LIC policy holders can pay their premiums via most UPI apps and PhonePe is one of them. But if you are confused as to how someone will go about making the payment then you can follow this step-by-step guide.
Below I have listed the things that you need to have if you want to pay your LIC insurance premiums through PhonePe.
The steps are pretty easy to follow, so let’s get started.
Before You Get Started
Before you follow the steps below make sure you have the following conditions cleared:
- PhonePe is installed and Bank Account is linked.
- Enough funds in the bank account to make the payment.
- You have your policy number.
Steps to Pay LIC Premium Through PhonePe UPI
- Open the PhonePe App and Go to “Recharge & Pay Bills”.
On your device open the PhonePe application and scroll down until you see the Recharge and Pay Bills section. Then click on the “See All” button.
- Select Insurance
Now under Financial Services & Taxes select LIC/Insurance.
- Select Insurance Provider
Select your insurance provider- Life Insurance Corporation.
- Enter Policy Number
Enter your policy number and email address. You will receive the receipt in this email.
- Verify
Now you will see various details about your policy. Here you will also see the premium amount. Once you have verified that this policy is indeed yours and that you did not enter the wrong policy number, go on to the next step.
- Select Payment Option
Select a payment method from the given options: UPI, Debit Card, or Credit Card. After you have selected a suitable option click Pay Bill.
- Enter Passcode
Now enter your UPI passcode so that the payment can be processed. Please remember to wait while the payment is being processed. Do not press back or anything else.
Note: If it’s a debit card or credit card payment, you will receive an OTP on your phone that you will need to enter. - Done
Once your screen reflects “Bill Payment Successful”, you can click on Done.
As mentioned, the receipt of the payment will be sent to your email address which you can use to claim tax benefits.
The payment will reflect in your portal within 5 days.
FAQs
Yes, you can pay LIC premiums and other insurance premiums on PhonePe application.
Yes, as long as you are entering the correct details it is quite safe.
Yes, PhonePe is quite reliable while making any transaction including paying LIC premiums.
