What Are The Service Charges For Paying Lic Premium Through Smartpay

There will be no extra transaction charges, but maximum amount of premium – including GST and late fee, if whatsoever – may exist paid is Rs 50,000 in a unmarried transaction.

The customers of Life Insurance Corporation (LIC) of India need not worry anymore most remembering the due date of paying the LIC premium or take out time to stand in a queue as they now have the options to pay their premium through net banking equally well every bit adding the insurance company to the listing of billers and motorcar pay the futurity premiums.

Moreover, at that place will be no actress transaction charges for paying premium through net banking, but maximum amount of premium – including GST and tardily fee, if any – may be paid is Rs 50,000 in a single transaction.

"To enhance the facility of online payment of renewal premium to LIC policyholders, a new choice under the generic term "INSTAPAY Service", which is available across all banking platforms in India, has been integrated through the existing Bill desk supported platform," said LIC of Bharat in a statement.

The LIC policyholders may now avail the benefit of this existing user friendly service on the banking applications of scheduled banks that is widely used past banking company customers to pay their bills.

Here is how you may use this facility:

• Log in to your bank's website or download Banking App on mobile device and log in.
• Select 'Pay Bills'
• Choose "insurance" as the category of Biller
• Click on "Insurance" and view the list of insurance companies in dropdown menu
• Click on 'Life Insurance corporation Of India"
• Proceed past keying in the policy number, proper name, premium amount, electronic mail address and mobile number. The premium due date, full corporeality due (with GST and tardily fee, if whatever) volition exist fetched from the LIC customer portal and displayed on the screen.
• Yous may choose the 'Auto Pay' option to ease the burden of remembering to pay premium each time.
• You may likewise cull if you want to get the premium receipt in Electronic way or Physical style.
• Premium will be paid online from the net cyberbanking enabled account of the customer instantly on clicking 'submit'.
• The limit for making payment through the Instapay facility is Rs l,000 per transaction.
• In that location are NO charges for the transaction
• E receipt is emailed to the email address of the customer that was keyed in at the fourth dimension of initiating the transaction. Customers may also download the due east receipt in pdf format.

Some banks even provide the benefit of delayed premium payment by taking end of grace period as the due engagement and automobile pay the premium 7 days earlier end of the grace period.

Presently this service is available on the portals of following 24 scheduled banks (confirmation is still pending from banks):

1. Allahabad Bank
2. Bandhan Bank
3. Depository financial institution of India
4. Canara Bank
5. Catholic Syrian Bank
6. Central Depository financial institution of Republic of india
7. Cardinal Wedlock Bank
8. Dena Banking concern
9. Deutsche Banking company
10. Dhanlaxmi Bank
11. HDFC Banking company
12. ICICI Bank
13. IDBI Bank
14. Bharat Overseas Banking company
15. Jammu and Kashmir Bank
16. Karnataka Banking company
17. Punjab National Bank
18. RBL Bank
19. Saraswat Bank
20. State banking company of India
21. Syndicate Banking company
22. UCO Bank
23. United Bank of Republic of india
24. Yes Bank

What Are The Service Charges For Paying Lic Premium Through Smartpay,

Source: https://www.financialexpress.com/money/insurance/good-news-for-lic-policyholders-you-may-now-auto-pay-your-premium-by-adding-it-to-net-banking/1627155/

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