AT CASH COUNTER


THROUGH ALTERNATE CHANNELS

 

 

 

 

 

 

 

 

 

 

 

 

ECS   PAYMENT

ECS facility for payment of premium has been started in L.I.C. since March 2004. This is a facility  by which premium is deducted by bank at pre-decided date and remitted to LIC. To avail of ECS facility, policy holder submits mandate form to LIC and also authorizes bank to deduct premium. Bank deducts premium on the basis of invoice received from LIC.   

Electronic Clearance Service of Reserve Bank of India is a well established, quick, reliable and economic processing for periodic bill payments. LIC is happy to offer this facility to its valued customer totally FREE for payment of premiums. The policyholders having accounts in the banks in the cities , which are members of clearing house can avail of this facility for all policies irrespective of the LIC branch to which these policies are attached for servicing.

Relevant Conditions to avail this facility:

  1. ECS facility can be availed at the time of inception of the policy or later after completion of policy.
  2. In ECS(MLY) mode, 5% extra premium charged under normal Monthly mode is waived.
  3. No receipts will be printed and dispatched for ECS(MLY) mode policies. An yearly premium paid certificate will be sent by the servicing branch.
  4. ECS mode can be opted for all In-force ULIP and Health Insurance Policies.
  5. To opt for ECS facility premium must be paid up-to-date and the next premium must be due at least after 1 month from the date of option of ECS facility.
  6. Debit dates allowed are only 7th, 15th and 28th of the month. (Both at NB & PS Stage)  and complete grace period too may  not be available.

Debit dates are calculated automatically on the basis of Date of commencement as follows :

               Date of commencement:-  1st  to 7th      = 7th of the same month

                                                            8th to 15th    = 15th of the same month

                                                            16th to 31st   = 28th of the same month.

  1. Arrears of premiums cannot be collected through ECS.       

  2. If ECS Mandate is dishonoured due to any reason, ECS deduction will automatically stop for the further dues until the premiums are paid up-to-date at the branch cash counter by cash or Demand Draft and if any instalment is due within 15 days of the next month that will also be collected.

  3. For the policies registered under ECS mode, premium cannot be paid through any other payment channel.

How to avail this facility :

  1. A Mandate form is to be submitted to any of the LIC Branch, which should be

i.          Duly signed by the policy holder.

ii.         Signed by the account holder/s .

iii.        Must be attested by the customer's bank.

iv.       A cancelled cheque/photocopy of cheque should be attached.

v.        Copy of the form MUST BE submitted to the bank as banks need authorisation from the Account holder to debit his/her account failing which ECS Mandate may be dishonored by the banks for the reason "Mandate Not Received" . 

  1. MICR code & Bank details must be clearly and correctly mentioned in the mandate form. MICR code is 9 digit code given at the bottom of the cheque where cheque number is mentioned. For "All India Clearing" cheques, MICR code is given on the first page of the Cheque book. MICR code should not begin or end with 000.
  2. Account number must be only of 15 characters. If the same exceed 15 digits as in case of PNB bank accounts, bank should be enquired regarding the correct account number of the digit which should be dropped. 
  3. 3 copies of mandate forms should be filled. One is to be submitted to the bank, one to LIC and third copy can be retained by the policy holder after getting acknowledgement by the LIC branch.
  4. If ECS is opted at NB stage, where policy number and exact premium amount is not available at the time of attestation of the mandate form by the bank, copy of the mandate form should be submitted after completion of the policy and filling the details (Policy number & Premium).
  5. Policy holder should have a bank account in any of the cities mentioned in the "LIC ECS Centers List" . Apart from these centers, Policyholder having account with the banks with Core Banking facility in the Karnataka, Andhra Pradesh, and Tamilnadu states can opt for the R-ECS. R-ECS will be enabled in other states also as and when same is implemented by the RBI.
  6. Mandate form can be given in any LIC Branch across the country but at least one policy should be serviced in that branch.
  7. After registration of the ECS, acknowledgement letter should be obtained from the branch and correctness of the data entered specially the bank details must be checked.
  8. For change in Bank details, fresh mandate form(fulfilling the conditions in point 1) should be submitted to the servicing branch or the branch where the policy was registered under ECS earlier. At the top of the form "CHANGE IN BANK DETAILS" should be prominently written.
  9. Policy holder should ensure that sufficient funds are available in the bank account at the time of debit date and mandate is not dishonoured.
  10. LIC will not be responsible for any dishonour raised by the Bank and any dispute regarding same should be taken up with the bank only.
  11. Mentioning the phone/mobile nos. in the ECS Mandate Form is mandatory.

