Now, you can pay LIC policy premium payment through credit cards at no added charges. At present, the plastic card has more or less replacement hard cash transactions in many countries owed to the ease of payment. Life Insurance Corporation has renounced off the expediency fee on all payments to the national broker to promote digital transactions, which is active from December 1.
According to the corporation statement, that any credit card originated payments towards renewal premium, new premium, or repayment of loan and interest on loans against the policies will not attract any added charges or convenience fee its parlance, from December 1.
This facility of free transactions using credit cards shall be applicable to and implemented over all collecting systems-card less payment and card dip/ swipe on point of sale machines, LIC, which control over 70 percent of the life insurance market, stated in a statement on Monday.