Paying bills has gone easy with Internet Banking. From electricity bills to LIC premium you can virtually pay to any services directly from your home.
With SBI netbanking, you can only pay LIC policy with quarterly, half-yearly or yearly premium.
Here are the steps to pay LIC premium with Netbanking,
- Login to your account.
- Click Bill Payments at the top of the menu bar to see add a new biller, select Life Insurance Corporation of India(LIC). Here is the pictorial representation of steps,
- In the Nick Name box, add a name of your choice. It has nothing to do with your LIC name or policy no, you can name it lic, my lic or any other. Then enter your Policy Number and Premium Amount.
You can also opt for Auto Pay which is a facility to automatically pay premiums at specified interval. Select Auto Pay Limit, its the maximum amount that you might pay to this policy number. Its better to set auto pay limit Rs 1000 more than your policy premium amount. Click submit to proceed.
- Its time to approve the biller. You’ll receive a high security code in a message to your mobile. Enter it to approve the biller.
- Once your bank verify the entered details with LIC, you’ll receive a confirmation message. You can now start paying your LIC premium with netbanking account.