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FAQ


  • The bank/service provider sends these details to LIC for validation & confirmation of the registration data at pre-determined intervals.
  • LIC validates the registration data and informs the bank/service provider about the registration status. Since LIC’s database is de-centralized, generally it takes a week’s time for confirmation of registration data.
  • A consolidated database of registered policies is maintained by LIC. This database is updated at regular intervals on the basis of changes received from the original servicing branches.
  • LIC also sends auto-mailers to the registered policyholders informing the registration status.
  • On confirmation of the registration, LIC will regularly send the bills/invoices mentioning the due dates, premium amount, late fees, validity date, etc to the service provider/bank.
  • As and when premium becomes payable under the registered policy, LIC sends the bills to the bank/service provider, and the information will be displayed by the bank/service provider in your net-banking account page.
  • You have to log on to the bank/service provider’s website.
  • On the web page, you have to signify the date on which you want your account to be debited and click the consent for the payment. You may even specify a particular account in case of multiple bank accounts.
  • The authorized Bank will debit your bank account, consolidate the payments and send the consolidated amount to LIC in form of bankers’ cheque / payorder.
  • The authorized service provider will send the instructions to the bank branch (as mentioned in your mandate form) through the RBI’s Electronic Clearance System and the bank will debit your account and credit the same to the service provider’s bank account, who’ll then remit the amount to LIC.
  • Some service providers have autopay facility (where you can issue standing instructions to the service provider to debit your account as when the bill becomes payable), or phone-banking facility (where the you can issue telephonic payment instructions)
  • Authorised Banks: HDFC Bank, ICICI Bank, Bank of Punjab, UTI Bank, Federal Bank, Corporation Bank, and Citibank.
  • Authorised Service Providers (available only in select cities): BillJunction.com, Timesofmoney.com, and BillDesk.com.
  • Can decide and authorize payments 24hrs a day * 7days a week because of anywhere & anytime access to internet.
  • Can issue payment instruction within the comforts of your home or office, and avoid personal visit to LIC branch.
  • Will save time by not waiting in queues for making the payment.
  • Can avail the free service from LIC, as you don’t have to pay any charges to LIC or its authorized agencies for this additional benefit.
  • Can choose the bank account you want to pay from, any or all of your bank accounts can be registered with the service provider.
  • Can decide in advance the date on which you want your account to be debited.
  • Can choose to modify your instructions during the intervening time.
  • Will get reminders and alerts by email from the banks and service providers about the premium dues.
  • Can avoid expenses of postage/courier in sending the remittance to LIC.
  • Can avoid demand draft/pay order charges for outstation policy premiums.
  • Can also view your premium dues and other policy details.