Can LIC Premiums Be Paid Through Credit Cards

The insurance business is evolving with everything becoming digitized, and so is LIC or Life Insurance Corporation of India, the most prominent public insurer in the country. The introduction of gateways for online payment is a step in this direction. Let’s learn more about it.

LIC, with its huge customer base, focuses on customer-centricity by keeping itself updated to enhance customer convenience. The online mode of payment makes the payment of premiums, loans, and interests for LIC policies smooth for the customer. Rather than visiting an LIC branch, now you can get the work done with just a few clicks. In this post, let’s look at the various LIC premium payment modes, including LIC payments with credit cards.

Premium Payment Modes of LIC

There are several ways in which LIC premiums can be paid by customers, which are primarily segregated into two modes – Online and Offline. Due to its convenience and smooth functionality, online modes of payment have gained more acceptance among customers, of late.

Below are the available modes of payment (Online and Offline) offered by LIC:  

Offline Modes of Premium Payment	Online Payment Gateways
LIC branch visits Cash/cheque/DD by post ATM payments Authorized Agent Collection Authorized Franchisees, viz. MP – Online, Suvidha Infoserve, AP Online, Easy Bill Limited Bank visits	ECS Net Banking  Credit / Debit Cards UPI PayTM

Can Credit Cards be used to Pay LIC Premiums?

Credit cards can be used to pay LIC premiums for policies. However, a convenience charge is associated with premium payment through a credit card, which is entirely borne by the insurer. Further, in a recent update, LIC declared that no convenience charge or any other extra payment will be attached to the customer while making premium payments via credit cards for LIC policies. So, LIC customers can easily use their credit cards to pay the premium via the LIC online portal. This has made credit cards one of the most preferred payment modes for many policyholders.

It is to be noted that to access LIC’s online payment features, a policyholder must register themselves with LIC’s online portal and enrol the policy in the portal. However, if you are a new user or a user not registered with the portal, you can pay through the LIC pay-direct option. This option is available in the LIC app as well as in the official portal of the insurer. Also, new users can use the portal to register and use the credit card facility to pay LIC premiums.

Let us discuss the stepwise guide on the process of paying LIC premiums with a credit card.

How to make LIC Premium payments through Credit Cards?

Below is a comprehensive guide on how to pay LIC premiums through credit cards for both new users and registered ones:

1. Making Premium Payment through Credit Cards – New Users

• Go to the official portal of the LIC
• Look for the ‘Online Services’ tab and click on the Pay Premium Online button under it
• Being a non-registered member, you have to click on the option of LIC Direct payment
• In the drop-down list, you can see the tabs of ‘Premium Renewal ‘ or ‘Advance Payment of Premium’. Choose the one as per your requirement
• Read the conditions mentioned under the ‘Customer Consent’ tab and click on the ‘Proceed’ button
• Now, duly fill out the form of Customer Validation, submitting all the details like DOB, policy number, details of contact, and premium amount (without tax), etc.
• Now, tick on the ‘I Agree’ box and click on the submit button
• You are also required to fill in a form with premium particulars before going to the payment section
• Go to the payment section now and once again confirm the details submitted
• Now, click the submit button after marking the box against the Pay Premium tab
• You will reach the page with the payment gateway. Here, you can select the option of a LIC premium payment through a Credit Card
• Enter your card details, and submit the OTP received on your mobile. Click the submit button
• Once the payment is successfully done, you can download the transaction receipt

2. Making Premium Payment through Credit Cards – Registered Users

• Go to the official LIC website
• Go to the ‘Online Services’ tab and click on the button of Pay Premium Online
• Now, you will see the ‘Pay Premium through e-Services’ option under the ‘Pay Premium Online’ option. Click on the tab
• Sign in to your LIC account using your credentials like user ID, mobile number, email ID, etc. Submit your DOB and password and click on the ‘Sign in’ button
• Go to the Premium Services and click on the option of Pay Premium Online
• Choose the policy for which you are going to make the LIC premium payment by credit card
• Check the policy details, such as the total premium to be paid and confirm other details as well
• Before clicking on the submit button, tick the box against the Pay Premium option
• You will reach the payment gateways, and here you can choose your Credit Card as the payment option
• Now, submit your credit card details and the OTP received on your mobile. Click on the submit button
• Once your LIC payment through credit card is successfully completed using your credit card, you can download as well as view the transaction receipt

In addition to the above procedures, LIC customers can also use the MyLIC App, the mobile application of LIC. This app can be downloaded from the Play Store. Once you download the app, you have to register yourself as well as enrol in your policies to make LIC premium payments with your credit card using the app. You even have the option of saving your credit card details for smooth subsequent transactions.