 LIC's Utility or User Code for premium collection through ECS is 4009056. Many LIC ECS centers are registered with different user code, policy holder should obtain the correct User code from his LIC branch office.  

ECS Mandate Dishonour:

Dishonour of ECS mandates may happen due to following reasons: 

  1. A/c closed / Transfered
  2. No such Account
  3. A/c description does not tally
  4. Insufficient Balance
  5. Not arranged for
  6. Payment stopped by drawer
  7. Payment stopped by court order
  8. Mandate not received by bank
  9. Miscellaneous

For the mandate dishonours, LIC sends a letter to the policy holder intimating the dishonour with reason. Premium for these policies is to be paid at the branch cash counter. If the reason is "insufficient funds", dishonour charges Rs. 125/- will be payable in addition to the due premiums and the late fee ( if applicable).

If the reason of dishonour is "mandate form not received", it may be due to non-submission of the mandate form to bank, copy of the mandate form should be submitted to the bank.

For reason 1 , either alternate bank details should be given or payment mode should be changed from ECS to Normal.

For reason 2 & 3, bank details must be checked for the correctness and in case of any error should be got rectified by the Servicing LIC Branch Office.

ANY ISSUE REGARDING DISHONOUR IS TO BE TAKEN UP WITH THE BANK ONLY.
 

I) Benefits to the policyholders:

This is a free service to our policyholders.

  • This will save their time in visiting LIC Office to pay the premiums.
  • This will save their cost and effort in sending across the premium payments to LIC through postal/courier service/ through their representatives.
  • This easy and automatic method of premium payment will keep the insurance protection intact and the chances of lapse of the policy will be eliminated.
  • The one time standing instructions in the form of a Mandate is sufficient to pay the future premiums as and when they fall due.
  • This facility of easy premium payment can be availed of not only in respect of the policies of self but also on the policies effected on the lives of the close relatives like spouse and dependent children (i.e.) the relatives on whom policies the policyholder can claim I.T. relief for the payment of premiums.

Click here to down load ECS Centers at LICI :

 Policyholders desirous of availing of this service may download the ECS Mandate Form given below.
 Click here to download ECS Mandate Form -English  

FOR ANY GENERAL QUERIES  LIC CALL CENTER SHOULD BE CONTACTED AT 1251

Regional ECS (R-ECS) started in 3 states viz AndhraPradesh, TamilNadu and Karnataka with all major banks having Core Banking Facility.  


EBPP PAYMENT

Electronic Bill Presentment and Processing is a process that enable creation and payment of bills (Insurance Premiums) over the Internet or through the standing instructions.

Policy holder has to register his/her policy in the Bank's site or Vendor's Site who will send the soft data of the the policies for Verification to LIC. After verifying the policies LIC will send acceptance to the Banker or Vendor. For any reason (lapse policy, premium mis-match, particulars wrongly entered) if LIC rejects the registration, the information regarding same will be sent by the banker/service provider. In such case the policy is to be  registered again .  Old registration is treated as cancelled.

Invoice from LIC will be generated before one month of its due date and send to the Banker for uploading on their site.  Premium can be paid either by giving standing instructions to the bank to debit the bank account/credit card account on a particular date or manually accepting the bill which can be paid by login to the banker's site and making the payment online. Receipt will be posted to the address mentioned in the policy records after two or three days of payment by LIC.  For this mode of payment e-receipt is not generated.

If premium is already paid through any other mode before receipt of the payment through EBPP or the premium amount does not match with premium required, the payment received through EBPP goes to refunds and the amount is refunded by direct credit to the bank/credit card account. It may take approx. 15 days.

This facility is absolutely free for all customers. No charges are to be paid to LIC / Bank/Service Provider for this facility. LIC pays service charges to the Bank/Service provider as per pre-decided rates. Through this payment option,premium can be paid using CREDIT CARD.

This facility can be availed only for INFORCE, NON-ULIP, NON-SSS POLICIES under YLY, HLY or QLY Mode. MLY mode policies cannot be registered under EBPP. Premium Health Insurance policies cannot be paid through this mode.

         Authorised Banks :-

HDFC Bank

ICICI Bank

Axis Bank

Federal Bank

Corporation Bank

Citibank

LIC CREDIT CARDS

 

Authorised Service Providers (available only in select cities) :-

Tech Process ( Bill Junction)

Bill Desk

Services of Tech Process are available in following cities 

Mumbai, Pune, Delhi, Kolkata, Ahmedabad, Chennai, Bangalore, Hyderabad & Chandigarh

  <Click here> for the banks through which TECH PROCESS collects premiums

Services of Bill Desk are available in following cities

Ahmedabad, Ajmer, Bangalore, Bhopal, Chandigarh, Chennai, Coimbatore, Delhi, Goa,Hyderabad,Indore, Jaipur, Jabalpur,Kanpur, Kochi, Kolhapur, Kolkata,Lucknow, Ludhiana,Mangalore, Mumbai,Nasik, Nagpur, PUne, Rajkot,Surat,Trivandrum & Vadodara.

