LIC Premium Payment using UPI: Life Insurance Corporation of India (LIC) plans continue to be a popular investment option for many people. However, paying the premium for these insurance policies can be time-consuming and necessitates a trip to a bank or LIC office. Due to the expanding adoption of the Unified Payments Interface (UPI) in India, LIC policyholders can now simply pay their premiums without having to visit a bank or LIC office.
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UPI is a payment mechanism that enables Paytm, Phone Pe, Google Pay, and other payment apps to swiftly transfer funds across bank accounts. LIC policyholders can now pay their premiums without needing to visit a bank or a LIC office by using these applications.
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For example, you can pay your LIC subscription by Phone Pe by following these simple steps:
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- Launch the Phone Pe app.
- Select the payment plan for your insurance premiums.
- Select the LIC premium payment option.
- Fill in your LIC number and email address, then click the confirm button.
- Select your desired payment method and enter your credit or debit card details.
- Once you enter the OTP that was sent to you, your LIC premium will be deposited.
You can save time and avoid the annoyance of long queues by making your LIC payment using UPI. UPI makes it simple and convenient to plan for the future and keep your LIC policy valid.
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It’s worth noting that paying for LIC premiums via UPI is also possible through other apps like Google Pay and Paytm. Similarly to PhonePe, you must select the Insurance Premium option on the app, then LIC, before entering your details and the Policy Number. You will then be sent to the payment portal to pay the premium. This allows you to pay the premium fast without having to visit a bank or LIC office.
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