Life Insurance Corporation of India offers multiple digital payment methods for policyholders. According to reports from Mint, policyholders can pay premiums through the 24x7 portal using credit cards, debit cards, net banking, or UPI. The portal provides real-time policy updates and e-receipts for income-tax filing purposes. This facility is available for ordinary In Force policies and policies eligible for spot revival, but excludes health insurance and salary savings schemes.
As reported by Mint, policyholders can make payments through mobile payment applications including Amazon Pay, Google Pay, Paytm, PhonePe, and Mobikwik. These payments generate receipts sent to registered email addresses and can be downloaded from payment history on mobile apps. The facility covers ordinary In Force policies and spot revival eligible policies, excluding ULIP, Health, e-term plans, and salary saving scheme policies.
According to Mint, net-banking and Billpay options require users to opt for net-banking facility with authorized banks including Axis Bank, Federal Bank, ICICI Bank, Union Bank, and LIC Mutual Fund. The service allows setting standing instructions for automatic payments without extra charges. Users must add LIC as biller with policy details and can choose debit dates in advance, with week-long confirmation periods for registration validation.
As reported by Mint, premium payments can be made 30 days before the due date until the policy is in force. The payment process involves consolidated payments from banks and service providers being accounted at the PCMC Department in Mumbai. E-receipts are sent to policies with registered email addresses, while printed receipts are dispatched through ordinary post for policies without registered email addresses.
According to Mint, LIC provides customer support through SMS helpline (SMSLICHELP to 92224 92224) and 24x7 call center services at 022-6827 6827. The company addresses common queries including payment timelines, bank integration processes, and receipt validity for income-tax returns. The LIC Pay Direct system provides transaction status tracking and double payment refunds within 6-8 days for processing errors.
