The customers of Life Insurance Corporation (LIC) of India need not worry anymore about remembering the due date of paying the LIC premium or take out time to stand in a queue as they now have the options to pay their premium through net banking as well as adding the insurance company to the list of billers and auto pay the future premiums.

Moreover, there will be no extra transaction charges for paying premium through net banking, but maximum amount of premium – including GST and late fee, if any – may be paid is Rs 50,000 in a single transaction.

“To enhance the facility of online payment of renewal premium to LIC policyholders, a new option under the generic term “INSTAPAY Service”, which is available across all banking platforms in India, has been integrated through the existing Bill desk supported platform,” said LIC of India in a statement.

The LIC policyholders may now avail the benefit of this existing user friendly service on the banking applications of scheduled banks that is widely used by bank customers to pay their bills.

Here is how you may use this facility:

• Log in to your bank’s website or download Banking App on mobile device and log in.
• Select ‘Pay Bills’
• Choose “insurance” as the category of Biller
• Click on “Insurance” and view the list of insurance companies in dropdown menu
• Click on ‘Life Insurance corporation Of India”
• Proceed by keying in the policy number, name, premium amount, email address and mobile number. The premium due date, total amount due (with GST and late fee, if any) will be fetched from the LIC customer portal and displayed on the screen.
• You may choose the ‘Auto Pay’ option to ease the burden of remembering to pay premium each time.
• You may also choose if you want to get the premium receipt in Electronic mode or Physical mode.
• Premium will be paid online from the net banking enabled account of the customer instantly on clicking ‘submit’.
• The limit for making payment through the Instapay facility is Rs 50,000 per transaction.
• There are NO charges for the transaction
• E receipt is emailed to the email address of the customer that was keyed in at the time of initiating the transaction. Customers may also download the e receipt in pdf format.

Some banks even provide the benefit of delayed premium payment by taking end of grace period as the due date and auto pay the premium 7 days before end of the grace period.

Presently this service is available on the portals of following 24 scheduled banks (confirmation is still pending from banks):

1. Allahabad Bank
2. Bandhan Bank
3. Bank of India
4. Canara Bank
5. Catholic Syrian Bank
6. Central Bank of India
7. Central Union Bank
8. Dena Bank
9. Deutsche Bank
10. Dhanlaxmi Bank
11. HDFC Bank
12. ICICI Bank
13. IDBI Bank
14. India Overseas Bank
15. Jammu and Kashmir Bank
16. Karnataka Bank
17. Punjab National Bank
18. RBL Bank
19. Saraswat Bank
20. State bank of India
21. Syndicate Bank
22. UCO Bank
23. United Bank of India
24. Yes Bank