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
Home Free
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