Question: Can I Pay LIC Premium Online For My Wife?

What is reduced paid up in LIC?

What is Reduced Paid-Up Insurance.

Reduced paid-up insurance would allow the death benefit to remain in place without you being required to pay any future premiums.

However, the death benefit is reduced to the amount of cash value that you had in your original life insurance policy..

What is lic interest rate?

LIC Fixed Deposit (FD) … FD Tenure: Ranges between 18 months to 5 years. Interest Rate Range: 5.50% p.a. to 5.60% p.a. Senior Citizens FD Rate: 5.75% to 5.85% p.a. Highest Interest Rate: As per today’s rate, LIC Housing Finance’s highest interest rate on FD is 5.60% offered for a tenure of 5 years.

Can I pay my LIC premium through Google pay?

Follow these steps to pay LIC Premium through Google Pay. Step 1: First, open Google Pay app on your device. Step 2: On the home page you need to tap on + New Payment to pay your LIC premium. … Step 3: On the next page, tap Bill Payments option.

How can I add my family in LIC policy?

How to Add Multiple Policy in LIC AccountOpen LIC online customer portal ebiz.licindia.in/D2CPM/#Login.Enter your login details.Click on Individual Policy Details.Hover to Basic Services and Click.Click Add New Policies in the left side panel.Select Relationship from drop-down (Self / Spouse / Child)More items…•

Is LIC policy tax free?

When the premium paid on the policy does not exceed 10% of the sum assured for policies issued after 1 April 2012 and 20% of sum assured for policies issued before 1 April 2012– any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax under Section 10(10D).

How much LIC premium is tax deductible?

Premium paid towards life insurance policies qualifies for deduction under Section 80C, up to a maximum of Rs 1.5 lakh a year. The gross total income gets reduced by the premium amount and, thus, reduces the tax liability.

Can I pay LIC premium through debit card?

Enter Policy Details and Pay using NetBanking or Debit/Credit Cards. This facility is available for all non-ULIP policies. Now the payments can be made using VISA/Master Credit Card (Domestic Only) with some convenience charges.

Is LIC better than FD?

Comparing between FD and Life Insurance Plan Thinking of short and long term investments, FDs are better. Life insurance plan are suitable only as long term investment options. The minimum period of investment in a life insurance plan is about 10 years. The minimum amount that you can deposit in a FD plan is Rs.

How I check my lic policy status?

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…•

Which plan is best in LIC?

Best LIC PlansLIC PoliciesPlan TypeMaximum Maturity AgeLIC Jeevan UmangWhole Life Insurance100 yearsLIC Jeevan AmarTerm Assurance Plan80 yearsLIC Money Back 25 yearsMoney Back Policy70 yearsLIC New Jeevan AnandEndowment Plan75 years1 more row•Sep 23, 2020

Is money back from LIC taxable?

Q: Is the maturity amount received through money back policy is taxable? The amount you receive at the end of the policy is tax-free under Section 10(10D) of the Income Tax Act, 1961.

Can I pay LIC premium for my wife?

Under Section 80C of the Income Tax Act, any amount paid by a policyholder towards life insurance premium for self, spouse or his/her children can be claimed as deduction from taxable income. … If a person is paying premium for more than one insurance policy, all the premiums can be included.

How can I add my LIC policy to my wife online?

You shall enter the policy number you wish to add, select SELF in Relationship for your own policies or the relationship accordingly for your family members and then click on Sumbit, the policy will get added.

Can I pay LIC premium online after due date?

Yes, you can pay your LIC premium online after the due date, but it will attract a late penalty fee @ 8% (minimum of ₹5).

Can I pay LIC premium before due date?

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. How the payment can be made? Payment can be made in cash/cheque.

Is FD in LIC Housing Finance safe?

The LIC HFL FD is rated as a stable and safe investment to make by CRISIL. This means that the investment is a highly stable one that offers guaranteed returns. The interest rates offered on LIC fixed deposits are very competitive and offers a higher rate of return when compared to your average savings account.

Can I show spouse LIC in 80c?

1. Tax exemption offered under section 80C on life insurance policies from LIC: If you have purchased a life insurance policy on or before 31st March 2012 in your own name or in the name of spouse or child, then up to 20% of tax deduction can be availed on the premium paid towards life insurance policy.

Can I pay others LIC premium online?

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.