Through ‘Online Payment’ feature, you can make your insurance premium payments from the comfort of your desktop. With just a few mouse clicks, consider your insurance payments done and forget your tedious visits to the payment counters.
Now, you can also make your payments through Electronic Clearing Service (ECS) procedure or via online route through listed banks and other authorised service providers. To know details of the banks, alternated channels and their respective procedure, scroll down.

List of the banks

1. HDFC Bank
2. ICICI Bank
3. AXIS Bank
4. Oriental Bank of Commerce - SBU Secunderabad
5. Federal Bank
6. Corporation Bank
7. Citibank

1. BillJunction.com
2. Timesofmoney.com
3. BillDesk.com

1. Premium Payment through Electronic Clearing Service (ECS)

The policyholder can pay premiums of a maximum of 5 Life Insurance Policies. You or any of your near and dear ones could hold these policies. LIC will send the receipt of the payment received as per the normal process. Your HDFC Bank Account Statement will also contain the details of the Insurance Premium/s paid.

• Log-on to NetBanking
• Select Bill Payments option
• Select Insurance Company
• Details like bill amount (inclusive of interest if any) and due date will be displayed.
• Confirm the payment
• A confirmation of the transaction of the bill amount from your account and a reference number will be given.
  

ICICI bank customers can pay their LIC premium bills online on www.icicibank.com. Under this facility, ICICI bank customers can view their bills online and pay immediately or schedule them for a future date. This facility is available only for those premiums which are payable yearly, half-yearly and quarterly. Currently, this service is available for ICICI bank customers who have their policies in any of the 89 cities across the country.

• Login to www.icicibank.com using your Internet banking user id and login password.
• Go to BillPay section.
• Click on the "Register a biller" tab. LIC is an "All India biller" i.e. any ICICI Bank customer can register and pay his LIC bills on ICICIBank.com.
• After selecting LIC, you have to fill in your policy details.
• You can select the manual option or the Autopay option. Under Autopay, you can choose to automatically pay the bill on the due date. There are again two options under Autopay. You can either choose to pay the bill only if the bill amount is within your specified limit or pay all the bills presented to you.
• Once registered, you are ready to pay your bills.
  

BillJunction now brings to you a very easy and convenient way to pay your LIC Insurance Premium. You can view your premium details of your policies and pay them at www.billJunction.com from the comfort of your desktop. These services would be available for registered customers of billJunction.com. To avail the services, all you need to do is fill in an online application form and create an account for yourself.

Please note: This service is available for policy holders who have a bank account in any bank in the cities of Mumbai, New Delhi, Kolkata, Pune, Bangalore and Hyderabad and have their policies serviced within any of the 89 cities across the country. Click here to view the cities.

The registration is Rs. 50. Once the online form is filled, it is mailed to the user’s given email id, which has to be signed and posted back addressed to billJunction.com.

TimesofMoney.com offers the bill payment facility for the payment of LIC Policy premiums. Currently, these services would be available for registered customers of www.timesofmoney.com.

Pay your LIC premium at your convenience. Customers having their accounts in the registered Banks can view the due amount and pay their LIC premiums directly. This service is available for LIC policies registered in 89 cities.

• Simply log on www.billdesk.com to get started.
• You will receive your LIC premium statement online at www.billdesk.com
• You will receive email informing you about the receipt of your premium notice
• You can pay any time of the day
• You can choose when and how to pay - OnlinePay or AutoPay
• You can use your existing bank accounts to make your LIC premium payments
• You receive timely emails that remind you to pay your LIC premium payments
• You get a receipt from LIC immediately within a week after you make payment
• You can store your LIC premium statements, maintain a record of your payments
• You get instant help for any queries
• The details/information entered by you is secured by billdesk.com

• There is no further registration involved at the service provider’s end.
• There is no time lag from the date of payment to obtaining receipts.
• It is also a secure arrangement, as the policy data is not shared between LIC and Banks over net as only the amount to be paid is encrypted and transported. The login ids at both the sites (LIC and Bank) are known only to you.
• And above all there is no charge for you to avail this service.
• It can be used by any customers who have a bank account and an access to the Internet
• All you need to do is register online at www.billdesk.com
• To Register, you would need the following details:
  • Your LIC Policy Number
  • Your Bank account details from where you will make the LIC premium payments
• You will need to provide your email address, a few details and then you are ready to view and pay your next LIC premium notice online at www.billdesk.com
• You can specify more than one bank account for making your payments
• You will receive email alerts informing you about your LIC premium notices
• You can log on to www.billdesk.com, view your LIC premium notice and issue payment instructions online for payment from any of your bank accounts
• You will also receive email reminders for pending LIC premium notices and confirmation for payments made
• You can store your LIC premium details and payment information online for up to one year
• You get a receipt from LIC immediately within a week after you make payment
  

• Premium Payment through Electronic Clearing Service (ECS)
  Electronic Clearance Service of Reserve Bank of India is a well-established, quick, reliable, and economic processing for periodic bill payments. LIC offers this facility to its valued customers for payment of premiums. The service comes free of cost. Presently, this system of premium payment is provided at Mumbai, Chennai, Delhi, Kolkata, Bangalore, Kanpur, Vijaywada, Patna, Jaipur, Chandigarh, Thiruvananthapuram and Hyderabad cities only. The policyholders having accounts in the banks in the cites mentioned above are members of the clearing house, which are entitled to avail of this facility for all policies irrespective of the LIC branch to which these policies are attached for servicing.
• Benefits to the policyholders:
  • Free service to LIC policyholders
  • Save precious time
  • Flexibility in premium payments.
  • No more hassles in sending premiums through postal, courier service, etc.
  • Fewer chances of the policy getting lapsed
  • Signing of a Mandate form, this mentions the date by which the payment will be done from your account.
  • This facility can be availed by the insured as well as the spouse and dependent children. It means the policyholder can claim I.T. relief for the payment of premiums.
• The procedure for availing of the service and the processes involved:
  • In order to avail of this service, the policyholders should have their Bank Account in an ECS Centre and the Bank should be member of the Clearing House.
  • Policyholder should fill up the ECS Mandate Form and get it verified and certified by the Bank where the Bank Account is maintained.
  • The Mandate Form should be sent to the nearest LIC Branch Office or to the Manager (CRM) of the Divisional Office with a photocopy or a cancelled leaf of the MICR cheque for further processing.
  • On the due date mentioned by the policyholder, LIC will debit the amount from the Account of the policyholder through the ECS process.
  • The policyholder should have sufficient balance to cover the premium due amount, otherwise it will be treated as a case of cheque dishonour and the policyholder would be informed accordingly.
  • The transaction process i.e. the first transaction after the authorisation takes around one month.
  • LIC will send the policyholders the official receipt by post after the premium amount from the respective bank account has been made. Policyholders willing to make payments through ECS process can do so by clicking on the link given below.