Life insurance policies offer benefits that are not offered by any other financial instrument. It lets you save as well as offers security. It is an asset and with the wide range of LIC policies available today, you can choose to buy one that suits your needs.
There are various reasons why you should buy an LIC policy.
- It offers tax benefits
- The policies are liquid
- The LIC polices offer risk cover
- They are flexible policies
- The LIC policies also give you a loan facility
- You can buy LIC policies for your retirement
- You can buy an LIC policy for long term saving
- The income benefits are assured
Even after knowing about the advantages of buying an LIC policy, many tend to postpone the decision to purchase one. This is because they fear the long procedures of buying an LIC policy, standing in the heat and in the queue for hours together.
The good news is that today buying an LIC policy or paying a premium is very easy. You do not have to even step out of your home to buy or renew an LIC policy. All this can be done with the LIC online payment option.
There are a number of premium payment services for LIC which lets you make the online premium payment with or without registration.
Why Would You Want To Pay LIC Online Premium Payment Without Registration?
The registration process on the LIC website is easy but for that you need to have a PAN or an Aadhar number. If you are a non-resident Indian but have an LIC policy then there are chances that you may not have all the requirements to register on the LIC website.
The other reason could be that you do not log in to this website regularly and keep forgetting your password and other details. The without registration method lets you make payments instantly without spending time to regenerate your password again and again.
The LIC website accepts payment without registration too and thus you need not bother about becoming a registered member to make premium payment.
Making LIC Online Premium Payment
You can pay LIC premium at any time of the day on the LIC online website. LIC also has tie ups with some banks and financial institutions which let you make the LIC online premium payment. You can make LIC premium payment on the LIC website, through the authorised banks, through a franchisee and merchant banks.
LIC Pay Direct –An Easy And Convenient Option
This has been introduced by LIC recently to let the policyholders make premium payments without registration. There is no registration fee, hidden costs or any annual charges to use this facility.
The policyholder should have the following information in order to make a premium payment through LIC pay direct. The requirements are:
- Policy number
- Instalment amount
- Date of birth
- Email id
- Mobile number
- Net banking or credit card details
Steps To Make Payment Without Registration
The steps to make a premium payment on the LIC website without registration are:
- Go to the LIC direct website
- Click the LIC online services tab and click on the pay premium online option
- Then click on the LIC direct pay option
- This will take you to the LIC premium online payment
- You will have to fill in your details here. These are policy number, instalment premium amount, date of birth, your email id etc.
- You need to choose the premium payment methods and make the payment online
- The receipt of premium will be emailed to your email id
- The transaction status can be checked by entering the transaction date and the policy number
What Should You Know When Making LIC Premium Payments Without Registration
- The payments that are allowed are for premium, loan interest repayment and loan repayment
- Before you initiate the payment the verification has to be complete
- You will have to submit your policy number, date of birth and instalment premium amount which will be used for verification
- The payment options are through internet banking, credit or debit card and e- wallets
- There are charges only for payments made through credit card
- The charges are not applicable when making payments through Axis Bank credit card
- The maximum amount for credit card payment is Rs.100000, for those who are paying through a non-Axis Bank credit card
Payment Process Through LIC Pay Direct Option
The methods of making an online premium payment are many and you can choose the method that best suits you. There are special offers available when you make payments through Standard Charted Bank and Axis Bank. Those who have these banks can choose to make payments through them to enjoy the benefits.
The LIC premium can also be made through e-wallets like BHIM UPI. This is a new method that is safe and secure and has been developed by the Indian government.
You can also make payments through internet banking, credit or debit card or through other e-wallets. You need to select the bank or the credit card type which will direct you to the banks web site. Once the payment is done you get a premium payment successful message.
It Is Completely Hassle Free Today
You cannot agree more that making premium payments is a cake walk on the LIC of India website. You have the option to make payments without registration and also through a range a payment options.