You get 30 days grace period for each LIC Policy after policy payment due date. If you have LIC Credit Card, it’ll pay your premium automatically five days before the grace period (25 days after due date). Then, LIC Credit Card gives you 45 days time for Credit Card payment. So, That means after your policy payment due date, you can avail around 70 days time to pay your policy amount.
How to apply for LIC Credit Card?
Enrol your Policy for Automatic Payment
You can enrol your LIC policy by submitting form.
Things you should know
1. You will have to pay extra Convenience Fee and Service Tax charges on the premium amount, which makes this little un-popular:
2. After premium payment by Credit Card, you will receive LIC Premium payment Receipt by post.
3. Once you have applied for LIC Credit Card, you can track it online.
4. To set up Auto-Debit for LIC Credit Card Payment, use attached form.
5. You will get 2 Reward Points for Rs. 100 spent on LIC premium payments.
6. If you already have an LIC Credit Card call to 1800223033 (toll free) and inform your Policy Numbers.