Failed LIC Online Payment, Process to get Premium Refund

By | April 9, 2022

Information on Failed LIC Online Payment, Process to get Premium Refund

What needs to be done if LIC Online Premium payment fails to proceed, how to get the payment refund for failed transaction Check out the primary reasons for payment failure and the number of days required to issue LIC refund upon failed payments

Failed Payments LIC Online

In some scenarios, the transactions made for LIC online payment fails or get struck and the customer, in this case, need to progress based on status If the payment is completed using a verified platform the customer need not worry

Customer bank and LIC India Finance Department check the digital transactions to timely intimate the customer about the transactions made Using the payment links provided by LIC the payments needs to be made for the due month in case of payment failure

In case of payment, failure amount is not transferred to LIC account and refund is to be credited to customer’s account, in that case, It is advised to complete the payment a week before to meet the schedule of LIC payments that is predefined

The customers are thus able to address any issue occurring for the payment and it is impossible to be done if payment is completed on an exact date Any kind of payment failure receipt is not accepted by LIC India as payment proof if LIC premium payment is delayed

LIC Premium Payment Address Failed

Sometimes even after the deduction of the amount the LIC Premium payment fails to get completed To address the same issue follow the steps and track with the help of the corresponding bank

  • Make a call to account-holding bank customer service that is available 24*7 and the failed transaction details along with failed transaction number is to be provided
  • Check and verify the payment status if it is credited to LIC account or not
  • To note the transaction failure call save the service number

To initiate the refunded customer need to wait for a certain timeline provided by the respective bank as it happens automatically under the decided failure timeline

Online deducted LIC Premium amount and Put on hold

By using the LIC application the policyholders pay the LIC Premium amount from the official LIC portal link The transaction number is allotted that is used to track the transaction made After resolving the network issue the paid transaction gets successful  The LIC account is credited with the same amount in that case and hence the question raised is answered

LIC Premium Payment Deducted from Account but Not Paid

In case of network issue or connection crash the deposited LIC premium payment fails to proceed The customer need not panic as the same amount is refunded back by the bank in 72 hours

The Bank by the end of the day verifies the failed payment made through internet banking, mobile banking, debit card, or credit card transactions The same amount is credited to the customer account if the verification is completed

For transaction, failure customer need to raise a complaint and the bank check the transaction failure according to certain guidelines Only after the 72 hours timeline given the appropriate action is taken against digital payment failure

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