Smartphones in every hand and cheap data in every phone played an important role in increasing the use of UPI. This is the reason that along with private companies, now government companies have also gone ahead in providing the facility of its use to the customers. Policyholders of Life Insurance Corporation of India (LIC), the country’s largest life insurance company, can now pay premium through UPI sitting at home.
New Delhi. In view of the boom in digital transactions, many companies are providing new digital services to their customers. There was a time when one had to go to the insurance company’s office and stand in long lines to pay the premium of life insurance. After that the facility of paying premium online was available. It was mostly used by those people who were internet friendly or who had internet facility.
After this, when the era of transactions started through UPI, there was an unprecedented increase in digital transactions. Smartphones in every hand and cheap data in every phone played an important role in increasing the use of UPI. This is the reason that along with private companies, now government companies have also gone ahead in providing the facility of its use to the customers.
LIC is also giving the option of UPI
Policyholders of Life Insurance Corporation of India (LIC), the country’s largest life insurance company, can now pay premium through UPI sitting at home. Earlier, online premium payment could be done only using online banking and debit/credit cards. Now LIC has given the option of paying premium through UPI platforms like Google Pay, PhonePe, Paytm by increasing its facilities.
Pay premium with UPI like this
- Whichever UPI platform you use, first open that app on your mobile phone
- Go to the bill payment option of the app and tap on it
- Then choose Insurance option in Finance & Taxes
- After selecting LIC, tap on it
- After this the option to link the policy will appear. In that enter the policy number and your e-mail id – click on link account and review your complete details
- You can pay the premium once the policy is successfully linked
- UPI PIN has to be entered for payment and your premium will be credited within minutes
- After this, whenever the premium has to be paid, you can pay by entering the UPI PIN. Once the policy is linked, the premium amount, next payment date and bill number can also be seen on UPI.
What is UPI
Let us tell you that UPI is a real time payment system, which can transfer money to the bank account instantly through the mobile app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app. The special thing is that UPI allows you to transfer money even if you have only one information such as scanner, mobile number, UPI ID.