<Click here> for the banks through which BILL DESK collects premiums.


ATM  PAYMENT 

Premium can be paid through the ATMs of the following Banks :

1. Axis Bank

2. Corporation Bank.

3. ICICI Bank - The account holder of ICICI Bank having registered for LIC BillPay service can pay thru ICICI ATM.


This facility is absolutely free for all customers. No charges are to be paid to LIC / Bank for this facility.

Customer has to register his policies through the bank website.  Registration data as per the required format/mandate from the bank is to be submitted to the bank.

Bank sends the registration data for all the policies newly  registered on next working day to PCMC in required format.

Policies with Ordinary Mode of payment i.e. Yearly, Half-Yearly and Quarterly Mode of payment are allowed under this scheme.

Policy should be IN-FORCE at the time of registration. ULIP  policies and Health plans are not allowed under this scheme.

All processing for this scheme will be done by PCMC, Mumbai similar to BillPay.


PORTAL  PAYMENT 

Online Payment Gateway is LICs initiative to provide on demand premium collection service within a few clicks! The payment gateway (PG) initiative is an important component of the offer. It provides for real-time payment of renewal premium-dues through the portal. This functionality is available only to registered customers who have enrolled their policies on LIC's website - .

     

LIC premiums can be paid using "Net Banking" accounts with any of the banks available in the drop list or using "Debit Card" or using "Credit Card"   (Domestic Only) .

For Authorized Banks Click Here

Relevant Condition

  1. Premium can be Collected only for Inforce, Ordinary policies under all modes (YLY,HLY, QLY & MLY). Premium for policies under Salary Savings Scheme (SSS) cannot be paid online.
  2. Premium can be collected from  6 months before from the Due Date and till the policy is in force, except for some term insurance policies.  For some Term Insurance policies Within 15 days only - plans 153- Anmol Jeevan,164-Anmol Jeevan-1,  177- Amulya Jeevan, 190- Amulya Jeevan.
  3. Premium cannot be collected for Next Financial Year. Ex During March 2013 premium  cannot be collected for April 2013.

Here is a simple step-by-step guide regarding premium payment using this facility: 

  • Policies are to be enrolled on LIC website after obtaining user-id. Enrollment must be with correct premium amount. Policies on the life of self and family members (spouse and children only) can be enrolled as date of birth mentioned in the policy is matched with the same in profile. If Dt of Birth does not match, the policies cannot be enrolled.

  • Once the policies are enrolled, list of policies where premium is due can be viewed by clicking on the link < Pay Premium Online >.

  • Policies for which premium is desired to be paid are selected by clicking in the selection box.
  • After confirming the total payment, Dialog box appears with message cautioning the policy holder not to make the payment again if already tried to pay earlier without checking the bank account. Next screen will appear after clicking at OK.
  • Next screen displays 2 options for online payment viz 1. Internat banking and 2. Debit Card & Credit card.


  • NET BANKING PAYMENT or INTERNET BANKING.


  • The payment gateway for Internet Banking is Bill Desk.
  • Bank is to be selected from the drop-down list.
  • Browser takes to the Bank site, from where the policy holder can make the payment using his bank user-id and password.    
  • The premium receipt for the payment through Portal can be printed online and will also be e-mailed to the Policy Holder  at the same time. Simultaneously successful/unsuccessful transaction message will be flashed.

  • Bank balance must be verified after the transaction is complete.

  • If the premium amount is debited from the PHs Bank Account but error page displayed it may be due to session timed out or network error. In such case a digitally signed receipt will be sent to his profile email id in three working days after receiving the confirmation from his Bank. The premium receipt will also be available under his user-id at Customer Services :View Pay Premium Online - Receipts .

  • The digital receipt received for online payment is to be validated, till then "invalid signature" message will appear on the receipt. Procedure for the validation is given on URL http://www.licindia.in/images/eReceipt_Verification_Help.pdf. The certificate can be downloaded by clicking here and is to be added to trust settings as trusted root, after which the signature will appear as "valid signature". This is a one time process. Receipt is valid without signature validation also.

  • Policy holder must check the bank account before trying for the second payment for the same due. If bank account is debited they are requested not to attempt for second payment.

  • If the amount is excess due to double payment, same is refunded to the service provider Bill Desk, who in turn refund the same to the respective bank to credit the customers account directly.

