Hey there, fellow LIC policyholders!
Today we will be discussing how to make your LIC premium payment through online using Paytm. I know, I know. Insurance payments are something that can cause quite a number of headaches. But let me assure you, it does not necessarily has to be like that.
Yes I have been there when it comes to filling of forms and spending a lot of time on the queues. I then learnt about how simple it is to make payments to LIC premiums using Paytm. It is exciting as if you have discovered a new level in a video game, makes everything easier! Therefore, let’s get started straight away and simplify your life considerably.
This Series of Articles – Why Paytm for LIC Premium Payment Online?
First things first – why Paytm?
Oh, it is like having a payment superhero in the pocket all the time. That’s not all Paytm is about, it isn’t just for mobile phone recharges or splitting the restaurant or café bill with friends. It has a lot of clout where insurance payment is concerned as well.
Here’s why I’m all about that Paytm life for LIC premiums:Here’s why I’m all about that Paytm life for LIC premiums:
- It’s incredibly fast – so fast that I am not sure I can emphasize that enough.
- It can be done at any time regardless of day or night as long as one is comfortable (with pajamas on at 2 AM).
- No more bundles of papers that you staple and put into your drawer.
- Cashback and offers (who doesn’t love free money?)
The Convenience Factor
Let’s be real – convenience is king. With Paytm, you’re not tied to LIC office hours. No more need to run home from work or spend lunch time running around for errands. All you need is grab your phone and working through the touch screen couple of options and it’s over. What this amounts to is being your own LIC assistant, without the cosy chit-chat in between.
Getting Started: LIC Premium Payment Online through Paytm – how to setup Paytm for online payment?
Okay, here we go.
I do not think that it is something complicated like the theory of rocket science, but again I might be wrong. You are capable of it no matter the level of your technology literacy.
Download and Install Paytm
Now let me guide you through how to go about it – naturally, first, make sure you’ve got the Paytm application installed on your handheld device, whether it’s a smartphone, tablet or some sort of a portable communication gadget. Android and iOS are the two operating systems on which it is compatible with.
Well, all you have to do is go to the marketplace of your chosen platform, be it Google Play, Apple Store, or any other, and type Paytm in the search bar and click Install.
Easy peasy, right?
Form Your Paytm Account
If you are pro-user you don’t need any introduction to Paytm, but if you are registering with Paytm for the first time you need to open an account.
It’s pretty straightforward:
- Open the app
- Tap on “Create New Account”
- Enter your phone number
- Add your email (optional, but recommended)
- Create a password
- Verify your number with an OTP
And just like that, you’re in!
Link Your Bank Account or Add Money to Paytm Wallet
Now, you’ve got options:
- Link your bank account directly
- Add money to your Paytm wallet
Linking your bank is great for larger payments. But if the security issue becomes a concern then there really is nothing left to consider, the wallet is the way to go. It is also very convenient to use just add the amount that will provide for your premium, and you are set.
Paytm as an Option to Make LIC Premium Payment Online: Step by Step Process
Okay, here comes the long awaited climax of todays’ show.
It is now time to show you how to make the payment of your LIC premium which is actually a kind of policy implementation. I assure you it is easier than attempting to fold a fitted sheet.
Navigate to the LIC Premium Payment Section
- Open your Paytm app
- Scroll down to “Insurance”
- Tap on “LIC”
You’re now in the LIC premium payment zone!
Enter Your Policy Details
Here’s what you’ll need:
- Your LIC policy number
- Date of birth of the policyholder
Double-check these details. One wrong digit and you’re in for a headache.
Choose Your Payment Amount
Paytm will show you the premium amount due. If it matches what you’re expecting, great! If not, don’t panic. Just double-check your policy details.
Select Your Payment Method
Remember those options we talked about earlier?
Now’s the time to choose:
- Paytm wallet
- Linked bank account
- Debit card
- Credit card
Pick what works best for you.
Confirm and Pay
Take a deep breath. We’re almost there. Review all the details one last time. If everything looks good, hit that “Pay” button. And you’re done! Paytm will show you a confirmation screen. Maybe do a little victory dance?
Troubleshooting Common Issues with LIC Premium Payment Online via Paytm
Sometimes things don’t go as smoothly as we’d like. But don’t worry, I’ve got your back.
Here are some common hiccups and how to fix them:
Payment Failure
If your payment doesn’t go through:
- Check your internet connection
- Ensure you have sufficient funds
- Try a different payment method
- If all else fails, wait a bit and try again
Policy Number Not Recognized
Double-check you’ve entered the correct policy number. If it’s still not working, your policy might not be eligible for online payment. In that case, you might need to contact LIC directly.
Paytm App Crashes
First, try force-closing the app and reopening it. If that doesn’t work, update the app or reinstall it. Still having trouble? It might be time to reach out to Paytm support.
FAQs About LIC Premium Payment Online via Paytm
Q: Is Paytm option available to pay LIC premium and is it safe?
A: Absolutely! Paytm has employed some of the best security measures that will help to ensure that your information and transactions are well protected.
Q: Is it possible to make multiple LIC policies payment though Paytm?
A: Yes, you can! Just repeat the same for each policy in order to achieve the final goal.
Q: Do I receive a receipt at completion of the payment?
A: Yep! After successfully completing payment you get a digital receipt from Paytm. It is also possible to view it in the application under the “Transaction History” tab.
Q: What will happen if a person pays the amount more than the required premium amount?
A: Don’t sweat it. This extra amount will deduct in your next premium payment.
Q: Is it possible to make payment for my LIC premium through Paytm through post it?
A: No not yet but there is always a chance, right? Maybe in the future. At the moment, each of these will have to be made by hand, and the next installment is due on April the first.
Wrapping It Up: LIC’s premium payments: The future
And that’s all the information that you need to know about paying LIC premium online using Paytm. It is rather wonderful how our life has been facilitated with the help of technology, do you not agree?
No more lines e. g. waiting for a bus, or jealous neighbours forcing you to complete unnecessary paper forms. It is so simple that all it would take is a few clicks on your mobile phone and you are ready to go. Do not forget to make your premium payments on time, that is very important. It guarantees your policy is not canceled and your dear ones remain insured. Even still, with Paytm at your disposal, there is absolutely no reason you can give for failing to make a payment on time.
So, you may try it out for real. I dare say that you will be thinking how come you have not instituted this practice long ago. Here’s to no longer worrying about paying LIC premiums and more worrying about getting our premiums paid in time! Looks like this is the end for now See you soon and happy Paytming!
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