Paying LIC Premiums Through Banks or Service Providers

Now paying LIC premium is easy, you can pay the premium through bank or service provider. By the following steps you can pay your LIC premiums through the banks or service providers.

You have to follow these simple steps to pay your LIC premiums through the banks or service providers.

Here are the steps to pay the premium :

  • Log on to the bank or service provider’s website.
  • On the bank or service provider webpage, signify the date on which you want your account to be debited.
  • Click on the consent for the payment, specify the bank account.
  • The authorised Bank will debit your bank account, consolidate the payments and send the amount to LIC in the form of bankers’ cheque or payorder.
  • The authorised service provider will send the instructions to the bank branch through the RBI’s Electronic Clearance System. Then the bank will debit your account and credit the amount to the service provider’s bank account, who’ll then remit the amount to LIC.
  • Some service providers will provide the autopay facility, where you can issue instructions to the service provider to debit your account when the bill is payable, or phone-banking facility, where you can issue telephonic payment instructions.