Is There Any Grace Period For LIC Premium Payment?

Life Insurance Corporation of India is singularly the largest and most popular life insurance providers in the country. With its various plans and policies, it has the largest customer base amongst all its competitors.

If it’s Insurance, How Can LIC Be Far Behind?

Known as the only public sector insurance agency, its life insurance plans range from being pure insurance to investment based options, it has been ruling the charts ever since its inception. Present even in the rural areas, the LIC has been making its presence felt nearly everywhere across the country.

No More Queues: LIC India Customer Portal is Live and Accepts Online Payments

From being a paper-based operational system to adapting the digital transformation program, LIC has come a long way. The major reason for its popularity is the affordable premiums. Easy to understand LIC online payment methods on the LIC Online Payment Portal have accounted for its popularity too.

The Most Popular LIC Plans

LIC is one of the most trusted brands when it comes to purchasing policies. However, the best LIC policies on offer are as follows:

Plan Name USP
LIC e-term Plan ·         A traditional term plan which has allows a maximum maturity age of 75 years.

·         Avail it without any medical examination.

·         With LIC online payment portal, you could now pay all your premiums without any added obstacles.

·         Pay LIC premium online annually.

·         Allows a grace period of 30 days

LIC Jeevan Akshay ·         An Annuity pension plan, policy holders become entitled for a minimum sum of 7190 INR annually.

·         It provides a great benefit in terms of securing your old and makes it a great investment option.

·         It is non-unit linked pension plan where you can pay a lump sum to avail the policy.

·         With no additional medical examination on the table, this plan allows no loan facility.

·         Rebate of 1% in the basic annuity rate.

·         Exempted from taxes under Section 80C.

LIC Children Money Back Plan ·         A non-linked, profit, with regular LIC online Payment policy, this plan is perfect if you are looking forward to securing your child’s educational and other growing needs.

·         With survival and death benefits, you can also avail loan facilities after three years of the plan commencement.

·         It is a saving and protection plan all wrapped into a single policy.

·         With a maturity age of 25 years, your can purchase this policy as soon as your child is born.

 

There Are Multiple Types of Premiums. Do You Know Them All?

LIC India online payment of premiums has made life simpler for all policy holders. But did you know that there are several kinds of premiums that can be paid online? Yes, that is indeed true.

Premium rates vary across the policy plans. A premium is an assured sum that must be paid to the insurance company regularly to honour the deal. Multiple policies across the table have different tenure of payment which is decided at the time of signing the contract.

You Have the Option Of Paying The Premium In Advance

With LIC India online payment option, you can make an advanced deposit towards your premiums. You could also get a rebate on the sum assured. A higher premium might attract a higher rebate or discount. The rebates for LIC online payments is higher compared to offline payments.

Missed the LIC Online Payment, What Should I Do?

Everyday hassles and a hectic schedule might pose several hurdles when it comes to making that LIC insurance payment online. In case you have missed the due date to pay the premium, you could still make the payment within 30 days of the due date to avoid a policy lapse. This period is known as grace period. And yes, LIC offers one too.

Protect Your Policy from Getting Lapsed: Pay LIC Premium Online

As you might be aware that non-payment of dues can devoid you of the additional and basic benefits of the insurance plan. However, the grace period is applicable for all LIC premiums except the term plans which clock a grace period of 15 days unlike others. Usually, the grace period differs based on the frequency of premium payment. It can be classified as follows:

Frequency Grace Period Allowed
Monthly 15 days
Quarterly 30 days
Half Yearly 30 days
Yearly 30 days

 

Can I Revive My Lapsed Policy?

If the policy lapses because you didn’t pay LIC premium online or offline, you still have the option to revive it by paying the dues which can attract a late fee, revised medical examination, and other formalities. But that is conditional. The insurer needs to agree to the reviving terms too!

Wrapping It Up

The policy provider, LIC, usually sends a notice, a month before the due date, to remind you of the pending premium payments. Even if your policy covers you during the grace period, it is recommended that you pay LIC premium online to avoid lapsing and the gruelling underwriting processes.

LSI Keywords: LIC online payment, lic India online payment, lic online payment portal, lic India customer portal, pay lic premium online

 

Comments are closed