LIC Online Payment Options – What are the Various LIC Online Payment Options 2024?

With the advent of technology, everything has become online these days. To stay in touch with the latest trends, LIC of India has also started offering various online plans with different modes of payment for LIC premiums. Let’s check them in this post.

LIC of India is one of the most popular insurance companies in India offering a range of products targeting the common people. With online ways of buying insurance policies gaining popularity, the insurer has offered a wide range of options of LIC policies to the policyholders online. Moreover, with easy, transparent and flexible means of buying insurance policies online, people these days don’t like to pay hefty charges to LIC agents. Further, the online way of buying policy is hassle-free and cost-effective too.

When it comes to buying policies online the key aspect to note is regarding the payment option. There are various online payment modes that one can consider such as, net-banking, debit and credit cards, using digital wallets to pay through the official portal of the insurer and so on. There are many discounts and LIC premium payment online offers that the policyholder can receive by using various digital payment modes for LIC premium payment.

Top 5 LIC Online Payment Options in 2024

1. Google Pay 

Google Pay App has turned out to be one of the most popular modes for online payment in India. As the name suggests, the app has been developed by technology giant Google. The process of using the app to make payments and transfer money is very simple. The app is popularly known as Gpay and it uses one of the easiest interfaces to send and receive money online from your registered bank account directly.

Besides, the app also allows the user to avail many lucrative and exciting LIC policy online payment offers and rewards in the form of cashbacks etc.  The LIC consumer can use this app to pay premiums at zero extra cost.

If you are novice about the use of the app, here is a step-by-step guide to making LIC premium payment using Gpay:

• The first step is to download the Gpay app
• On the home page click the tab of ‘New Payment’ option
• Next select the ‘Bill Payment’ tab
• You can view several services in the page displayed as per various categories
• Just scroll down and pick the option of Insurance to make the LIC premiums payment
• Now, you have to choose the insurer whom you have bought the policy from (in this case LIC)
• Next step is to link the policy of LIC with the Gpay app. This will make it easy for you to make and track payments later. Now, click on the tab ‘Get Started’
• Next, you have to fill the details needed on the second page like your email ID, policy number, policy name etc. to easily link the policy and to pay the premium
• Once you have filled the details, review them well and tap on the Link Account button
• You can see your policy getting linked successfully with the app. Now click on Pay Bills tab
• Choose the account. Now, continue to pay
• You have to submit your UPI pin to finally complete the process of payment

2. Paytm 

Another easy way of making LIC premium payments is by using Paytm. With Paytm, you can pay the LIC premium at your convenience anytime and from anywhere. Be it LIC Pension plans, micro insurance plans, ULIPs and so on, you can use Paytm to make the payment easily.

Here are the steps to make payment of LIC premium using Paytm:

• Select your insurer – LIC of India and enter your policy number
• You will see details of your policy on the screen like policy number, name, next premium due date, instalments due, and premium to be paid. Check all the details as per your policy
• In case available, pick different offers like promo codes, cashback etc.
• Now, you are ready to proceed with the payment
• Pick the payment mode such as debit card, credit card, net banking, or Paytm wallet
• Make the payment and once it is done successfully, you will get informed by Paytm via email on your registered email ID
• There are many good online LIC payment offers and discounts provided by Paytm for users paying LIC bills

3. MobiKwik

MobiKwik is the third and another popular option in the list of online payment modes for paying LIC premiums. It is also an easy-to-use app that can be used to make LIC premium payment in the portal of the insurer.  The app uses a hassle-free user interface and can be used to make payments without any extra charges.

Here are three basic steps that needs to be followed to make payment online using the app:

• Choose the insurance provider
• Submit the policy number and your DOB – date of birth
• Now, proceed for Payment

This simple LIC premium payment online cashback offers can also be availed by users of this app like;

• Save INR 100 for your first payment using credit card
• You get 15% discount
• 10% Limited time discount is also offered

4. HDFC Credit Cards 

If you use the HDFC credit card for making the LIC premium payment, you can get many exciting discounts and cashbacks.

• 1% cashback is offered for LIC premium payments
• You get INR 200 maximum cashback per card etc.

5. PhonePe

PhonePe is another popular as well as trustworthy payment platform of UPI used all across India. PhonePe takes care of millions of transactions on a daily basis. This application can be used to directly pay a premium amount for LIC without any bank transactions.

Here’s the step-by-step procedure:

• Download the app or open it on your device
• Select the option of ‘Recharge & Pay Bills’
• Now, choose the LIC Premium option
• Enter your email ID and policy number
• Confirm the details and proceed to Pay

Users of PhonePe can also avail numerous amazing discounts while making LIC premium payment online. There are cashback facilities available too.

Top General Insurance Companies

To Sum Up

LIC is one of the trusted brands for most Indians while considering insurance policies. For easy and hassle-free payment of LIC policies, the company offers numerous ways that can be used to make premium payment online.

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• How to calculate LIC installment premium amount without tax using LIC premium calculator
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