Help regarding LIC premium payment

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Hi,

how to use credit card for LIC premium payment without any charges. Any idea

29 Comments  |  
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register for bill payment

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@Ajithian Use wallet and then any credit card under payment options and choose billdesk only. It is personally verified , I have done around 3 hours back. I choose phonepe as wallet.

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mrKool_JJ wrote:

My policy has lapsed already

And my last due for this year will be in the month of November so my plan is that I’ll go and make it active in the mid of November and pay it before the due date so that ill get the money back for this year…
I hope that’s possible right ?
@Ajithian

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Roushh wrote:

I have closed it after 5 years.

Mine is lapsed coz I haven’t paid anything this year…
My 7.5k is still due..

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mrKool_JJ wrote:

Mine is lapsed coz I haven’t paid anything this year…
My 7.5k is still due..

LIC is motional blackmail. Nothing else. Never put your money in it. That’s why I withdrew after 5 years.

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Roushh wrote:

LIC is motional blackmail. Nothing else. Never put your money in it. That’s why I withdrew after 5 years.

Let’s c…
I have to pay this 10k for few years and ill get that 10k I’ll go and enquire about this when I’ll go and renew my policy..

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mrKool_JJ wrote:

Let’s c…
I have to pay this 10k for few years and ill get that 10k I’ll go and enquire about this when I’ll go and renew my policy..

The only people who make money from LIC are either LIC agents or dead people. Are you any one of these?

Better buy a health insurance and term life insurance for risk cover.

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Roushh wrote:

The only people who make money from LIC are either LIC agents or dead people. Are you any one of these?

Better buy a health insurance and term life insurance for risk cover.

Haha let me check and see this time..

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Roushh wrote:

LIC is motional blackmail. Nothing else. Never put your money in it. That’s why I withdrew after 5 years.

Have you got full amount which you paid? If not how much percent? Purchased term insurance few days back. So, want to close my 6 year old LIC policy now (Have paid around 60000 till now). Curious to know how much I get back.

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MSDfan wrote:

Have you got full amount which you paid? If not how much percent? Purchased term insurance few days back. So, want to close my 6 year old LIC policy now (Have paid around 60000 till now). Curious to know how much I get back.

which term insurance you’ve purchased?

policy term?
premium term?
coverage?
lump sum/partial?

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SudhirG wrote:

which term insurance you’ve purchased?

policy term?
premium term?
coverage?
lump sum/partial?

LIC tech term plan for 32 years.
50 Lakhs coverage.
Around 7k (including GST) premium yearly.
Lumpsum payment of SA.

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priyanshi05 wrote:

@Ajithian Use wallet and then any credit card under payment options and choose billdesk only. It is personally verified , I have done around 3 hours back. I choose phonepe as wallet.

Have you done from LIC website?

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mrKool_JJ wrote:

And my last due for this year will be in the month of November so my plan is that I’ll go and make it active in the mid of November and pay it before the due date so that ill get the money back for this year…
I hope that’s possible right ?
@Ajithian

I believe you need to make active by doing revival quotation

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MSDfan wrote:

LIC tech term plan for 32 years.
50 Lakhs coverage.
Around 7k (including GST) premium yearly.
Lumpsum payment of SA.

Why do you want to surrender ?

Surrender value will be less always

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rajeshcaicwacs259 wrote:

Why do you want to surrender ?

Surrender value will be less always

Yeah, I know bro.
These endowment policies provide both risk coverage and sum assured at the maturity (which is LOW COVERAGE WITH MEDIOCRE RETURNS).
Now I have a term plan of 50lac in half the previous premium amount and can invest rest half in MFs which still provide higher returns than the LIC maturity amount.
WE SHOULD NOT MIX INSURANCE & INVESTMENT.
So, there is no point in continuing existing policy.

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MSDfan wrote:

Yaeh, I know bro.
These endowment policies provide risk coverage and sum assured at the maturity (which is LOW COVERAGE WITH MEDIOCRE RETURNS).
Now I have a term plan of 50lac in half the previous premium amount and can invest rest half in MFs which still provide higher returns than the LIC maturity amount.
WE SHOULD NOT MIX INSURANCE & INVESTMENT.
So, there is no point in continuing existing policy.

Good point

You explained core point of insurance

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MSDfan wrote:

Have you got full amount which you paid? If not how much percent? Purchased term insurance few days back. So, want to close my 6 year old LIC policy now (Have paid around 60000 till now). Curious to know how much I get back.

I think they let us withdraw after 5 premium payments meaning 5 years but they impose some fine on it. I got my money back without interest more or less.

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Roushh wrote:

I think they let us withdraw after 5 premium payments meaning 5 years but they impose some fine on it. I got my money back without interest more or less.

So you got your full amount you paid by deducting just the fines? It’s good to hear bro. Fines amount to?

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MSDfan wrote:

Yaeh, I know bro.
These endowment policies provide risk coverage and sum assured at the maturity (which is LOW COVERAGE WITH MEDIOCRE RETURNS).
Now I have a term plan of 50lac in half the previous premium amount and can invest rest half in MFs which still provide higher returns than the LIC maturity amount.
WE SHOULD NOT MIX INSURANCE & INVESTMENT.
So, there is no point in continuing existing policy.

Exactly. Never mix insurance with investment. I closed my LIC after 5 years and lost 5 years worth of interest as fine but still earned better returns in MF in next 4 years.

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MSDfan wrote:

So you got your full amount you paid by deducting just the fines? It’s good to hear bro. Fines amount to?

They took the interest money as fine. Don’t know what percentage they charged.

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Roushh wrote:

They took the interest money as fine. Don’t know what percentage they charged.

Ok bro, will enquire about surrender value with them. Thanks for your time.

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Ajithian wrote:

I believe you need to make active by doing revival quotation

Yes I’ll go in mid of November and renew it first of all then I’ll see what do

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