  • The updation of premium  in real time.

  • For detailed documentation on how to verify the digital signature on the e-receipt, click here.



  • DEBIT CARD or CREDIT CARD PAYMENT.


  • The procedure for the payment using debit card or credit card is same as debit card payment. The difference is in covenience charges. Click here for more details about the credit card payment.

  • Benefits

    • This is a simple process with one time enrollment of the policies.

    • Premium can be paid anytime and anywhere. Most convenient method of payment if the policy holder is out of country.

    • Valid premium receipt is received instantly.

    •  It is also a secure arrangement, as the policy data is not shared between LIC and Banks over net as only the amount to be paid is encrypted and transported. The login id at both the sites (LIC and Bank) is known only to the policy holder..


    PREMIUM COLLECTION THROUGH AUTHORIZED BANKS:

    • Premium can be paid in any Branch or Extension Counter of the Bank.

    • Premium can be collected only in CASH or CHEQUE drawn on that bank.

    • Premium can be paid only for In force, Non-ULIP, Non-SSS policies.

    • Premium can be collected from  6 months before the Due Date and till the policy is in force, except for some term insurance policies.  For some Term Insurance policies Within 15 days only - plans 153- Anmol Jeevan,164-Anmol Jeevan-1,   177- Amulya Jeevan, 190 Amulya Jeevan.

    • Premium cannot be collected for ULIP and Health Policies . Plans are 140- Bima Plus,172-Future Plus,173-Jeevan Plus,180-Money Plus,181-Market Plus,187-Fortune Plus,  188-Profit Plus , 191-Market Plus, 193-Money Plus, 199 , Jeevan Shathi, 901-Health Plus, 902-Health protection plus and any new ULIP/HEALTH plan declared later.

    • Premium cannot be collected for Next Financial Year. Ex During March 2012 premium  cannot be collected for April 2012.
    • Signed receipt issued by the Bank is a valid receipt and no other receipt will be issued by LIC.


    • FACILITY OF PREMIUM PAYMENT THROUGH ALL THE ALTERNATE CHANNELS IS FREE TO ALL THE POLICY HOLDERS AND NO SERVICE CHARGES/EXTRA AMOUNT IS TO BE PAID TO BANK.

    • Many Service Providers, which include Government & Private Ltd. companies are franchised to collect premium for LIC policies. Relevant conditions for the premium collection through these franchisees:

    • Premium can be collected only in CASH.

    • Premium can be paid only for In force, Non-ULIP, Non-SSS policies. 

    • Premium can be collected from  6 months before from the Due Date and till the policy is in force, except for some term insurance policies.  For some Term Insurance policies Within 15 days only - plans 153- Anmol Jeevan,164-Anmol Jeevan-1,   177- Amulya Jeevan, 190 Amulya Jeevan.

    • Premium cannot be collected for ULIP and Health Policies . Plans are 140- Bima Plus,172-Future Plus,173-Jeevan Plus,180-Money Plus,181-Market Plus,187-Fortune Plus,  188-Profit Plus , 191-Market Plus, 193-Money Plus, 199 , Jeevan Shathi, 901-Health Plus, 902-Health protection plus and any new ULIP/HEALTH plan declared later.

    • Premium cannot be collected for Next Financial Year. Ex During March 2012 premium  cannot be collected for April 2012.

    • Signed receipt issued by the collection centers is a valid receipt and no other receipt will be issued by LIC.

    • FACILITY OF PREMIUM PAYMENT THROUGH ALL THE ALTERNATE CHANNELS IS FREE TO ALL THE POLICY HOLDERS AND NO SERVICE CHARGES/EXTRA AMOUNT IS TO BE PAID TO ANY SERVICE PROVIDER.

      Following Service Providers are franchised to collect premium for LIC policies:

      1. APONLINE :

                                       

     

     

     

     

     

     

     



    AGENT'S  COLLECTION  PAYMENT

    • Agents (empowered to collect the premium) can collect the premium in CASH  or CHEQUE and issue a valid receipt with their signature.
    • Premium for ULIP policies also can be collected by the agents, however this facility is not yet available for Health Insurance policies..
    • The Updation of premium in real time.

      Relevant Conditions

    1. Premium can be Collected only for Inforce, Ordinary policies under all modes (YLY,HLY, QLY & MLY) . Premium for policies under Salary Savings Scheme (SSS) cannot be collected through this channel.
    2. Premium can be paid IN CASH AS WELL AS THROUGH CHEQUE. Outstation cheques are not acceptable.
    3. Premium can be collected from  6 months before from the Due Date and till the policy is in force,  except for some term insurance policies.  For some Term Insurance policies Within 15 days only - plans 153- Anmol Jeevan,164-Anmol Jeevan-1,   177- Amulya Jeevan, 190 Amulya Jeevan.
    4. Premium can be collected for ULIP Policies; however, premium for Health Insurance policies cannot be collected at present.
    5. Premium cannot be collected for Next Financial Year. Ex During March 2012 premium cannot be collected for April 2012.
    6. No service charges are required to be paid by the policy holders to avail this facility.

