LIC (Life Insurance Corporation of India) has got the most number of insurance policy holders in India and in order to provide better service, it offers various ways to check LIC policy status including a premium mobile SMS number to check premium details. However, not all can find the convenience to rush to the nearest LIC office and pay their premiums. In order to make the premium payment options flexible and easier, LIC has now started accepting premiums via various other mediums.
Since LIC policy holders belong to villages, semi-urbans, urban areas and metros, they have opened many alternative ways to receive premiums dues. You can follow any of the below mentioned ways to pay LIC premiums :
Pay Premium at ATM Counters : LIC, India has a collaboration with AXIS Bank and Corporation Bank. You can register with the bank’s website and upon approval, you can pay LIC policy premium dues at these bank’s ATM counters.
Pay LIC Premium Online : If you have access to internet, you can also pay all your policy dues online.
Pay using ECS payment : If you forget LIC premium payment dates, simply register your policies with ECS payment service and the premium amount will be deducted automatically from your account.
Pay Premium by SMS : Corporation Bank customers can register their mobile number at any Corporation Bank ATM counter and pay the premium amount just by sending a SMS from mobile phone. The amount will be deducted from your bank account.
If you don’t want to pay LIC premiums and close your LIC insurance policy, you may check policy surrender values :
Now if one does not want to continue paying the premiums for his insurance plan and opt out of the plan, he can surrender LIC policy and take a part of total amount money he has paid so far. However, different insurance plans offer different surrender values and the policy holder must have been paying the premium regularly for 3 years to be eligible for the surrender value.
Here is a small chart of 3 most popular LIC plans and their surrender values :
1. LIC Jeevan Anand : LIC Jeevan Anand is an endowment assurance plan where the minimum surrender value is 30% of the total premiums, that the policy holder has paid till date, excluding the first year payment.
2. LIC Money Back Policy : With LIC money back policy, the guaranteed surrender value is 30% of the total basic premium that has been paid so far, excluding the first year payment and all survival benefits paid earlier.
3. LIC Komal Jeevan : LIC Komal Jeevan is a children insurance plan where the guaranteed surrender value is 90% of the total premiums paid till date excluding first year’s premium.
Once the risk period commences, the total surrender value will be 90% of the total premium he has paid so far, excluding the first year’s premium. If the policy holder opts out of the insurance plan after the end of the risk period, he will get 30% of the total premium that he has paid, after the date of commencement of the risk.
Note : Once proceeding With the option re confirm with the LIC Agent
[ Source internet ]
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