Can we pay LIC premium through cheque?

Premium can be paid at the cash counter of any LIC Branch Office. Premium can be paid by CASH/CHEQUE/DD.

What is the best way to pay LIC premium?

1. LIC Payment Methods.
2. LIC Online Payment – For Registered/Non-registered Users.
3. LIC Offline Payment.
4. LIC Payment Through Bank.
5. LIC Payment Through Agent/Merchant.
6. LIC Payment Through Debit/Credit Card.
7. LIC Premium Payment with Paytm.
8. Grace Period For LIC Premium Payment.

What is premium payment term in LIC?

Premium paying term is the total period (number of years or months) for which a policyholder has to pay premium, for a life policy. For instance, the policy term for a life insurance plan can be 40 years, but premium can be paid for 20 years.

Can we pay LIC premium in any branch?

Premium can be paid anytime and anywhere. Valid premium receipt is received instantly. It is also a secure arrangement, as the policy data is not shared between LIC and service provider. There are no charges for payments made through Debit Card / Net-banking / UPI/e wallets .

What can I write on my LIC premium cheque?

So from now on while paying your LIC premium through cheque, you have to write “LIC of India, Pol No. ___________”. If you are paying LIC premium through cheque for more than one policy through single cheque, write one number the on the front of the cheque and other numbers behind the cheque.

Can I pay my LIC premium through credit card?

Enter Policy Details and Pay using NetBanking or Debit/Credit Cards. This facility is available for all non-ULIP policies. Now the payments can be made using VISA/Master Credit Card (Domestic Only) with some convenience charges.

How can I pay my LIC loan?

At the bank site you will need to login with your net banking username/password. On successful login, the total amount to be paid by you towards LIC will be displayed. Please verify your balance (displayed) and confirm the transaction to the bank.

How can I pay LIC premium without paying tax?

Through Customer Portal You will be required to enter mandatory details such as policy number, premium amount (excluding taxes), date of birth, mobile number and your email address. Once you have registered yourself on the LIC website, log-in to your account to make the payment.

Why is LIC premium so high?

Life insurers are regulated by the IRDA and have strict capital norms. Claim settlement ratio is definitely helping LIC price its premiums much higher than private sector insurers. However the difference in premium is too large to be ignored and it’s not as if private insurers do not settle claims at all.

What is a premium?

Definition: Premium is an amount paid periodically to the insurer by the insured for covering his risk. For taking this risk, the insurer charges an amount called the premium. The premium is a function of a number of variables like age, type of employment, medical conditions, etc.

How is LIC maturity amount calculated?

The basic format is Sum Assured + Bonuses + Final Additional Bonus (if declared). An example for calculation demonstration: Mr Z buys a policy of Sum Assured 15 Lakh with a term of 20 years. The insurance company includes Bonuses and Final Additional Bonus in the maturity value as per their company policy.

How can I check my LIC premium status online?

How to Check LIC Policy Details Online?

1. Step 1: Go to the official LIC website, fill in your credentials like username and password.
2. Step 2: Login to your account and select the option ‘View Enrolled Policies’.
3. Step 3: You will be directed to a page where you can see all the listed enrolled policies.

How to pay LIC premium through cheque in India?

After the cash payment for due LIC premium, a common mode of payment is LIC premium through Cheque. Normally a customer only writes “LIC of India” or “Life insurance Corporation of India” on the cheque. However, in a recent development LIC of India has issued a new circular on 28/09/2018.

How to pay LIC premium online with Paytm?

How to Pay LIC Premium Payment Online with Paytm? 1. Select the insurer as LIC of India 2. Enter the policy number 3. Your policy details like policy number, name of the policy holder, premium due date, number of the installment due… 4. Pick insurance offers and promo code of your choice for

What happens if you pay LIC premium in March?

The premium payment cannot be accepted for certain ULIPs and certain health protection policies. They are: For every late payment, the customers will be levied with a late payment charge including an interest rate of 8%. The premium cannot be paid for the upcoming financial year, i.e., one cannot pay the premium for March’2018 in March’2017.

Which is the best bank to pay LIC premium?

LIC has joined hands with two of the leading Indian banks, namely- Axis Bank and Corporation Bank, to facilitate a hassle-free insurance service to its customers. With this collaboration, the customers can pay the LIC premium payment at the branches of Axis and Corporation Banks across the country.

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