LIC premium can be paid online after due date – What is LIC late fee charges – How LIC premium late fee is calculated?

Yes, LIC policyholder can pay his policy premium online at http://licindia.com website after due date also. 

LIC Policy premium payment – LIC online portal

LIC LATE FEE CALCULATION

* First 30 days – without late fee*

 Next 4 months and 29 days – with late fee

For example :

November 1 is the due date for a policy. The policyholder would get grace period till November 30th to pay his policy. Within this date, the policyholder can pay without any late fee.

After 30 days of the grace period, the policyholder would be given 4 months and 29 days to pay the premium with a late fee.

A late fee on LIC policy would be calculated on the basis of days.

Example :

The premium is 5000/-. The interest on late fee is 9.5%.

Rs 5000/- x 9.5% = Rs 475/- 

Then interest per day comes to Rs 475/365 days = Rs. 1.30

Rs 1.30/- would be charged as per day interest on the delayed payments.

So, policyholders are requested to pay LIC policy premium on time and avoid the late fee.