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If any person accidentally misses the payment date then, term insurance companies provide a grace period for remitting the premium payment. Usually, the duration of this grace period is 30 days. If you make payment within these 30 days, your policy will not get lapsed.
How can I pay LIC premium online by late fee?
Step 1: Visit the official website of the LIC of India. Select ‘Through customer portal’ or ‘Pay direct’. Step 2: Then, you are required to provide all the credentials and details of your policy from LIC. The login ID and password of LIC are required if you have selected the option of the customer portal.
When can the premium be paid? Premium can be paid 30 days before the due date to till the policy is in force.
What happens if you pay your premium late?
If you get your premium payments back up to date, the insurer will process those claims and pay them as usual. If you don’t get your premiums fully up to date within the 90-day grace period, your health plan will cancel your coverage retroactive to the day you became 31 days late paying your health insurance premium.
In term insurance, failure to pay the premium before the due date results in the policy lapsing, which forfeits your insurance benefits and the premiums paid so far. The policy is still in force during the grace period, and if anything happens to the insured, the nominee would still be eligible for the benefits.
What happens if LIC premium is not paid on time?
If you are also the one who has missed the payment of LIC premium within the date due, then do not worry. This is because LIC provides a grace period for LIC premium payment during which you can pay the premium of your LIC policy without paying interest on it. Let us understand the grace period in detail:
The best way to do so is to pay it online through the following LIC online premium payment method: Step 1: Go to the website of LIC of India. From there select ‘Through customer portal’ or ‘Pay direct’. Step 2: These options will ask to give the credentials and details of your policy from LIC.
What is the renewal date of an LIC policy?
The renewal date of a policy is exactly one year after the previous year’s premium payment date. However, in order to make the premium payments easier, the insurance company like LIC allows a grace period of 30 days for paying the renewal premium.
However, in order to make the premium payments easier, the insurance company like LIC allows a grace period of 30 days for paying the renewal premium. But, if you have selected the mode of premium payment every month, then the grace period for LIC premium payment is 15 days.