LIC stands for Life Insurance Corporation of India, which is a state-owned insurance company in India. It is the largest insurance company in India and one of the largest insurance companies in the world in terms of policies sold and assets under management.
LIC was established in 1956 by the Government of India and nationalized in 1956. Its main objective is to provide life insurance coverage to people at an affordable cost and to promote savings and investment among the public.
LIC offers a wide range of life insurance products, including term insurance, endowment plans, money-back plans, unit-linked insurance plans (ULIPs), pension plans, and group insurance plans. The company has a large network of agents and offices across India and offers its services to customers in both urban and rural areas.
In addition to life insurance, LIC also offers other financial products such as mutual funds, home loans, and other investment products. The company plays a significant role in the Indian economy, particularly in the area of long-term investments, and is seen as a reliable and trustworthy institution by many Indians.
There are several ways to pay LIC premium. Here are some of the common methods:
- Online Payment: LIC policyholders can make premium payments online through the company’s official website, www.recharge2.in They can register on the website, log in, and make payments using their net banking, credit card, or debit card. The process is quick, easy, and convenient.
- Mobile App Payment: LIC policyholders can also make premium payments using the company’s official mobile app, Reharge2 App. The app is available for download on both Android devices, and allows policyholders to pay their premiums using their debit card, credit card, or net banking.
- Auto Debit: LIC policyholders can set up an auto-debit facility with their bank account or credit card to pay their premiums automatically on the due date. This is a hassle-free method of payment as policyholders do not need to remember the due date or initiate the payment manually.
- LIC Branch Office: Policyholders can also visit any LIC branch office and make their premium payments in person using cash, cheque, or demand draft. They need to provide their policy details and make the payment at the counter.
- Authorized Banks: LIC has authorized several banks to collect premium payments on its behalf. Policyholders can visit any of the authorized banks and make their premium payments using cash, cheque, or demand draft.
It is important to pay LIC premiums on time to avoid policy lapse and ensure continuous coverage.
