Question 1

1. How to make payment of LIC premium online?

Accepted Answer

To pay your LIC premium online, follow these steps:
Visit the LIC official website (www.licindia.in).
Click on the ‘Pay Premium Online’ option under the 'Customer Portal' tab.
You can choose from two options: 'Pay Direct (Without Login)' or 'Pay Premium via Customer Portal' (if you have an account).
Enter the required details such as policy number, date of birth, and mobile number.
Select the payment method (net banking, debit/credit card, UPI, etc.).
Confirm the payment and keep the receipt for future reference.

Question 2

2. What is the LIC maturity amount?

Accepted Answer

The LIC maturity amount is the total sum you receive at the end of the policy term. It includes the sum assured plus any bonuses or additions declared by LIC during the policy tenure. The exact maturity amount depends on the type of policy, the sum assured, and the bonus rates applicable over the policy duration. To find the exact maturity amount, you can refer to your policy details or contact LIC.

Question 3

3. How to pay LIC premium from abroad?

Accepted Answer

If you're living abroad, you can still pay your LIC premium through the following methods:
LIC’s official website: You can log in and pay the premium using international credit cards or through net banking.
LIC Mobile App: The LIC app also allows international payments.
Third-party payment portals: Some online payment platforms like Paytm or BillDesk offer options to pay LIC premiums from abroad.
NRI accounts: You can use your NRE/NRO bank account linked to Indian banking services to make the payment. Ensure you have a stable internet connection and keep the policy details handy while making the payment.

Question 4

4. What happens if I stop paying LIC premium after 1 year?

Accepted Answer

If you stop paying your LIC premium after 1 year, the policy will lapse, meaning you lose the benefits such as life cover and bonuses. However, most LIC policies offer a grace period (usually 30 days for annual premium payments). If you do not pay within this grace period, the policy will lapse. You may have the option to revive the policy later by paying the outstanding premiums along with interest, within a certain timeframe, usually up to 2-5 years.

Question 5

5. How much money will I get if I surrender my LIC policy after 1 year?

Accepted Answer

If you surrender your LIC policy after just 1 year, the surrender value is typically very low. In most cases, LIC policies do not acquire any surrender value within the first 3 years. After 1 year, you may not receive any money or just a small portion of the premiums paid, excluding the first-year premium and additional charges. To know the exact surrender value, you can check your policy's terms or contact your LIC agent.