LIC Online Payment - For Registered/Non-registered Users: The facility to make premium payments online has been introduced by LIC to not just make the process of making payments quicker, and safer. The option to make online payments is offered not just to customers who have registered their policies on the LIC website, but also to those who may have not done so. While the process for both these types of users will be different, nevertheless, it provides the same convenience, of making payments anytime, and from anywhere. Users can pay their policy premiums with just a few clicks and enjoy uninterrupted life insurance coverage. LIC Online Premium Payment Through Net Banking (Non-Registered Users):The convenience of making transactions is a facility which almost every bank in India now offers to its customers. This facility can come in especially handy when you have to pay premiums for your LIC policy online. The process for this is quite simple and hassle-free and one can easily do it on their own. Here, we will list down all the steps that you need to follow to make your LIC policy premium payment via the net banking option. Step 1 – to pay your premiums, you need to first go to the LIC website. The URL for the website is licindia.in. You can simply type in the address on your browser to visit the website. Step 2 – Once the website has opened, you will see a box labelled ‘Online Services’ which has several options underneath such as Online Loan, Customer Portal, Pay Premium Online, etc. Step 3 – Under ‘Online Services’, click on the ‘Pay Premium Online’ tab to initiate the premium payment process for your LIC policy. Step 4 – When you click on the ‘Pay Premium Online’ tab, it will open a new tab altogether labelled ‘Pay Direct’. This page will display two squares, one labelled ‘Pay Direct’, and the other ‘Through Customer Portal’. Step 5 – If you have registered your policy on the LIC website, you can click on the box labelled<‘Pay Direct’. However, if you have not registered your policy on the LIC website and simply want to pay your policy premium directly, you must click on the box labelled ‘Through Customer Portal’. Step 6 – Here, we will be showing you the online payment method where no registration is required. For this, we click on the ‘No Registration Required – Pay Direct’ box. Step 7 – The next page you see will contain a box which reads ‘Pay Direct’. Inside the box, there will be 3 options in 3 separate boxes labelled ‘Pay direct – no registration required’, “Pay through e-services – Registration required’, and ‘View Transaction Status’. Inside the ‘pay direct’ box, you will see a drop down menu which gives 3 options – Renewal Premium, Loan Repayment, Advance Premium Payment, and Loan Interest Payment. Step 8 – You must then click on the ‘Renewal Premium’ option from the drop down, which will take you to a new page which shows 3 boxes indicating the steps involved in the premium payment process. Below the boxes will be 2 tabs, one marked Back, and the other marked Proceed. Click on Proceed. Step 9 - The next page brings you to the first step of premium payment, which is Customer Validation. Here you must provide some policy related information. Specifically, you will be asked to provide your LIC policy number, your date of birth, your registered mobile number and email ID, and the instalment premium amount to be paid. After you have entered all this information, you will be required to enter a captcha code in the designated box as well. Step 10 – Once you have entered all the information and the captcha code, click on Submit. Step 11 – Next, you come to the Payment Particulars page, where you have to basically verify the information you have entered about your policy. After you have done so, click on the tab labelled ‘Checkout’. Step 12 – the following page will again display a box with multiple columns which include your policy related information, along with individual columns for additional charges (if any) that will be added over the payable premium amount. These could be Service Tax, Education Cess, Late Fee, etc. The total premium amount payable will be shown in the box, along with a column ‘Pay Prm’. You need to tick the box under that column and then click on Submit. Step 13 – This brings you to the last step of the payment process where will confirm the premium details and also select the mode of making the payment. You can choose between making payment via net banking through the BillDesk Gateway, or via Credit/Debit card (IDBI Gateway). Step 14 – Click on the BillDesk Gateway to make payment via net banking. This will bring you to a page displaying a list of banks to choose from. All major banks are supported by LIC’s online payment service so customers can easily make online payments. Step 15 – Click against the bank with which you hold an account and want to use for net banking to make the premium payment. Click on Submit to confirm. Step 16 – You will be led to your chosen bank’s net banking login page. Step 17 – Enter your net banking user ID, and password to log in to your net banking account. Once you have logged in, you will be asked to verify the payment amount. Step 18 – After doing that, simply follow the instruction that are given to you to make the payment. Most times, for net banking transactions, you will be asked to provide certain grid numbers that are mentioned on the rear of your debit/credit card that is linked to the account. LIC says in the circular that its software development centre (SDC) has devised a program to identity Jeevan Saral policy bonds wherever printing mistake had occurred in matured sum assured-MSA. "The program has been designed to extract all Jeevan Saral policies of the division, with status 21 (in force) and 31 (reduced paid up) where MSA is less than death sum assured (DSA). The initial step is to run extraction option. This one time job is to be done immediately, after office hours," the circular says.
It also contains step-by-step instructions for officials of LIC to carry out desired changes in the Jeevan Saral policies. This program allows the officer to check and make correction in cases where MSA is not printed or incorrect, where enterprise document management system (EDMS) image (of the policy) is not available and where MSA and DSA are interchanged. One may wonder why all of a sudden LIC want to verify and correct the "printing" mistake in Jeevan Saral policies now. There are two reasons. One was the PIL filed by Moneylife Foundation in the Supreme Court against LIC on Jeevan Saral issue. And last and most important a September 2014 judgement from the Insurance Ombudsman, Hyderabad. Hyderabad ombudsman's order procured under right to information (RTI) Act reveals that during the hearing, representative of LIC stated that non-specifying of the correct maturity benefit was a typographical mistake that occurred during the printing of the policy document.
1 Comment
10/8/2019 08:10:32 pm
Fantastic and Thank you so much. I really loved this article
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