How Can I Pay LIC Premium Without Paying?

Can I pay LIC premium through Amazon pay?

How do I make insurance premium payment.

Go to the Amazon Pay page and click on Insurance Premium option.

Alternatively, you can click on Bills option available on Amazon.in home screen and thereafter click on Insurance Premium option.

Select the insurer of the insurance policy and enter the insurance policy number..

What happens if you forget to pay LIC premium?

If you do not pay the premium of your LIC policy on time or within the provided grace period, then your policy lapses. However, you can revive your lapsed policy within policy term subject to the formalities of revival that should be observed.

Can LIC premium be paid online after due date?

Yes, you can pay your LIC premium online after the due date, but it will attract a late penalty fee @ 8% (minimum of ₹5).

What is first unpaid premium?

Definition: First time default on premium payments by a policy holder is termed as First Unpaid Premium. Description: With each premium payment a receipt is issued which indicates the next due date of premium payment. If the premium is not paid, this date becomes the date of first unpaid premium.

How is LIC maturity amount calculated?

Loan Availability – Acts as an LIC loan calculator; you can then decide how much loan on LIC policy you can avail. Paid-up Value- This is calculated by multiplying the sum assured with the ratio of the number of premiums paid to the number of premiums payable.

How can I check my LIC policy maturity amount online?

The LIC website states that policyholders can send the claim requirements by email. The mail should be sent to claims.bo @licindia.com where the branch code is the servicing branch. For instance, if 883 is the servicing branch, the mail will have to be sent to claims.bo883@licindia.com.

Why can’t I pay my LIC premium online?

Unable to make payment online Policy is in lapsed condition, which is generally after 6 months from last premium due date. In such case, kindly contact nearest LIC branch for revival of policy.

What happens if I stop paying LIC premium after 3 years?

On surrendering the policy after three years, the insurance company will pay you a guaranteed surrender value equal to 30% of all premiums paid after deducting the first year’s premium. … Special Surrender value = 80% of Maturity Sum Assured if you have paid premiums for 3 or more years but less than 4 years.

What is the grace period for paying LIC premium?

Grace Period For Premium Payment The grace period for policies where the premium payment mode is monthly is 15 days from the due date. The grace period for policies where the premium payment mode is quarterly, half-yearly or yearly is one month but not less than30 days.

How can I get lic money after maturity?

Documents Required for Maturity Claim DischargeOriginal LIC Policy Document.Identity Proof.Age Proof (if not submitted previously)Cancelled Cheque leaf or a copy of the Policy holder’s Bank Passbook.NEFT Mandate Form (to transfer the maturity proceeds directly to the policyholder’s account)More items…•

How much money will I get if I surrender my LIC policy?

Guaranteed Surrender Value: The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

How do I pay a reduced paid up policy?

If you have whole life insurance and no longer want to pay premiums for your policy, you can either opt to surrender it and receive the cash value or use the accumulated cash value to fund reduced paid-up insurance coverage.

Is there any charges for LIC premium online?

This premium payment facility can be availed for free. there is no service charge or extra fee that is levied for the usage of this service.

How is late fee for LIC premium calculated?

How to Calculate the Late Payment Fee?LIC Policy Premium for 1 year (12 months) is Rs. 4,000.The premium for 3 months will be (4000/12)*3 = 1,000.The late premium fee will be charged: (9.5% of 1,000) = 95.The total revival premium amount to be paid is (4,000 + 95) = 4,095.

Can I pay LIC premium by credit card?

Here is how you can pay your LIC premiums using your credit card: Step 1: Log in to LIC’s website: visit www.licindia.in. … Select the options – Net-banking, credit card and debit card – to make the premium payment. It provides real-time payment of renewal premium-dues through the online portal.

Can I pay LIC premium through debit card?

LIC Premium Payment Through Debit Card. Now you can pay your LIC premiums online through the debit card option. … As opposed to the traditional method of paying premiums offline, LIC has established an online portal through which individuals can pay their premiums either through a debit card or a credit card.

Is it safe to pay LIC premium through Paytm?

On the successful payment, Paytm will send you a message on your registered email and mobile number for your reference. Whether you make a LIC premium payment online through debit card, credit card or net banking, we ensure you safe & secure transaction every time you visit us.