What is LIC Premium?
When you purchase or invest in any of the LIC policies, you need to make the payment monthly, annual, and even quarterly. These payments are known as premiums, and a policyholder pays the premium amount for the policy to save up the money for their future. Once the policy's tenure is completed, the premium amount will be returned to the policyholder with assured benefits that are part of that specific policy.
Customers who will make the payments of premium for LIC plans can get their receipts online. There are multiple ways by which one can make the premium and also download the premium receipt in multiple ways. Today, with this article's help, we will showcase steps on how you can download the receipt of LIC premium policy.
How to Download LIC Premium Receipt?
There are few options available for policyholders to make payment of their premiums, and some of them are mentioned below:-
Official LIC Portal
As we said, there are multiple ways one can make the payment for the premium of your policy. There is an online portal available on the official website of the LIC. with the help of the online portal, one can quickly make payments with just a few clicks. In addition to this, both registered and unregistered users are able to make payments through the official portal. Apart from this, both registered and unregistered users can download receipts of their payments from the same portal as well.
Payments Via Paytm/ PhonePe/ GooglePay/ Amazon And More
One can make the renewal of their policy premium via these applications. On all of these websites, you can find the LIC logo under the category of insurance. During the initial steps of making the payment, these online portals will ask you to provide the username from which it is registered with the policy.
Likewise, you can also download and see your receipt in “My Order” of these applications. For Google Pay, you can check the “all payment activity” for the receipt of the premium. For Amazon pay, you can find the receipt in “your orders.” In PhonePe, you can find it in “History.” Also, if you make the payment of premium from these applications, it will be updated on a real-time basis.
NACH
This service was started by LIC in the year 2004, where the premium is deducted by the bank at the pre-decided date and remitted to LIC. At present, LIC of India has now migrated all its existing poLICies registered under the ECS mode of premium deductions to NACH from November 09, 2016. Keep in mind, under the NACH system, and mandate forms need to be submitted by you as a hard copy at the servicing branch of LIC.
BillPay
There are a number of authorized banks and mutual fund companies where you can submit the premium of your LIC policies. Some of the well-known banks which provide this service to their customers are ICICI bank, Axis bank, Federal bank, Union bank, LIC mutual funds and more.
How To Register On LIC Portal?
If you have never registered on the LIC website before, then follow these steps to make a new account right now.
- Visit the LIC website and then locate the online services box, which is present on the left-hand side of the web page and then you need to click on the customer portal.
- Now you will be redirected to the LIC e-services and click on registration for the ‘e-services’ menu. Here you will see there are new users and registered users.
- Go to the new user menu and then enter the details such as the date of birth, email ID, mobile number and other details as per the requirements mentioned in the signup form.
- Once you have done filling in all the information, you need to click on proceed and agree to the terms and conditions.
- Create the username id and password for your registration, and then use these login credentials to use the LIC portal.
- Now you will go to the login portal of the LIC and then again to the LIC e-services and then choose the “registered user” option by entering the username and password.
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Conclusion
So these are some of the ways by which you can pay and download the receipt of the premium. One can also directly log in to the customer service portal with the help of credentials such as username and password to download it.
How do I check if the premium I paid has been done successfully?
The policyholder can check whether they have paid the premium amount or not by going to the online portal of the LIC. All you need to do is log in to the official website with your username and password, and from there, you can navigate to the premium section and see if the premium for the following tenure is paid or not.
How can I download a certificate of my premium paid?
The premium paid certificate is the document that shows you the total amount you have paid for the premium during the specific financial year. The certificate for the premium paid will be given to you one day after you have successfully made the payment.
What is the receipt type in LIC online payment?
The receipt will be given in the form of an online invoice which can be downloaded offline to your computer or smartphone as well. On the other hand, you can ask for the transfer of receipt to your emails as well.
Can we pay the premium amount in advance?
If you have opted for the monthly payments of your premium, then you can only pay for three months in advance on the commencement of the policy. In addition to this, people who have opted for annual payments cannot pay their premiums in advance for more than two consecutive years.
What happens when I miss the due date of my premium?
Your policy will continue to exist even after 6 months of non-payment of premium after the grace period of 30 days has gone. But if you still want to continue with the policy, you need to pay the interest on the outstanding premium as a penalty. The grace period of most LIC polices is 30 days. Policies with shorter tenure have 15 day grace period.