FAQ - Life Insurance Corporation of India

To make an online payment of your LIC premiums, follow these steps:

A New User can make online payment for LIC premiums by following the below mentioned steps:

To make online payment of premiums for LIC using your Debit Card, follow the below mentioned steps:

To make online payment of premiums for LIC using your Credit Card, follow the below mentioned steps:

You can now pay premium for LIC online by following below mentioned steps:

Lock-in period of LIC’s traditional products is usually 3 years but then some products may have a lock in period of 5 years as well. So make sure that before deciding on surrendering your policy, you at least complete this lock-in period otherwise you will lose the surrender value amount.

A rough calculation of the surrender value of LIC Policy after 3 years is given below:

Yes, you can avail a loan against your LIC Policy provided you have paid premiums for 3 years. However, keep the following things in mind before applying for the loan:

LIC has 2 kinds of Plans – ‘With Profit’ and ‘Without Profit’.

Jeevan Akshay VI is one of the LIC’s monthly income plan wherein the investor can invest a lump sum amount as low as ₹1,50,000 and receive a regular income in the form of periodic annuity either monthly, quarterly, half yearly and yearly. One must note that the income received here under will be taxable in accordance with the tax slab the policyholder falls under. Once the policy finishes 6 years, the policyholder is also entitled to receive bonuses. Besides, the insured person can also avail loan against this policy which is an added advantage. However, the option of surrendering the policy is absent here.