LIC India Seems to be Flexible in its Payment Strategies

LIC or Life Insurance Corporation of India is a Insurance company under the Government of India and is one of the most popular and established insurance agencies in India. Even though a large number of private insurance agencies have made their presence in the Indian Insurance market, most of the people opts for LIC as it is considered more reliable and secure. The private insurance agencies in India may offer high interest and other exciting offers, but majority of the people still persist with LIC India. The recent recession had seen some of the major leaders in the banking and insurance sectors crumbling down and this has left a doubt with the common man as to whether opt for private insurance or insurance under the Government of India. The recent recession has send a great message to the common man that LIC is the best option for their investments.

I also joined a small insurance policy with LIC one year back an used to pay the premium amount quarterly. I also had a private insurance policy in the past with which I had some bad customer experience regarding late payment and other things. June 28 was the month on which I was supposed to pay the premium amount towards LIC, but due to my hectic work and personal life I forgot about the payment date. 2 days back when I just checked my diary, I was shocked to see that it has been one month since my due date and got afraid that I might end up paying late payment fees and other penalties which is a usual thing with some private insurance agencies.

But to my surprise, when I checked my LIC account online, I saw that there is no late payment fee and other penalties. The moment I saw it I did the payment online and got my receipt. Later when I asked with some of the my friends, they confirmed that LIC allows a expanded time of one month after the due day to pay the premium. This was really a good thing for me as I always forget my payment dates and this time I escaped without paying any penalties. In my opinion I don't think that any other private insurance companies provide this type of flexible payment option and I always suggest others to go for LIC, if they are going to make some investment.