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 issue payment instruction 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, any or all of your bank
accounts can be registered with the
service provider.
- Can decide in advance the date on
which you want your account to be debited.
- Can choose to modify your instructions
during the intervening time.
- Will get reminders and alerts by
email from the banks and service providers
about the premium dues.
- Can avoid expenses of postage/courier
in sending the remittance to LIC.
- Can avoid demand draft/pay order
charges for outstation policy premiums.
- Can also view your premium dues and
other policy details
Which policies are eligible for
payment of premiums thru this facility?
- Policies which are being serviced
in networked branches, or those policies
which can be accessed through our MAN
(Metro Area Network) or WAN (Wide Area
Network).
- Policies which are of ordinary mode
of payment ie. Yearly (Yly), Half-yearly
(Yly) or Quarterly (Qly).
- Policies with mode of payments such
as single premium, ordinary monthly
(Mly) and Salary savings scheme (SSS)
are not available for this facility.
- Policies should reflect in-force
policy status. Lapsed policies or policies
due for revival are not valid.
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.
Which organisations are authorised
to collect LIC premiums thru their net-banking/phone-banking
facility?
- Authorised Banks:-
- HDFC Bank, ICICI Bank, Bank of
Punjab, UTI Bank, Global Trust Bank,
Federal Bank, Corporation Bank,
and Citibank
- Authorised Service Providers
(available only in select cities) :-
- BillJunction.com, Timesofmoney.com,
and BillDesk.com.
Who can register with the authorised
banks?
- You as our policyholder having a
bank account with any of the above-mentioned
authorized banks in any of its branches
in India.
- You should have opted for the net-banking
facility with the respective bank. Details
of the same can be obtained from the
respective bank thru its web-site. Downloadable
forms are also available for new customers.
- You should be able to access the
net-banking account with the login &
password provided by the bank.
- For more details about net-banking,
you may log on to the respective bank’s
website.
Who can register with the authorised
service providers ?
- You as our policyholder having a
bank account in any bank in the select
cities where the above-mentioned service
providers have their operations.
- On being approached, the service
provider obtains a written mandate from
you, authorising him to realise 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.
In which cities do the authorised
service providers operate from ?
- BillJunction.com has its operations
in Mumbai, Delhi, Kolkata, Chennai,
Bangalore, Hyderabad, Ahmedabad &
Pune.
- TimesofMoney.com has its operations
in Mumbai, Delhi, & Bangalore.
- BillDesk.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 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 instalment
premium, email-id and any other information.
This is a one-time process for each
policy.
- Some of the service providers/banks’
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
and informs the bank/service provider
about the registration status. Since
LIC’s database is de-centralized,
generally it takes a week’s time
for confirmation of registration data.
- A consolidated database of registered
policies is maintained by LIC. This
database is updated at regular intervals
on the basis of changes received from
the original servicing branches.
- LIC also sends auto-mailers to the
registered policyholders informing the
registration status.
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.
How to pay the insurance premiums
through the banks/service providers?
- You have to log on to the bank/service
provider’s website.
- On the web page, you have to signify
the date on which you want your account
to be debited and click the consent
for the payment. You may even specify
a particular account in case of multiple
bank accounts.
- The authorized Bank will debit your
bank account, consolidate the payments
and send the consolidated amount to
LIC in form of bankers’ cheque
/ payorder.
- The authorized service provider will
send the instructions to the bank branch
(as mentioned in your mandate form)
through the RBI’s Electronic Clearance
System and the bank will debit your
account and credit the same to the service
provider’s bank account, who’ll
then remit the amount to LIC.
- Some service providers have autopay
facility (where you can issue standing
instructions to the service provider
to debit your account as when the bill
becomes payable), or phone-banking facility
(where the you can issue telephonic
payment instructions)
How will the payment get accounted
under the policy?
- All consolidated payments from the
Banks/Service providers are received
at LIC, Branch 883 (under Mumbai Divisional
Office – I), Yogakshema (West
Wing), Ground Floor, Nariman Point,
Mumbai-400 021.
- Through batch processing in Internet
module, premium transactions & renewal
premium receipts are generated for each
policy number.
- Renewal premium receipts for the
same are printed and dispatched by ordinary
post.
- Premium transactions pertaining to
branches other than Branch 883 are sent
to the respective servicing branch through
the present network programs.
- All unadjusted premium collections
are refunded to the Service provider/bank.
Emails will be sent to the registered
policyholders’ email-ids informing
the status of the registrations/payments.
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 the
servicing branch of your policy. Duplicate
receipts cannot be printed in any case.
- Since we have de-centralized database
structure, the collections are not adjusted
online, the transaction has to reach
the destination servicing branch of
your policy for updation of the policy
status. 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.
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