SMS from mobile phone then the amount will be deducted from your bank account.
Step by step guide for making the payment through mobile phone:
- Send a SMS ‘LIC’ to 5667711 for which you intend to make premium payment.
- PayMate will send a request to LIC with the parameters as specified by LIC.
- In case the policy number is valid and payment is due, LIC will respond back with an invoice containing the policy details such as number, name, premium due and last date of payment to PayMate. If the policy number is invalid, LIC will send a rejection message to PayMate.
- PayMate will send a return SMS to the customer containing the policy details along with the dynamic PIN.
- Thereafter, the process will be similar to that of any merchant/internet transactions involving PayMate.
- PayMate will send a confirmation of payment to LIC with the required parameters.
- LIC will update the database for the payments received.
- PayMate will send an SMS to the customer intimating the success/failure of the transactions along with Receipt ID.
Benefits of paying LIC premiums through Mobile Phone:
- Save time by not waiting in queues for making the payment.
- Choose to modify your instructions during the intervening time.
- Get reminders and alerts by email from the banks and service providers about the premium dues.
- Avoid expenses of postage/courier in sending the remittance to LIC.
- Decide and authorize payments 24hrs a day * 7days a week because of anywhere & anytime access to internet.
- Issue payment instruction within the comforts of your home or office, and avoid personal visit to LIC branch
- Decide in advance the date on which you want your account to be debited.
- Avoid demand draft/pay order charges for outstation policy premiums.
- 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.
- Choose the bank account you want to pay from, any or all of your bank accounts can be registered with the service provider.
- View your premium dues and other policy details
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