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Paying your LIC premium through cheque? You should know this!

After the cash payment for due LIC premium, a common mode of payment is LIC premium through Cheque. Normally a customer only writes “LIC of India” or “Life insurance Corporation of India” on the cheque. However, in a recent development LIC of India has issued a new circular on 28/09/2018. As per the new circular, a policyholder now has to mention his/her policy number on the cheque. On the front of the cheque, a customer has to write his policy number just after LIC of India.

So from now on while paying your LIC premium through cheque, you have to write “LIC of India, Pol No.___________”. If you are paying LIC premium through cheque for more than one policy through single cheque, write one number the on the front of the cheque and other numbers behind the cheque.

As per the circular issued by LIC, these changes came into force after instructions issued from IRDA and Central Vigilance Commission. This is just another step to arrest any misuse of the cheque.

You may get information in this regard through various means from Life Insurance Corporation of India or through your agent.

Though paying LIC premium through cheque or cash is a conventional mode of payment but not very convenient. LIC has now introduced many alternate channels to pay your premium on time and from anywhere you want. Some of these are

  1. Through an authorized agent or also known as premium point
  2. Through LIC Mobile App
  3. Through LIC online portal
  4. Through Paytm
  5. Through ATM of Axis and Corporation bank
  6. Through MP Online Portal.

So next time do not forget to mention the policy number on the front of the cheque. You should know that you can pay the premium of your spouse and your children through single cheque.

 

 

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