     

    SENIOR BUSINESS ASSOCIATE    

    INTRODUCTION:

    Senior Business Associate Premium Collection was started from 01/06/2009. Senior Business Associate(SBA) are the Development Officers selected on the basis of certain conditions.

    The Eligibility criteria for this scheme is decided by Central Office, Marketing Department.

    Procedure is same as for agent's collection. Payment is online using LIC portal. Updation is real time. Receipt are issued and signed by the SBA and no other receipt is issued by LIC.

    In addition to premium collection, SBA are authorized for following jobs also:

    1. Issue of Policy Status Reports.

    2. Issue of Revival/Loan/Surrender value quotations.

    3. Issue of forms.

    4. Issue of Certificates to the policyholders for income tax purpose.

    5. ULIP Statements.

      Relevant Conditions

    1. Premium can be Collected only for Inforce, Ordinary policies under all modes (YLY,HLY, QLY & MLY) . Premium for policies under Salary Savings Scheme (SSS) cannot be collected through this channel.
    2. Premium can be paid IN CASH AS WELL AS THROUGH CHEQUE. Outstation cheques are not acceptable.
    3. Premium can be collected from  6 months before from the Due Date and till the policy is in force,  except for some term insurance policies.  For some Term Insurance policies Within 15 days only - plans 153- Anmol Jeevan,164-Anmol Jeevan-1,   177- Amulya Jeevan, 190 Amulya Jeevan.
    4. Premium can be collected for ULIP Policies; however, premium for Health Insurance policies cannot be collected at present.
    5. Premium cannot be collected for Next Financial Year. Ex During March 2012 premium cannot be collected for April 2012.

    No service charges are required to be paid by the policy holders to avail this facility

    RETIRED  EMPLOYEES COLLECTION  PAYMENT

    • Retired LIC Employees authorized to collect the premium can collect the premium in CASH  or CHEQUE and issue a valid receipt with their signature.
    • Premium for ULIP policies also can be collected by the retired employees, however this facility is not yet available for Health Insurance policies..
    • The Updation of premium in real time.

      Relevant Conditions

    1. Premium can be Collected only for Inforce, Ordinary policies under all modes (YLY,HLY, QLY & MLY) . Premium for policies under Salary Savings Scheme (SSS) cannot be collected through this channel.
    2. Premium can be paid IN CASH AS WELL AS THROUGH CHEQUE. Outstation cheques are not acceptable.
    3. Premium can be collected from  6 months before from the Due Date and till the policy is in force,  except for some term insurance policies.  For some Term Insurance policies Within 15 days only - plans 153- Anmol Jeevan,164-Anmol Jeevan-1,   177- Amulya Jeevan, 190 Amulya Jeevan.
    4. Premium can be collected for ULIP Policies; however, premium for Health Insurance policies cannot be collected at present.
    5. Premium cannot be collected for Next Financial Year. Ex During March 2012 premium cannot be collected for April 2012.
    6. No service charges are required to be paid by the policy holders to avail this facility.

    FAQ

    ECS

    What is ECS?

             ECS stands for Electronic Clearance Service. Policy holder gives standing instructions to LIC through a mandate to debit his bank account on settlement date for payment of his premium.

    What is required to avail this service?

             Policy Holder has to submit a duly signed Mandate Form attested by his bank to the Branch Office. Copy of the mandate form is to be submitted to his bank also.

    What is Mandate Form ?

             It is an authorization letter from Policy Holder for deduction of Premium, from his account.

    What are the details to be furnished in Mandate Form?

             Bank Name and address, Account holder's Name, Account number of the customer, Account type (Saving or Current etc), MICR Code (available on the cheque leaf).It is to be signed by the policy holder and also by account holder and must be attested by the Bank Official. Phone numbers and email-id also should be mentioned.

     Where to submit this mandate form?

             To any LIC Branch Office which is a servicing branch at least one policy mentioned in the mandate.

    Any Extra Amount is charged for this facility?

             No extra amount is charged for this facility.  5% extra premium charged for MLY policies is also waived for MLY ECS mode policies.

    Whether this facility can be taken for existing policies or available only for new Policies?

