Quick Answer: How Is Late Fee For LIC Premium Calculated?

Can LIC premium be paid online after due date?

NO.

LIC does not accept payments after the due date.

LIC requires that your payment is received before the premium due date.

If your payment receives LIC after the due date, interest and other related penalties as are applicable and prescribed by LIC for a late premium payment could apply..

How can I pay premium of lapsed LIC policy?

To revive the lapsed policy, all unpaid premium on the policy must be paid along with interest due on the same. A revival penalty may be applicable on the amount to be revived or on the period since the policy lapsed.

What happens if I pay LIC after due date?

Final Words: The grace period for LIC premium payment is a limited time and you must make the premium payment during this time as if the grace period passes, your policy lapses. To revive a lapsed policy you not only have to pay some extra fees as a penalty but also go through the entire process of policy renewal.

Can I pay my LIC premium before due date?

When the premium can be paid? Premium can be paid 30 days before the due date to till the policy is in force. Last premium before maturity under Qly & MLY mode cannot be paid online.

What happens if you forget to pay LIC premium?

If you do not pay your life insurance premium on time, do not worry. It can be paid during the Grace Period which is usually 15 to 30 days from the premium date. In case, you do not pay the premium during the grace period, your policy will lapse. You can revive it within three years.

What happens if you fail to pay the premium of LIC for one year?

For single premium policies, the surrender value gets acquired after the first year itself. In case you haven’t paid even 2 or 3 years’ premium (as per the case above) and want to discontinue, the insurer will not pay you back anything and will not convert it into a paid-up policy either. The money is all but lost.

What is the grace period for LIC premium?

The grace period for policies where the premium payment mode is monthly is 15 days from the due date. The grace period for policies where the premium payment mode is quarterly, half-yearly or yearly is one month but not less than30 days.

How do you calculate a late fee?

Late fees are usually assessed as a monthly finance charge.To calculate late fees, first decide on the annual interest rate you want to charge, then divide that by 12. Next, multiply that monthly rate by the amount due to arrive at the monthly late fee. … Will clients really pay late fees and interest charges?

How can I know my LIC premium due date?

You can avail all the LIC policy details simply by sending an SMS to 56767877. All the policies in life are dependent on advance annual premium payments.

How do I know my LIC policy is lapsed?

How to Check LIC Policy Details Online?Step 1: Go to the official LIC website, fill in your credentials like username and password.Step 2: Login to your account and select the option ‘View Enrolled Policies’.Step 3: You will be directed to a page where you can see all the listed enrolled policies.More items…

How do I renew my expired LIC policy?

A lapsed policy can be revived under the revival scheme by shifting the original date of commencement by the period of maximum two years. Under the Money Back Plan, policyholders have to bear policy preparation charges and stamp fee.

What happens if I stop paying LIC premium after 3 years?

On surrendering the policy after three years, the insurance company will pay you a guaranteed surrender value equal to 30% of all premiums paid after deducting the first year’s premium. … Special Surrender value = 80% of Maturity Sum Assured if you have paid premiums for 3 or more years but less than 4 years.

How can I check my LIC policy maturity amount online?

The LIC website states that policyholders can send the claim requirements by email. The mail should be sent to claims.bo @licindia.com where the branch code is the servicing branch. For instance, if 883 is the servicing branch, the mail will have to be sent to claims.bo883@licindia.com.

How is LIC maturity amount calculated?

To claim maturity of the LIC policy one needs to send/submit the original policy document with Discharge voucher (form 3825),NEFT Mandate Form, Identity & Residence Proof, cancelled bank cheque before the due date to the LIC branch from where you had taken the policy.