LIC has also introduced the facility for premium payment through Debit card in December of 2003 with a Service provider. This is a facility that was offered to UTI BANK (now AXIS BANK) from February of 2004.LIC online payment through debit card means is free absolutely for all the customers. No additional charges can be paid to LIC / Bank for using this facility.Customers have to register their policies first, through the website of the bank. Data has to be registered as per the required format/mandate of the bank and it has to be presented to the bank.
The Bank will send the registration data of all those policies which have been registered newly on the next working day to PCMC in desired format.Policies with Ordinary Payment Mode which include Yearly, Half-Yearly and Quarterly Mode of payment are approved under this scheme.Policies that contain MLY Ordinary and SSS Mode are not admitted as per this scheme. Policy must be in-force during the registration time. ULIP policies and Health policies shall not be approved as per this scheme.If the premium is paid already through any other mode prior to the receipt of the payment through debit card or the premium amount is not matching with the required premium, the payment received from debit card will go directly to the refunds section and the amount is refunded by directly crediting the amount to the bank account. It may take approx. 15 days.All processing for this scheme will be done by PCMC, Mumbai.