             This facility is available to all new policies as well as existing policies including ULIP policies 

    When the premium amount will be deducted from bank account of the policy holder?

             The debit dates fixed by Central Office are 7th, 15th and 28th of the month.

    If Bank account is changed then what is the procedure?

             A separate mandate form with new bank details is to be submitted to LIC office which comes under the ECS Centre of your Bank Account.  "Form for change of Bank Details" should be marked prominently on the mandate form.

    What is to be done in case of Mandate Failure?

             Premium should be paid across the cash counter in the branch all the dues till the date of payment. Subsequent premiums will be collected thru ECS.

    I have bank account in Mumbai, but my policy is being serviced by Delhi Branch. Can I opt for ECS?

        Yes, it is possible. Policies can be serviced by any LIC Branch in India but Policy Holder should have his Bank Account in specified areas.  LIC is having ECS facility in more than 80 cities and extended the facility to the customer having account in a banks with Core Banking Facility in the state of Karnataka, Andhra Pradesh and Tamilnadu.


    EBPP/ATM

    How to register for premium payment through Bill Pay/ATM?

             Registration through Bill Pay can be done through the Bank/Service provider's website or through a physical form issued by them.

             On being approached, the service provider obtains a written mandate from you, authorizing him to realize the billed amount directly from your bank account. You may have to give the bank account details and other requisite details as required by the service provider.

             ATM facility is available with AXIS BANK and CORPORATION BANK

    Whether all policies can be registered through Bill Pay.

             Only Non-ULIP, inforce policies can be registered through Bill Pay. MLY mode is not accepted through this payment mode.

    In which cities do the authorised service providers operate from?

             BillJunction.com has its operations in Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Ahmedabad & Pune

             Tech Process.com has its operations in Mumbai, Delhi, Kolkata, Chennai, Bangalore, Ahmedabad, Pune, Baroda & Surat. They also have tie-ups with their partner banks viz. Bank of Baroda, IDBI Bank, ABN-AMRO Bank.

    How much time is taken for the registration?

             It is a one time process and forms are different for different banks / service providers.  After submission of data to the bank / service provider the same is received by PCMC within 3-4 days for which confirmation / rejection is conveyed.  Total time taken for registration may extend up to 10 days.

    How to add the policy details at the authorised bank/service provider's web-site?

             Using the login & password provided by the bank/service provider, you can log on to your account page at the bank/service provider's website.

             You have to add LIC as biller with the policy details and other requisite information. In general, you would have to enter the policy number, the installment premium, email-id and any other information. This is a one-time process for each policy.

             Some of the service provider's/bank's web-sites have a demo page showing the process of adding the billers.

    How does LIC acknowledge the registered policy details?

             The bank/service provider sends these details to LIC for validation & confirmation of the registration data at pre-determined intervals.

             LIC validates the registration data, appends the same to the database and informs the bank/service provider about the registration status.

             Bank/Service Provider inform the policy holder through SMS/mail/Message on their website.

    When can I pay the insurance premiums?

             On confirmation of the registration, LIC will regularly send the bills/invoices mentioning the due dates, premium amount, late fees, validity date, etc to the service provider/bank.

             As and when premium becomes payable under the registered policy, LIC sends the bills to the bank/service provider, and the information will be displayed by the bank/service provider in your net-banking account page.

             Amount can be paid through net banking/credit card or any mode through which the payment is registered by you. Standing instructions also can be given to the bank/service provider to debit the account on a specific date.

         What are the charges for the payment through BILL PRESENTMENT?

             The System is free for the customers.  For LIC payments no extra amount will be charged by the banks or the service providers.

    What are the important points to be noted for availing this payment facility?

             Once registered for Premiums payments thru Net-Banking/Phone-Banking, you should avoid paying at cash counters, because there are many instances where payment for the same due-month is received twice.

             Since renewal premium receipts are dispatched to the postal address as per your policy records, please ensure that your policy records are updated with your current address.

             In case you have not received the renewal premium receipt, you may collect the premium paid certificate from any of the nearest LIC branch. Duplicate receipts cannot be printed in any case.

             As the payment is received by LIC through the Bank or the service provider, same may not be received on the same day of payment by the policy holder, hence there is short time-lag between the date of debit in your bank account and the date when the policy reflects the updated status.


    PORTAL

    What are the benefits of paying your LIC premiums through net-banking/phone-banking?

    You as our policyholder:-

             Can decide and authorize payments 24hrs a day * 7days a week because of anywhere & anytime access to internet.

             Can make premium payment within the comforts of your home or office, and avoid personal visit to LIC branch

             Will save time by not waiting in queues for making the payment.

             Can avail the free service from LIC, as you don't have to pay any charges to LIC or its authorized agencies for this additional benefit.

