Do you also use Google Pay, then you can deposit LIC premium like this

Investor’s LIC (lic)’s policy has always been on priority. The reason for this is also because it is a safe investment. By the way, the biggest challenge for an insurance customer is to pay its premium deposit.

To further ease the premium payment process, LIC also offers its customers to pay their premium using UPI. According to the LIC website, premium can be paid through these apps by clicking on the LIC logo under the insurance category.

This is how you can pay premium through Google Pay app

1. Log in to the Google App, go to the ‘Bill Payment’ section.
2. In the ‘Finance and Taxes’ section, you will now have to choose the insurance option.
3. Select LIC from the list of available options.
4. At this point, you need to link your LIC policy with the platform. To link an account, provide your policy number, email address and other information. Check the information once more before submitting.
5. Once the account is linked, you can pay the LIC policy premium.

Receipt will be given on real time basis

According to LIC’s website, the user will be asked for email ID while starting the payment. Payment receipt will be sent to this mail id only. Also, it will be available for download in apps like “Paytm – My Orders”, “PhonePe – History”, “Google Pay – All Payment Activity”, and “Amazon Pay – Your Orders”. No other receipt will be issued by LIC. Premium status will be updated on real time basis.

keep these things in mind

• Premium will be accepted up to 30 days before the due date.
• In case the policies are already registered using the bill payment option of electronic debit, it is suggested not to pay the premium through this channel to avoid double payment.

Advance premium payment facility

1. The policyholder can pay premiums in advance up to the maximum amount permitted by law or till the end of the financial year. For example, premiums due up to 31st March can be collected in the current financial year.
2. Premiums due in the next financial year can also be deposited in advance up to three months before that date.