LIC Online Payment – Good for Both, The Policy Holders and The PSU

LIC Online Payment – Good for Both, The Policy Holders and The PSU

India today, like many other growing economies around the world is a growing market for smartphone and internet users. In recognition of the growing importance of the digital medium, the GOI also came up with its Digital India movement to enable people to know and use government services electronically. The LIC online payment is an offset of this movement and today Life Insurance Corporation of India, a state-owned public state undertaking (PSU) insurance service provider in the country has adopted the digital medium to encourage insurance policy holders to pay with ease and comfort. 

Found in 1956 and formed by the passing of the LIC Act of India, the brand value of this state-owned organization in 2018 was about 5.96 billion US dollars. If you are one of the thousands of LIC policy holders and you have always wanted the PSU to offer you a seamless and fast method of making premium payments, then it is time that you use the LIC online payment method to fruitfully pay your monthly premiums. 

There are two ways of going about making the payments:-

  1. Use the LIC official website. As a policy holder you would need to visit the Customer portal and then register online at the site. In case you are short of time and do not wish to register, you can still make the LIC online payments. Simply go to LIC pay direct option, enter your Policy number and then using a credit or debit card or bank transfer you can easily pay for your premium. The advantage of registering at the site is that it enables you not only in making online payments of premiums, you can also check the status of your policies, and also obtain the premium receipt for each individual policy as well as download a consolidated policy statement.
  2. The other way to make LIC online payment is to use a reseller site or App. The popular names in this regard are Paytm, MobiKwik and PhonePe. Again the process is quite simplified and uncomplicated. Open the App or the site – choose LIC as the Insurer. Then enter your policy number. Once you do this, all details pertaining to the said policy with show-up on the screen. Check and verify them before you proceed ahead. Now choose the payment option. Here, besides the credit card, debit card, and Netbanking, you can also select your service provider’s electronic or digital wallet to pay the premium. The electronic wallet is one of the safest methods of making LIC online payment today since it has no link with your credit card account or bank account.  

For LIC policy holders, the ability to make LIC online payment is a great facility for it means no more standing in queues at the LIC branch offices, sweating it out in the sun and the crowd, waiting patiently for your turn. The kind of advantage this process of online payment is able to provide a common man has proved to be a great boon and is surely going to have many more people purchase LIC policies now due to sheer simplicity of the method.

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