How to pay LIC premium using Google Pay

Investors continue to consistently choose Life Insurance Corporation of India (LIC) policies. One of the most challenging tasks for any insurance customer is timely premium payment. To further ease the premium payment procedure, LIC also offers its customers to pay their premiums using UPI.

According to the LIC website, “ . Renewal premiums can be paid through these apps by clicking on the LIC logo under the Insurance category.”

Here's how to use the Google Pay App to pay LIC premiums via UPI:

Step 1: Log in to the Google app, go to the 'Bill Payment' section
Step 2: In the ‘Finance & Taxes’ section, you must now choose the insurance option.

Step 3: Choose LIC from the list of available options.
Step 4: At this point, you must connect your LIC policy to the platform. To link an account, provide your policy number, email address, and other information. Before submitting, check the information once more.
Step 5: After the account has been linked, you can pay the LIC policy premium.
As per the LIC website, “While initiating the payment email id will be asked from the user.
The payment receipt will be sent to this mail id only. Also the same will be available for download in the apps itself like in “Paytm - My Order”, “PhonePe - History”, “Google Pay - All Payment activity”, and “Amazon Pay – Your orders”. No other receipt will be issued by LIC. The premium position will be updated on a real-time basis.

Important things to note
The premium will be accepted up to 30 days before the due date.
If the policies are already registered using the bill pay option of electronic debit, it is suggested to forego paying the premium through this channel to prevent double payment.

Facility of premium payment in advance
1. The policyholder may pay the premium in advance, up to the maximum amount permitted by law, or until the end of the fiscal year. For instance, premiums that are past due as of March 31 may be collected within the current fiscal year.
2. Premiums that are due in the following fiscal year may also be placed in advance up to three months before that date.