Our lifestyles have become very busy these days due to a hectic office routine, family responsibilities, etc. This is also possible that you may forget to pay your important bills and premium dues, including LIC premiums. You can avoid missing the due date by setting up the auto-pay feature from your bank account on your smartphone.
It can be very helpful and save your time and money rather than missing the due date. Read this blog to learn how you can quickly set up auto-pay for your LIC premium payments and save time, along with penalties for missing the due date.
What is Auto-Pay and How Does it Work?
Autopay is a facility where you give your bank or LIC permission to automatically deduct the premium amount from your account or card on the due date. Once you enable this feature, the LIC premium payment is done automatically, just ensure your account has enough balance. You also get an SMS or email confirmation every time the payment goes through. Depending on your convenience, you can set autopay from a bank account, ICICI Bank Credit Card, or ICICI Bank Savings Account.
How to Set Up Auto-Pay Easily?
If you bank online, here’s how to enable autopay for LIC premiums through these platforms:
Through Mobile Banking Apps like the iMobile app
1. Log in to iMobile app using mPIN/ fingerprint/ face ID.
2. Go to the ‘Bill Pay, Recharge & FASTag’ section and then click on ‘Setup AutoPay for your bills’ section.
3. Choose ‘LIC/Other Insurance’ category, then select Life Insurance Corporation of India biller from the list.
4. Enter your Policy Number and date of birth to fetch policy details.
5. Select the Auto-Pay amount limit and the duration.
6. Choose your preferred mode of payment – ICICI Bank Savings Account or ICICI Bank Credit Cards, & confirm to setup AutoPay.
Through Internet Banking
1. Log in to an ICICI Bank Internet Banking account using your
2. Go to Payments & Transfer > Pay Bills.
3. Select ‘Life Insurance Corporation of India’ from the list.
4. Enter policy details and fetch the bill.
5. Here, you can select the Auto Pay option. Next select payment mode.
5. Confirm and submit. You’ll get a confirmation message after successful setup.
Benefits of Using autopay for LIC Premiums
Below are the key benefits of using the autopay facility for paying LIC premiums:
- Zero hassles
With autopay, there's no need to track due dates or log in every month to make payments. Once it's set up, your LIC premium is paid automatically. This saves time and effort, helping you stay focused on other important tasks without worrying about missing a payment.
- Always on-time
autopay ensures your LIC premium is paid on or before the due date, every time. Even if you're travelling, busy with work, or forget the date, your policy stays updated. It’s a reliable way to never miss a payment, maintaining your coverage without any last-minute stress or delays.
- No charges
Activating the autopay facility is free of cost. LIC or your bank generally doesn’t charge any extra fees to set up this service. You can enjoy automated premium payments without worrying about paying anything extra, making it a convenient and cost-effective solution for managing your life insurance.
- Multiple payment options
autopay can be linked to various payment sources like your bank account/ UPI or credit card. You can choose whichever mode is most convenient and secure for you. This flexibility makes it easy to manage your LIC premium in a way that fits your lifestyle.
- Peace of mind
When your premium is paid on time, your LIC policy remains active. This ensures your life cover is never interrupted. You gain peace of mind knowing your family’s financial protection is always in place, and you don’t have to worry about a lapsed policy or claim issues later.
- Trackable
Every autopay transaction is recorded in your bank and LIC payment history. You can easily view past payments, get confirmation messages, and even download receipts if needed. This clear tracking helps you stay organised and maintain proof of payments for future reference or tax-saving documentation.
Things to Keep in Mind Before Activating autopay
Know about the important things before activating the feature of autopay for your LIC payments:
- Ensure sufficient balance
Keep enough money in your linked bank account or card on the due date to avoid failed autopay and ensure your LIC premium is paid on time.
- Check LIC alerts
Monitor LIC’s SMS or email alerts regularly to stay updated about due dates, successful payments, or any issues with your autopay instructions.
- Update payment details if changed
If you change your bank or card, update your autopay info immediately to avoid missed LIC payments and keep your policy active.
- Modify or cancel anytime
You can easily cancel or update your autopay through LIC or your bank anytime, offering flexibility and full control over your payment method.
- Register for autopay early
Try to set up autopay at least 15 days before your premium due date to ensure timely processing and avoid last-minute payment delays.
Conclusion
Setting up autopay for LIC premium payment is a time and effort-saving move. It saves time, reduces stress, avoids penalties, and ensures your life insurance policy stays active, so you and your loved ones are always protected. With several options to choose from, like Credit Card, Net Banking, or UPI, you can pick the method that works best for you. Just set it one-time, and forget about due dates forever.
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