LIC policy: Top 10 benefits of paying premium via net-banking

ZeeBiz WebTeam | Jul 14, 2020, 02:07 PM IST

LIC policy: In the wake of COVID-19 pandemic and a vaccine still not a reality, maintaining social distancing while executing one's important works and assignments is very important. That also includes trying to maintain social distancing even in financial transactions - go cashless.

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LIC Policy Payment During Lockdown

LIC Policy Payment During Lockdown

In fact, the Government is pressing for digital payments instead of cash transactions as the latter breaks the social distancing norms during coronavirus lockdown. The same applies to the Life Insurance Corporation (LIC) policy holders. LIC had gone digital much before the outbreak of the Chinese virus. In fact, there are some benefits that have been provided by LIC policy holders - they will get these benefits if they pay premium for their policies through net-banking. Photo: Pixabay

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LIC Policy Payment Online

LIC Policy Payment Online

The most important benefits that an online premium payer avails via net banking option have been highlighted on the official LIC website. The statement says, "A policyholder can decide and authorize payments 24hrs a day, 7 days a week because of anywhere and anytime access to the internet." Most importantly, the facility is completely free of cost means there are no service charges being levied on the LIC premium payments through net banking option. Photo: Pixabay

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LIC Policy Tie-ups

LIC Policy Tie-ups

LIC has agreements with the authorized banks — HDFC Bank, ICICI Bank, Bank of Punjab, UTI Bank, Federal Bank, Corporation Bank, and Citibank and service providers — BillJunction.com, and BillDesk.com wherein LIC will pay a mutually agreed charge per transaction on monthly basis. Photo: Pixabay

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LIC Policy Payment Online Benefits

LIC Policy Payment Online Benefits

Here are the top 10 other benefits that LIC claims for the policyholders if they wish to pay premium via net-banking:

1] Can issue payment instruction within the comforts of your home or office, and avoid personal visit to LIC branch;

2] Will save time by not waiting in queues for making the payment;

3] 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;

4] Can choose the bank account you want to pay from, any or all of your bank accounts can be registered with the service provider;

5] Can decide in advance the date on which you want your account to be debited; Photo: Pixabay

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More LIC Benefits

More LIC Benefits

6] Can choose to modify your instructions during the intervening time;

7] Will get reminders and alerts by email from the banks and service providers about the premium dues;

8] Can avoid expenses of postage/courier in sending the remittance to LIC;

9] Can avoid demand draft/pay order charges for outstation policy premiums; and

10] Can also view your premium dues and other policy details. Photo: Pixabay