             Can choose the bank account you want to pay from,.

             Can decide the date on which you want your account to be debited.

             Can also view your premium dues and other policy details

    Which policies are eligible for payment of premiums thru this facility?

             Premium can be paid only for In Force policies.

             All modes are allowed for premium payment.

             Now Premium for ULIP policies excluding Health Insurance policies can be paid.

    What are the features of Online Premium Payment?

             The Payment and updation of master happen in real time. Digitally signed receipts issued immediately.

    What is the difference between Online Premium Payment and Bill Pay Payment Modes?

             Under Bill Pay (EBPP) policy holder registers through the bank/vendor and LIC accepts the registration. Demand invoice is sent and payment is received through the vendors. The payment can be made through net banking, phone banking, credit card, ATM or any other mode. Receipts are printed and sent by post. Under online premium payment, payment is made only through net-banking account through licindia website. Credit Card Payment is not available. Online, digitally signed receipt is issued instantly.

    I tried to make the payment but I got error page. I did not get any receipt though my Bank account was debited.

    If your account is debited and the receipt is not generated it may be due to session timed out or link failure. For such cases the receipt is generated offline and is sent to the email-id as mentioned in the profile. The receipt will also be available in the browser and can be viewed through option "view pay premium online receipt". This may take 3-4 working days time as the amount is received at our end after 2-3 days.

    When the premium can be paid.

     Premium can be paid 6 months before the due date to till the policy is in force. Last premium before maturity under Qly & MLY mode cannot be paid online.

    How & by what time will my policies get updated and reflect the latest premium payment position on the PORTAL?

    Normally updation happens in real time, it may take some time is payment is made outside office hours or on non-working days. May take 3-4 days if transaction was not successful due to session timed out or any other reason.

    What is the acknowledgement given for payments made?

             Online digital receipt is generated instantly.

    What is an e-receipt? Whether it is valid for Income tax purpose.

                E-receipt is online, digitally signed receipt and is valid for IT purpose.

     Do I get any other receipt by post.

              No other receipt is sent by post for online payments.

     What are the charges to be paid for availing this facility?

             This facility is absolutely free for the policyholders of LIC.

             LIC has agreements with the authorized banks/service providers wherein LIC will pay a mutually agreed charge per transaction on monthly basis. Customer will not be charged for availing this payment facility.

    What is a digital signature? How to verify the digital signature?

             Digital Signature is an encrypted code through a special software. it is a technical process and is not like an act of handwritten signature where a signer always makes a similar mark (signs) on the document in a distinctive manner. Digital signature provides authenticity, integrity and non repudiation to electronic documents

    The viewer needs to perform a one-time activity of explicitly adding the Trusted Roots on his/her computer. Once the Trusted Roots are added, the viewer can validate any Digitally Signed document. This can be done in the following 3 simple steps:

    Install Root Certification (One-time) - This is a one-time activity that the user must perform on his/her computer, to install the Root Certificate on the computer that he/she will use to Validate LIC e-Receipts.

    Enable Windows Trust for Verification (One-time) - This is a one-time activity that the user must perform on his/her computer, to integrate Adobe Reader with Windows Certificate Store.

        Validate the LIC e-Receipt

                 The viewer will verify all the Digitally Signed e-Receipts that he/she receives from LIC.


    Premium payment through AXIS BANK

    How can I make the payment through AXIS bank

             Payment can be made in any AXIS bank or extension counter throughout the country by cash or cheque drawn on Axis Bank.

    Whether I can make the payment through cheque drawn on any other bank?

             No, payment can be made only by Cheque drawn on AXIS Bank.

    How I will get the premium receipt?

             Valid, signed Premium receipt will be issued by the bank immediately at the counter. Single receipt will be issued if payment is made for more than one policy by the policy holder.

    Whether the receipt issued by AXIS Bank can be submitted by IT authorities?

             Yes, the receipt is valid, signed receipt. It has Mundrank number in lieu of revenue stamp.

    Whether any other receipt will be issued to me?

             No other receipt will be issued by LIC and sent by post.

    When my payment will be updated in LIC?

             The updation of premium normally is in real time.

    Premium can be paid for which polices.

         Premium can be paid for all Inforce, Non-ULIP, non-SSS policies.

    When the premium can be paid.

     Premium can be paid 6 months before the due date to till the policy is in force. Last premium before maturity under Qly & MLY mode cannot be paid through this mode.

     Whether any extra charges be collected by the bank?

    NO EXTRA CHARGES WILL BE COLLECTED BY THE BANK. 


    Franchisees

    Whether I can make the payment through cheque?

             No, presently payment can be made only by cash.

