How do you pay on Policybazaar?
Online: Visit the insurer’s official website and pay insurance premium online through credit/debit cards and net banking. Standing Instruction on Credit Card: Policyholders having a valid VISA or MasterCard can register for auto-debit of life insurance premiums by issuing a standing instruction.
What happens to the premiums collected by insurance companies?
The insurance company has to collect the premiums from many and make sure they save enough of that money in liquid assets to be able to pay the claims of the few. The insurance company will take your premium and put it aside, letting it grow for every year you don’t have a claim.
Is it safe to buy online insurance?
The long answer is yes, it is safe to buy or renew car insurance online if you buy it from an authentic source. Or, you can take some simple steps to ensure you are buying from the right place and enjoy the benefits of buying or renewing a motor insurance policy from the insurer’s website or the app.
What is the due date of LIC premium?
After linking LIC policy with your LIC credit card, the outstanding premium amount will be paid automatically after 25 days of the due date i.e, within the 30 days of the grace period. Using this, the life assured gets another 45 days to pay the bills.
Can we pay LIC premium through net banking?
Amount can be paid through net banking/credit card or any mode through which the payment is registered by you. Standing instructions also can be given to the bank/service provider to debit the account on a specific date.
Is it safe to pay the premium through insurance agent?
A lapsed policy can be revived by paying past premiums, interest and other administrative charges that insurers levy. However, in no case should the money be paid to the agent or intermediary. Failing which you can either go to the insurance ombudsman or file a police complaint for forgery.