Now you can pay your LIC Premium Payment through LIC Credit Card.
LIC Policyholders can give standing instructions to LIC Credit Cards to pay the premium of their LIC Policies through their LIC Card.
This facility is absolutely free. There is no fees or charges whatsoever are payable for availing this facility.
Benefits to LIC policyholders
- Convenience: The one time standing instructions in the form of a Mandate is sufficient to pay the future premiums as and when they fall due.
- Saving of time: No need to spend time in visiting LIC Office to pay the premiums.
- Saving of cost: This will save your cost and effort in sending across the premium payments to LIC through postal/courier service/ through representatives.
- Continuity of insurance cover: Chances of lapsation of policy will be eliminated and insurance cover will be available continuously.
- This facility of easy premium payment can be availed of not only in respect of the policies of self but also on the policies effected on the lives of the close relatives like spouse and dependent children (i.e.) the relatives on whose policies the policyholder can claim I.T. relief for the payment of premiums.
- Extra grace period: The premium will be paid on your behalf just 5 days before the end of the grace period, while you need to pay the same (along with other dues on your credit card) only on next due date of the card. You get extra period upto 40 days.
- Surety of timely payment.: No need to remember due dates of premiums. We will remember them for you.
How to give standing instructions to LIC Credit Cards for LIC premium?
You can give standing instructions by following any medium.
1. Fill up and submit the mandate form along with Card Application Form.
2. If Credit Card has been already issued:
Call up the Customer help desk at toll free number 1800 22 3033
OR Download mandate form from LIC Cards website and
Submit the duly filled-in form to the following address:
LIC Cards Center,
I Floor, No 13 & 14,
Old Market Tilak Nagar,
New Delhi 110018.
Phone numbers :
ULIP policies can not be registered for premium payment under this scheme. Only policies standing in your name or your family members’ names (as eligible for Sec 80 C benefit of Income Tax) can be accepted for standing instructions.
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The above is the product summary giving the key features of the LIC Cards. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.