Get Discounts by Paying LIC Policies Premiums Online Post Demonetization
With the advent of demonetization there was a big debate on payment options. This is when the Prime Minister himself suggested that going cashless and using digital wallets might be the way of the future. As a result a lot of government payments and offers have started receiving cashless payments.
Not just this, the LIC even announced a cash back policy if people use cashless methods to pay their premiums. It can be certainly inferred that the government is putting it on priority that digital wallets be used instead of hard cash.
Which policies will be affected by this decision?
Certainly now if you are an LIC policy holder you might be tempted to look into this feature. But the question here is – which policy is allowing the usage of this type of cash back feature?
Firstly this feature is for the two new policies that receive applications online. One of them is the Jeevan Akshay policy for which you have to have a lump sum deposit plan. It is a term insurance plan on which the insurance element for the mortality is zero.
This means that you get an 8% discount if you take this policy. Also, this is valid only for 20 days in the near future.
Whatever the new policies are, if they are being taken via online methods, then you can rest assured get the cash back on them. However, this is for a really short period of time. It is available only for those who opt for cashless payments.
The other plan that is being given in cashless methods is the e-term plan. Both of these are term insurance plans and both of these are receiving applications online for them.
Apart from this, there will be a 10% discount for the general premiums that are paid via online portals. This means that if you have a general policy’s premium to be paid and you do that online, you still get the 10% discount on that.
What is the actual benefit of going cashless?
- First of all the benefit of going cashless is that you are able to get some money back for a small amount of time. The period can be anywhere between 20 days to 30 days.
- Secondly, the cashless system will enable you to pay your premiums easily. You will be able to pay it with one click of a button – no need to queue up or wait for your LIC agent to show up at your door.
- Keep records: with the insurance payments online you can keep a track record of the payments. Many a times we are unable to remember if the premiums were paid. With online records, this hassle will be solved.
According to the experts the various apps will help people keep a check on their spending pattern. They will not be able to overstretch their budget as they will not have loose change with them to do so. This is the same thing that has been argued by the ministry.
A tabular overview
A general overview of the discounts to be availed –
| About | Info | Gain |
| General insurance | For online payments | 10% discount |
| New policies | Term insurance (online) | 8% Discount |
| Rupay | Kisan Credit card holders | Rupay credit cards availed |
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