LIC Introduces Credit Card payment
Good news for all insurance payers. Life Insurance Corporation of India (LIC) has introduced credit card payments for payment of premiums. The is a long awaited feature, but implemented late.
Highlights of Credit Card Payment by LIC
- This is enabled through IDBI Bank payment gateway.
- Premium can be paid for both VISA & MASTER Debit and Credit Cards.
- Payment can be made only for the policies enrolled on portal as in case of net banking payment.
- Interchange or Convenience fee as mentioned below are to be borne by the policy holders.
Convenience fee and service tax would be levied for this transaction according to the following table.
|Card Types||Convenience Fee||Service Tax|
|Credit Cards up to Rs.5000/-||Rs.18/-||Applicable|
|Credit Cards above Rs.5000/-||Rs.35/-||Applicable|
LIC customer login can be a accessed through this link. Customers can do the premium payment online or view the policy reciepts by accessing this link.