Renewal of LIC Premium payment:
When you purchase a new policy from LIC OF INDIA ,You pay premium, that is first premium .
But making second payment of premium whichever mode like yearly,half yearly , quarterly etc will be your renewal of premium payment.
As you know LIC has purchased stakes of IDBI BANK, so now some banking part will done by IDBI bank.
Renewal Premium Collection
LIC is collecting LIC Policy premium by several modes like ,LIC Branch, Online, Customer Zone, Premium Point etc
Now a new update :
Renewal Premium Collection in Branch Offices of IDBI Bank is effective from February 28th 2019.So now customers can pay renewal premium of LIC policies at all 1886 Branches of IDBI Bank.
Premiums can be paid in cash (up to Rs. 49999) and through cheques drawn on IDBI Bank.