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Life Insurance Corporation of India (LIC) policies are beneficial for many individuals. But paying the premium for these insurances may take some time and requires visiting the bank or LIC office. Due to the increasing use of Unified Payments Interface (UPI) in India, LIC policy holders can now conveniently pay their premiums without visiting the bank or LIC office.
UPI is a payment system that allows users of Paytm, PhonePe, Google Pay and other payment apps to quickly transfer money to bank accounts. LIC policy holders can now pay their premium easily using these applications without visiting the bank or LIC office.
Follow these simple steps to pay for LIC subscription:
1. Open the PhonePe app.
2. Select the option to pay your insurance premium.
3.Select the option of LIC premium payment.
4. Enter your LIC number and email address, then hit the Confirm button.
5. Select your preferred payment method and enter your credit or debit card information.
6. After entering the OTP issued to you, your LIC premium will be credited.
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