What is the Grace Period of LIC Premium Payments ? How long is LIC premium payment? What happens if I miss my LIC premium payment? Life Insurance Corporation of India – Corporate Office : Yogakshema Building, Jeevan Bima Marg, P. Here’s a simple step-by-step guide on how you can go about using this facility: Once you have enrolled your policy (s), you can click on the link ‘Pay Premium Online’ to see a list of policies whose. Here are the steps to make payment online: First of all, visit the official LIC website.
You will be directed. Now, enter your UserI Passwor and Date of Birth. After that, click on Sign In. Click on Individual Policy Details link. It will take you to the next page.
The renewal date of a policy is exactly one year after the previous year’s premium payment date. However, in order to make the premium payments easier, the insurance company like LIC allows a grace period of days for paying the renewal premium. The renewal premiums are paid after the initial premium and are indispensable for the continuation of the policy. Renewal premium can be paid through Paytm App by clicking on the LIC logo under the Insurance category.
To download LIC premium receipt on Paytm App, policyholder is requested to visit “My order” section on Paytm app, select the order and click on “Download Receipt”. No other receipt will be issued by LIC. Payment of premium is allowed frommonth prior to the due date till the policy is in force.
Loan interest cannot be paid under VPBY and PMVVY plan policies. Now make your renewal premium payment from the comfort of your home or office with our Pay Online facility by using your Bank Account or Credit Card. DISCLAIMERS: Subject to the terms and conditions of your policy contract: 1. Since LIC policyholders are spread across the country, online renewal payment becomes difficult especially for people residing in remote places. So for people from these locations, there are various offline premium payment options as. Policyholders must pay the renewal premium for the entire period of months from the date it was due, on or before April Extra time for insurance policy renewal , premiums.
To make LIC online payment through Paytm, you just need to follow a few short steps and you will be done with the LIC payment. Below, you can go through the steps to make LIC online payment via Paytm- 1. Renewal Premium Payment’ is the amount you need to pay regularly to keep your policy in force and to continue availing the benefits offered under your policy. Make sure that installment Premium is without service tax.
Submit the Mobile number and Email ID that you are currently using and retain for long. Because once you get register. Policy in Lapse Status: In this case the renewal premium (s) due falls in next days, the policyholder is required to pay the due premium (s) either through cheque or cash.
Debit Draw date on a holiday: In case the debit draw date is falling on a holiday, the premium amount will be deducted on the next working day. When you purchase life insurance, it’s essential to renew it on time. If you miss it, your only option is to revive the policy. The revival of lapsed LIC policy arises when the insured is unable to make the payment of premiums on-time or within the grace period. How to Pay LIC Premium Payment Online with Paytm?
Select the insurer as LIC of India 2. Enter the policy number 3. Your policy details like policy number, name of the policy. In quarterly premium payment mode, quarterly payments are required to be paid by the insured person. The insurance holder can pay a regular monthly premium under the monthly mode of premium payment. But, before you get started with logon to the LIC’s to make the payment, it only makes sense to get acquainted with a few easy steps to do this without having to run from pillar to post. Visit the nearest Federal Bank branch to pay the premium for your policy by Cheque, Demand Draft and Direct Debit facility (only for Federal Bank customers).
Pay premium by Cheque or Demand Draft through your advisor.