LIC Authorised Premium collection center is free for LIC policyholders – ULIP and Health policies cannot be paid

Relevant Conditions for Premium Collection

1. The premium can be paid in any Branch of Extension Counter of the Bank.

2. The premium can be collected only in CASH (maximum limit Rs.50000/- per transaction) or CHEQUE drawn on that bank.

3. The premium can be paid only for Inforce, Non-ULIP, Non-SSS policies.

4. The premium cannot be collected for ULIP and Health Policies and e-Term policies.

5. Acceptance of premium can be done up to 30 days before the Due Date.

6. Late fee is computed @ current rate i.e. 9.5%. Minimum late fee is Rs. 5/-.

7. The premium cannot be collected for Next Financial Year. E.g. In March premium cannot be collected for April due.

PREMIUM COLLECTION THROUGH AUTHORIZED COLLECTION CENTERS

Many Service Providers, which include Government & Private Ltd. companies, are franchised to collect the premium for LIC policies. Signed receipt issued by the collection centres is a valid receipt and no other receipt will be issued by LIC. The premium position will be updated on a real-time basis.

Relevant conditions for the premium collection through these franchisees

1. The premium can be collected only in CASH.

2. The premium can be paid only for Inforce, Non-ULIP, Non-SSS policies.

3. The premium cannot be collected for SSS, ULIP, Health and e-Term policies.

4. Acceptance of premium can be done up to 30 days before the Due Date.

5. Late fee is computed @ current rate i.e. 9.5%. Minimum late fee is Rs. 5/-.

6. The premium cannot be collected for Next Financial Year. E.g. In March premium cannot be collected for April due.

Source: 

https://www.licindia.in/Community/Payment-Through-Alternate-Channels/alt_chan_info