Question: How Is Late Fee For LIC Premium Calculated?

How can I pay LIC premium online by late fee?

To pay premiums through the insurer’s website, visit www.licindia.in and click on ‘Pay Premium online’ from the ‘Online Services portal’.

Here you will get two options: a) Pay Direct (Without login) and b) Through customer portal.

This is an option for those who do not want to register with the portal..

What is the grace period for LIC policy?

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 much can you charge for a late fee?

Late payment fee amounts vary. You might charge a flat rate or percentage of the customer’s bill. For example, you can tack on an additional $10 late fee per 30 days overdue. Or, you can charge 2% of the customer’s bill per month.

What is the penalty for late payment of LIC premium?

What is the Late Payment Charge for a LIC Premium?Months (Delayed)Late Fee for 1 Re per Premium6%7.50%1st Month0.0050.006252nd Month0.010.01253rd Month0.0150.018753 more rows

Can LIC premium be paid 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 LIC premium without paying?

Here is how you can pay your LIC premiums using your credit card: Step 1: Log in to LIC’s website: visit www.licindia.in. To make the payment you have to make sure your policy(s) is enrolled with the insurer. Once it is done, click on the link ‘Pay Premium Online’ to see the list of policies where the premium is due.

What happens if I miss my LIC premium?

Missed LIC Premium Payment, pay within 30 days, without any interest. If you have missed the LIC premium within the due date there is still time for you to make the payments without payment of interest on the premium. This period is called the Grace Period.

How long can LIC premium be delayed?

However, due to some reasons, if you fail to pay the premium on time, a grace period of 15 days is allowed for those policies who have a monthly premium mode, and a grace period of 30 days for policies with quarterly, half-yearly, and yearly premium payment mode.

How much money will I get if I surrender my LIC policy?

Guaranteed Surrender Value: The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

How can I claim my LIC policy lapsed?

The policy can be revived only once during the policy term. The lapsed policy can only be revived if it has not expired for a period of fewer than 6 months or more than 3 years from the date of revival. Under the special revival scheme, the policyholder has to give a written request for reviving the policy.

How can I check my LIC policy maturity amount?

Check LIC Policy Status Online (For Registered User)Step 1:You must visit the e-Service Portal of LIC. … Step 2:You will need to enter the login credentials namely, your User Name and Password.Step 3:Once you’re logged in your Services Account of LIC, you will see various options related to the account or your policy.More items…

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 are late fees calculated?

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. Example: You have a 12% late fee on a $10,000 project. … Then multiply 1% by 10,000, and you arrive at a $100 monthly late fee.

What happens if I pay LIC after due date?

If you are also the one who has missed the payment of LIC premium within the date due, then do not worry. This is because LIC provides a grace period for LIC premium payment during which you can pay the premium of your LIC policy without paying interest on it.