Pay LIC PREMIUM by Net Banking

Posted on by avinash

New initiative of LIC Of INDIA
to enhance the facility of online payment of renewal premium to LIC policyholders, a new option under the generic term “INSTAPAY Service” which is available across all banking platforms in India has been integrated through the existing Bill desk supported platform .

This is an existing user friendly service on the banking applications of scheduled banks widely used by bank customers to pay their bills.

Briefly , the service in the perspective of renewal premium payment of LIC policies will function as under :

  • The customer will open the website of his / her bank in the browser OR invoke the Banking App on his / her mobile device

  • SELECT ‘Pay Bills’

  • Choose “insurance” as the category of Biller

  • Click on “Insurance” and view the list of insurance companies in drop down menu

  • Click on ‘Life Insurance Corporation Of India”

  • Proceed by keying in the policy number , name ,email address, mobile number . The premium due dates , total amount due ( with GST , late fee if any ) is fetched from the LIC customer portal and displayed to the customer.

  • The online payment happens from the net banking enabled account of the customer instantly on clicking “submit”.

  • The limit for making payment through the Instapay facility is Rs.50000.00 per transaction.

  • There are NO charges for the transaction.

  • E receipt is emailed to the email address of the customer keyed in at the time of initiating the transaction in the display screen

  • There is an option to download the e receipt as a pdf onto the customer’s device

We are attaching screenshots of a sample transaction done live in production environment through a bank account on the HDFC application as a display

Presently this service is facilitated through 24 scheduled banks ( Listed below)

Bank Name Status

  • Allahabad Bank

  • Bandhan Bank

  • Bank of India

  • Canara Bank

  • Catholic Syrian Bank

  • Central Bank of India

  • Central Union Bank

  • Dena Bank

  • Deutsche Bank

  • Dhanlaxmi Bank

  • HDFC Bank

  • ICICI Bank

Confirmation pending from bank name list

  • IDBI Bank

  • India Overseas Bank

  • Jammu and Kashmir Bank

  • Karnataka Bank

  • Punjab National Bank

  • RBL Bank

  • Saraswat Bank

  • State bank of India

  • Syndicate Bank

  • UCO Bank

  • United Bank of India

  • Yes Bank