Can I pay my LIC premium early?

Can I pay my LIC premium early?

Policyholder can deposit the premium in advance, subject to maximum dues allowed i.e. up to the end of financial year. E.g. Premium falling due upto 31st March can be collected in current Financial Year.

Can we pay insurance premium before due date?

Now, customers can pay basis their feasibility anytime within the year and ensure they are covered against risks. Timely/advance premium payment – Customers who pay their premiums in advance are in for a treat! They can avail of discounts offered on advance premium payment.

Can I pay LIC online after due date?

A policyholder can pay premium online without visiting the servicing branch. The option is available in CUSTOMER PORTAL under Online Payments Tab.

What is the best way to pay LIC premium online?

At the bank site you will need to login with your net banking username/password. On successful login, the total amount to be paid by you towards LIC will be displayed. Please verify your balance (displayed) and confirm the transaction to the bank.

What if LIC premium is paid twice?

Double payment is being refunded to our service provider to be credited back to your account. The refund process may take 6 to 8 days. For further queries please contact [email protected]. Amount debited but premium not adjusted.

Can I pay insurance in advance?

Unlike most bills that you pay in arrears, such as your utility bills, when you pay for your car insurance, you’re actually paying for your coverage in advance. If you’ve ever wondered, do you pay a month in advance for car insurance, the answer is yes, in most cases you have that option.

Can we pay insurance in advance?

Soon, you can pay your insurance renewal premium in advance and get a discount. The Insurance Regulatory and Development Authority of India (IRDAI) has issued draft guidelines to the life insurance companies proposing to allow these companies to offer discounts for renewal premium collected in advance.

Can I pay insurance premium after due date?

After the premium due date, the policyholder has a grace period during which he or she can pay the premium while still receiving all of the advantages of life insurance coverage.

Is there any discount on LIC premium online?

You can get 1% cashback on LIC premium payments. The maximum cashback is Rs. 200 per card. This offer is only valid on online transactions.

What happens if I stop paying LIC premium after 3 years?

For single premium policies, the surrender value gets acquired after the first year itself. In case you haven’t paid even 2 or 3 years’ premium (as per the case above) and want to discontinue, the insurer will not pay you back anything and will not convert it into a paid-up policy either. The money is all but lost.

Can I pay LIC premium in EMI?

Convert your purchase to EMI through any of the following channels within 20 days of making the purchase through any of the following channels: Call LIC Cards Customer Support at 1800 419 0064.

What happens if I pay LIC after due date?

Grace Period of LIC Premium Payments If an individual fails to pay the premium further during the grace period, then the policy lapses and the financial coverage. In the grace period, the financial coverage subsists, and the individual gets a chance to pay the premium charges after the due date.

When can we pay LIC premium after due date?

The grace period for policies where the premium payment mode is monthly is 15 days from the due date. The grace period for policies where the premium payment mode is quarterly, half-yearly or yearly is one month but not less than30 days.

Why is premium paid in advance?

Advance Premiums and Automobile Insurance In the case of automobile insurance, insurers must collect an advance premium in order to provide a form of backup to be used in case of a claim. Premiums are usually billed on a monthly basis, and each monthly payment is for coverage during the next month.

Is insurance paid a month in advance?

Almost every state requires drivers to buy auto insurance, but you might be curious about your payment options. Unlike most bills, you must pay your car insurance upfront to guarantee coverage. Most drivers choose to settle their bills monthly, but your insurer likely provides additional options.

How many days before we can pay insurance premium?

For all life insurance policies other than term insurance, for monthly mode of payment, the grace period is usually 15 days, while for other frequency of payments (quarterly, half-yearly or yearly) it is usually one month but not less than 30 days (This means that in case of February generally 30 days grace is still …

Why premium is paid in advance?

Why I Cannot pay my LIC premium online?

Unable to make payment online * Policy may be in lapsed condition. You may contact any branch of LIC for revival as per rule. * Premium entered is incorrect. Premium has to be the basic premium (without any taxes) that is mentioned on the policy document.