In a series of articles on paying LIC premium, today, I'll discuss how you can pay LIC premium through banks.
- Premium can be paid in any Branch of Extension Counter of the Bank.
- Premium can be collected only in CASH or CHEQUE drawn on that bank.
- Premium can be paid only for In force, Non-ULIP, Non-SSS policies.
- Premium can be collected from 6 months before from the Due Date and till the policy is in force, except for some term insurance policies. For some Term Insurance policies Within 15days only – plans 153- Anmol Jeevan,164-Anmol Jeevan-1, 177- Amulya Jeevan, 190 Amulya Jeevan.
- Premium cannot be collected for ULIP and Health Policies . Plans are 140- Bima Plus,172-Future Plus,173-Jeevan Plus,180-Money Plus,181-Market Plus,187-Fortune Plus, 188-Profit Plus , 191-Market Plus, 193-Money Plus, 199 , Jeevan Shathi, 901-Health Plus, 902-Health protection plus and any new ULIP/HEALTH plan declared later.
- Late fee is computed @8%. Minimum late fee is Rs 5/-.
- Premium cannot be collected for Next Financial Year. Ex During March 2009 premium cannot be collected for April 2009.
- Signed receipt issued by the Bank is a valid receipt and no other receipt will be issued by LIC.
- Premium can be paid six months prior to the due date till the policy is in force.
FACILITY OF PREMIUM PAYMENT THROUGH ALL THE ALTERNATE CHANNELS IS FREE TO ALL THE POLICY HOLDERS AND NO SERVICE CHARGES/EXTRA AMOUNT IS TO BE PAID TO BANK.
Following Banks are authorized to collect premium for LIC policies:
- AXIS BANK.