    How I will get the premium receipt?

               Valid, signed Premium receipt will be issued by the Collection Center immediately.

    Whether the receipt issued by Cash Counter can be submitted by IT authorities?

             Yes, the receipt is valid, signed receipt. It has Mundrank number in lieu of revenue stamp.

    Whether any other receipt will be issued to me?

             No other receipt will be issued by LIC and sent by post.

    Premium can be paid for which polices.

         Premium can be paid for all Inforce, Non-ULIP, non-SSS policies.

    When the premium can be paid.

     Premium can be paid 6 months before the due date to till the policy is in force. Last premium before maturity under Qly & MLY mode cannot be paid through this mode.

     When my payment will be updated in LIC?

             The updation of premium normally is in real time.

    Whether any extra charges be collected by the Service Provider?

              NO, NO EXTRA CHARGES WILL BE COLLECTED BY THE E-SEVA CENTRE.

    From where I will get the refund, in case it happens to be a double payment.

                In case Unpaid Premium is not updated, transaction for the due will be created and distributed to the servicing branch which is to be refunded / adjusted by the servicing branch.


    AGENTS COLLECTION PAYMENT

    Which agents can collect the premium?

    • Agents authorized by MKTG, Central Office can collect the premium.

    Whom to contact for getting authorization to collect the premium.

    • Mktg Dept, Central Office is to be contacted through proper channel.

    What is the criterion to get the authorization?

    • It is decided by the MKTG Dept, Central Office.

    How the agents can collect the premium.

    • Authorized agents will be issued a login-id and password on LIC portal through which collections can be done. Maximum collection can be done up to a certain pre-decided limit after which the amount collected is to be invariably deposited in the Axis bank(cash only) or the selected LIC Branch or cash invoice may be deposited online on LIC portal using Net Banking Account.

    If the payment can be made to any agent?

    • Yes, payment can be made to any agent authorized to collect the premium.

    For which policies payment can be done?

    • Premium can be paid for all in force non-sss policies including ULIP policies. Premium for Health policies cannot be collected.

    When the premium can be paid.

     Premium can be paid 6 months before the due date to till the policy is in force. Last premium before maturity under Qly & MLY mode cannot be paid through this mode.

    How the payment can be made?

    • Payment can be made in cash or cheque.

    How I'll get the premium receipt?

    • Signed, valid premium receipt will be issued by the agent immediately. Single receipt will be issued if payment is made for more than one policy by the policy holder.

    Whether the receipt issued by the agent can be submitted by IT Authorities?

    • Yes, the receipt is valid, signed receipt. It has Mundrank number in lieu of revenue stamp.

    Whether any other receipt will be issued to me?

    • No other receipt will be issued by LIC and sent by post.

    When my payment will be updated in LIC?

    • The updation of premium normally is in real time.

    Whether any extra charges be collected by the agent?

    NO EXTRA CHARGES WILL BE COLLECTED BY THE AGENT.

    SENIOR BUSINESS ASSOCIATE

    Which Development Officer can collect the premium?

    Development Officer Appointed as Senior Business Associate by MKTG, Central Office can collect the premium.

    What is the criterion to get the authorization?

    It is decided by the MKTG Dept, Central Office.

    How the SBA can collect the premium.

    SBA will be issued a login-id and password on LIC portal through which collections can be done. Maximum collection can be done up to a certain pre-decided limit after which the amount collected is to be invariably deposited in the Axis Bank/LIC Branch Office. SBA should go through the guidelines issued to them before starting to collect the premium.

    For which policies payment can be done?

    For all INFORCE policies (except SSS and Health plans) premium can be collected.

    When the premium can be paid.

     Premium can be paid 6 months before the due date to till the policy is in force. Last premium before maturity under Qly & MLY mode cannot be paid through this mode.

    How the payment can be made?

    Payment can be made in cash or by cheque

    In case of cheque dishonour, who will take the dishonour action.

    LIC Branch where the amount was deposited by the SBA has to take the dishonour action.

    How the policy holder will get the premium receipt?

    Signed, valid premium receipt will be issued by the SBA immediately. Single receipt will be issued if payment is made for more than one policy by the policyholder.

    Whether the receipt issued by the SBA can be submitted to IT Authorities?

    Yes, the receipt is valid, signed receipt. It has Mundrank number in lieu of revenue stamp.

    Whether any other receipt will be issued to the policyholder?

    No other receipt will be issued by LIC and sent by post.

    When the payment will be updated in LIC?

    The updation of premium normally is in real time.

    Whether any extra charges be collected by the SBA?

    NO EXTRA CHARGES WILL BE COLLECTED BY THE SBA.