Life Insurance Corporation of India (LIC) has removed the credit card payment option from its online premium payment system.
This change has affected many policyholders who regularly used credit cards to pay their insurance premiums through the LIC website.
Now, customers can make online premium payments only through UPI, debit card, and net banking. Premiums can also still be paid offline through LIC branches or authorized LIC agents.
Why Did LIC Remove Credit Card Payments?
According to LIC agents, the credit card option was removed because of a dispute over payment gateway charges.
Earlier, LIC used the BillDesk payment gateway to process credit card payments. BillDesk reportedly charged a convenience fee for these transactions. Although LIC’s website mentioned this fee, the company itself was paying the charges instead of passing them on to customers.
Sources say disagreements over these fees may have led to the removal of the credit card payment option.
Credit Card Option May Return Soon
Another LIC agent said the company is currently in talks with a new payment gateway provider. If an agreement is reached, the credit card payment option could be restored in the future.
However, LIC has not yet issued an official statement on the matter. Reports say company officials were contacted for clarification, but no response was available at the time.
Until LIC announces any update, policyholders will need to use UPI, debit cards, or net banking to pay their insurance premiums online.
