Insurance Blog

How to get LIC Policy premium paid receipt for Income Tax filing

You would be paying your LIC policy premium either offline at the cash counters or through online payment or with ECS. If you are an Income Tax payer, you would need the premium paid statement for the current financial year at the time of your income tax filing with your employer or with the Income Tax dept. 

If you had paid your premium through online mode on www.licindia.in, you would have received the receipt to your mail immediately once you had made the payment. You shall make use of those receipts for income tax exemptions. If you do not have the receipt with you, you shall generate the receipt again as per the below process.

If you had activated ECS payment mode for your LIC policy, the policy premium would be automatically deducted from your bank account on the due date. You would not have received any receipt for such payment through ECS mode. You shall follow the below steps to generate the consolidated premium payment receipt.

You shall generate these receipts directly online whenever you need it if you had registered your policy and you maintain an account on LIC's official site www.licindia.in. If you had not yet registered your policy and created an online account, please follow the steps here and create an account.

If you hold a LIC online account and if you want to enroll or add few more policies of yourself or of your family members to your existing account, click here.

If you have already registered your policy, follow the below steps to generate your premium paid statement:

1. Go to your LIC login page in the url - https://ebiz.licindia.in/D2CPM/#Login

2. Enter your Username and password and Date of Birth. It will take you to your account home page.

3. Click on Basic Services menu, you will be able to see the Policy Premium Paid Statement Menu. Click on this menu and select the required Financial year, the available policies will be listed. Select the required policies and click on Generate Statement. Policy statement will be opened as a PDF file in a separate tab.

Note: Statement will be opened in a new window of your browser. So, please make sure that pop-ups are not blocked in your browser.

Recommended links:

To check the estimated maturity returns of your policy, click here

To check the estimated surrender value of your policy, click here.

To check the estimated loan that you shall avail on your policy, click here.

How to activate ECS or Direct debit on my LIC Policy

You would have taken a LIC policy initially with direct payment mode. At some later point of time, you would have felt the manual payment your policy premium for every due is a time consuming task and thought ECS would be better for you. If you wish to activate the ECS on your policy, you shall download the ECS form attached below and fill the necessary details. Then you have to submit the form to the bank where you hold your bank account, get it signed by your bank manager and then you have to provide a copy of the signed letter to the LIC Branch office where you have taken the policy.
LIC_ECS_Form.doc (52KB)

which is better - ECS or direct payment of LIC policy premium ?

You shall pay your LIC policy premium by various means. You shall either visit your nearby LIC branch office and pay your policy premium through cash or cheque or you shall pay your policy premium online in the link - https://customer.onlinelic.in/LICEPS/appmanager/OnlinePayment/OnlinePaymentHome , by providing your policy no , premium amount and your date of birth or alternatively, you shall activate the ECS (Electrnic clearing system) on your LIC policy by providing your bank account details to LIC office. Though you shall use any of these ways, from a convenience point of view, paying your premium at the LIC office counter by visiting the office everytime may not be a good option. You shall activate the ECS on your policy so that your policy premium will be automatically deducted from your bank account on every due date. But in the ECS mode, you need to have enough balance on your account on every due date, else your ECS will fail and it will be decativated from the next due. Again you have to activate the ECS by visiting the LIC office. Again, the ECS payment method restricts our bank balance flexibility. The most flexible way of paying your policy premium is to pay it directly online every time by going through LIC's official portal. This provides you the option of paying through your credit card. But the only overhead in this type of direct payment is that you have to note down the due dates so that you are not missing it.