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LIC Policy Payment: Short of cash? Here's how to pay LIC premium through credit card

Speed News Desk | Updated on: 20 December 2019, 16:12 IST

The new month and New Year is just 11 days to go and there are several pending bills and other expenses that will hit your pocket hard. Amid these expenditures, if you have any LIC policy then the premium will have to be submitted before you may face late fee charge on it.

If you are short of cash and unable to pay your LIC policy premium then the credit card will help you. Before the last date, tax-saver who don’t have enough money in their account can pay through credit cards.

To promote the usage of credit cards, LIC on December 1 announced that it has waived off charges on credit card payments.

"From December 1, 2019, any credit-card originated payments towards renewal premium, new premium, or repayment of loan and interest on loans against the policies will not attract any additional charges or convenience fee its parlance,” LIC released a statement.

Here’s how to pay LIC premiums through credit card:

1. Visit the official website of LIC at licindia.in.
2. Click on the link which says, ‘Pay Premium Online’
3. Select the policies for which you want to make payment
4. Log in your credentials to the customer portal.
5. If you don’t want to register with the portal then pay using ‘LIC PayDirect’
6. For payment, three types of payments will show on the page:
a) Premium payment/revival, b) Loan repayment and c) Loan interest repayment.
7. You will be re-directed to a payment gateway page
8. Select the options- Net-banking, credit card, and debit card - to make the premium payment.
9. Your real-time payment of renewal premium-dues will appear on the online portal.
10. If you are using Net Banking then you will be redirected to the bank website by submitting a login id and password.
11. In case of people using credit or debit card need to submit their card credentials on the payment gateway page and proceed further.
12. Finally, your complete payment status will be shown on the page

Besides, the above step, the user can also pay a premium by downloading MyLIC App.

Also Read: LIC Policy Offer: Buy this policy and get minimum sum assured of Rs 2 lakh

First published: 20 December 2019, 16:04 IST