Insurance

LIC is amongst the most trusted names in the Indian life insurance sector. And millions have purchased their policies from this household name.

However, when it comes to paying their regular premiums, most of these policy holders spend hours of their time standing in the queues at LIC offices.

This is probably because they are not aware of the multitude of online payment options that  are easily available and are much more convenient.

In this post, I will cover all these online payment options for LIC premium in complete detail.

Let's start...

A neighbor of mine bought an LIC policy last year to provide financial security for her family. But, she hadn't paid even the three instalments, when she had to go abroad for an urgent assignment for her company.

In all this hustle bustle of her professional life, she totally forgot her premium due dates and missed her grace periods. She came back to India after three months, remembered about her policy and went to her local office to deposit the due payments.

Her policy had lapsed and she had to pay extra charges to revive it back. Charges that could have been easily avoided.

Sounds familiar?

In fact, It's far too common for subscribers to forget their premium due dates. Many of them miss the grace periods too, and their policies end up lapsing. This can be easily avoided if you regularly check your lic status and keep a close tab on your due dates.

Earlier, getting these details meant you going to LIC branch office or getting in touch with your agent. You may have had to stand in a long queue as well.

But thankfully, LIC has changed all that...