As digital methods of payment evolved, one of the biggest wins was that it became mass popular. India with the second largest population in the world today is largely benefitting from the growth and development of the digital medium, especially in the context of online payments. Indians have traditionally been benefactors of the cash system. For ages, businesses trusted cash and no other method of payment came anywhere close to the exchange of fiat currencies. Today, the same country is on its way to digitizing all aspects of its economy so that the malice associated with the cash system can be effectively done away with.
Thanks to the way digitization is happening in the country today, consumers can now easily pay their bills for all utilities and services online, including LIC premium payments. LIC is a state-owned insurance service provider in the country and the largest India has seen till date. All the insurance or policy holders of this agency need to mandatorily pay their premium every month or on a quarterly, half-yearly or yearly basis. There are late charges and fines imposed in case policy holders fail to pay their premiums before the due date. With the cash and the cheque system, there are many who missed the due date for standing in the crowded branch offices of the insurance company was not everyone’s cup of tea. Then there was no provision of urgent payments that one could use in case the premium payment was remembered at the last moment.
Today using digital means of online payment you can readily and effortlessly make your LIC premium payment. No processing fees, no human tantrums and no manual interventions. As you like and when you like, pay online and move on. Premiums can be paid either from the website of LIC or from the site/App of a third party e-payment aggregator. Some of the big players in this industry today are Paytm, MobiKwik and PhonePe. In order to pay through a reseller make sure that the aggregator is authorized to collect payments on behalf of LIC. Neither are all authorized nor is every aggregator out there reliable. It is for the consumers to research well into this aspect before using a payment collector site or App.
In order to use an aggregator site or App for LIC premium payments, go onto the section that is dedicated to collection of insurance payments. Since resellers would typically be associated with multiple insurance companies, hence you would first need to choose LIC as the insurer from the drop-down menu. In the next step, you would be asked for your policy number. After this you would need to enter the premium amount and then choose the mode of payment where again you have a choice between credit card, debit card, Netbanking, UPI payments and Electronic wallet.
Choose a method that you are most comfortable with. Keep the details required handy so that you are able to enter them immediately and then when you click on the submit tab, you can relax and sit back knowing well that the transaction will be finished efficiently.