Life insurance corporation of India (LIC India) is not only an investment company but also an insurance group that is owned by the state. Its headquarters is situated in Mumbai. Their motto was to provide welfare services to the citizens of India. It started with providing life insurance to their customers which would allot a certain sum of money that would be given to the nominees after the demise of the policy holder. Later it came up with other services like health insurance and investment of funds for gaining returns more than banks and paving the way to a more secured future.
LIC takes a very practical fee for the unmatched quality of services they provide. These payments are done in fixed intervals with a grace period in case a customer misses his deadline. Thanks to the power of internet, payment can be easily done through an online portal.
Steps To Follow For Online Payment
Online payment mode has made it easy for policy holders to pay their premium on time. It is quite an easy process and can be done by anyone with ease. However, if you are uncomfortable with online payment procedures, this step by step guide will help you.
- Log in to your account securely with your ID and password.
- Click on the policy you wish to pay the premium for.
- Check the amount and click on the tab that asks to proceed to payment.
- It will load the next page where you will be provided with a plethora of options regarding mode of payment. Some of the common methods are enumerated below.
- Credit card
- Debit card
- ATM card
- Net banking
- Wallet payments like PayPal, Paytm, MobiKwik etc.
- UPI through Google Pay, PhonePe etc
- Select the online payment mode of your choice.
- Enter details of the selected payment mode.
- You will be redirected to a page where you need to enter the OTP you received on your phone or email.
- After entering that you will proceed and your payment will be successful.
- You will get an online receipt which you will be able to print out. At the same time one copy of the receipt will be sent to your email address.
That is how easily you can pay your policy premium online. However, be careful while entering your payment details so as to not enter any incorrect detail as it would result in an unsuccessful transaction. Be ready with the device where you will receive your OTP as it is meant to expire in a short time. Also, never refresh your web page while the payment is under progress as it might wrongly charge you twice. Payment details should not be disclosed to anyone, and no LIC employee will never ask for it.
Benefits Of Online Payment
There are several benefits of paying your premium online. Some of them are as follows.
- Pay Anytime Anywhere – Almost every person owns a computer, or a smartphone or both. Online payments can be done by simply clicking your mouse a few times or by tapping on your phone. This means you can easily make payments while being comfortable at your home, or even while you are commuting. Also online portals are open 24×7, unless under maintenance which lasts for a brief hour or two. This means you can make payments at your convenient time and not bound by the usual working hours.
- Fast And Convenient – It usually does not take more than five minutes to make payments online, even when your internet speed is slow. This means you can manage to pay your premium even when you have a busy schedule. There is no need to stand in long queue or wait for hours to get the payment done.
- Various Modes Of Cashless Payment – You have a lot of options regarding the mode of payment. This lets you choose the payment mode you usually prefer to pay your premium. Also, since this is cashless, you do not need to worry about drawing out cash from ATM or visit the bank.
- Secure Mode Of Payment – The whole online paying process is very secure and has several layers of protection embedded in it. Therefore, there is very less chance of any fraudulent activity. However, you must never share your credentials anywhere except at the payment portal.
Advantages Of Payment Through Net Banking
Net banking has made it easier and convenient to pay for your policies. Here are some of the advantages.
- Direct Payment – Net banking facilitates payment directly from your bank account to the vendor. There are no intermediate involved in this process. Direct payments are faster and easy to monitor.
- Very Secure – Net baking payments are done after you are redirected to your online banking website. There you get to login with your e-banking credentials and you make your payment from there. Bank websites have their own strong security which furthers secures your payment process.
- Less To No Additional Charge – As these are direct payments, you might not incur any additional charges.
The LIC Policies That Offer Online Payment Facility
LIC offers various policies such as life insurance, health insurance, investment funds and much more. Almost all of them support online payment facility. Incorporating online payment facility is not a very difficult process and thus you can pay almost all of your premiums online.
Additional Charges For The Online Payment
This may be a small drawback regarding online payments. You may have to pay additional bank charges while using credit or debit cards; the value varies from bank to bank. However, is amount is too less to make it look like a big disadvantage. As for net banking, you will rarely have to pay any additional charges.
Conclusion
LIC is a state owned organisation which offers various policies regarding insurance and investments. The premium for these policies can be easily paid through online portals. There are several advantages as to why you should prefer the online payment mode instead of traditional ones. Follow the step by step process and you should be able to make payments with ease.
What did we learn?
