different ways. They are
1. Payment through the LIC agent from whom the policy was bought. This
is most widely used method for paying the premium. The agents will
remind the policy holders when the due period is near. This avoids the
lapse of policies and increases the income of the corporation. But it
is not sure that all agents will remind near by the due time.
According to the corporation it is the sole responsibility of the
policy holder to pay the premium on time. However the corporation will
also send a letter to the policy holder when the due period is near.
Payment through the lic branch offices:
If the policy holder has decided to pay the premium by himself he can
pay the premium at any lic branch office across india. All the
branches are interconnected through the network. The policy holder
will get the computer generated receipt as soon as he pays the
premium.
Online payment:
According to me this is the most easiest and comfortable mode of
premium payment. There is no working hours restriction in this way of
premium payment. The payment can be made round the clock. If you have
a credit card or internet banking account this is the most preferred
way. For this you should get registered in the lic website and enroll
your policies there. Proper guidelines are given in the lic site.
Related Posts:
- How to pay premium in LIC?
- Modes of premium payment in LIC
- What are Single Premium Policies?
- Late Fee for delayed payment of premium
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Paying LIC premium online is such a great option. I really don't have time to deal with this during my working hours. I come home and do all this online, whenever I have time.
ReplyDeleteExcellent Article. Written in layman terms. Keep it up.
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