What to do if my LIC online premium payment failed, how can i get the refund for the payment deducted but transaction failed and what are the possible reasons for transaction failure and how many days it will take to issue the refund of LIC online failure payment…
There are different scenarios that a transaction made for LIC online payment will be stuck or failed, and In such condition, based on the status of process customer should work on the progress, Policy holder of LIC India, should not worry for the payment they have made online by using any verified platform.
As digital transaction is checked by customer bank and even LIC of India finance department, which timely intimate customer on the transactions made, and any failure in payment of LIC payment for due month, need to be paid using payment links provided by LIC of India.
Payment failure for any reason will not be transfer the amount to your LIC account and thus in most cases the refund will be credited to your account. To meet the timely payment schedule of LIC of India, it is advised to make payment a week before.
Thus, any issue or failure of LIC premium payment can be checked and address, which can’t be done on exact payment date, and Moreover, LIC of India will not accept any kind of failure receipt as some proof of submission for delay in Paying the LIC premium.
How to Address Failed LIC Premium Payment
Policy holder who has tried to pay LIC payment premium in online and has got a failure even after deduction of amount, may follow quick steps to address the issue and track the same with help of corresponding bank.
- Make a call to 24*7 customer service of your account holding bank and provide them details about transaction and failed transaction number
- Verify the status of payment, as it is created to LIC account or not
- Get the service number to note the transaction failure call
Customer will be advised to wait for a timeline provided by respective bank to initiate the refund, as in most cases it will be done automatically under failure timeline.
LIC Premium Amount Deducted from Account in Online and Put on Hold
If your have tried to pay your LIC premium amount from official LIC portal link or using LIC application, then you will surely receive a transaction number which can be used to track the transaction made, where if the made transaction is successfully after resolving the network issue, then your LIC policy account will be credited with same amount and hence there will not be any question to raise.
LIC Premium Amount Deducted from Bank Account but not paid
If the same LIC premium amount deposited and has been failed due to any network failure or connection crash, then customer shouldn’t get panic, as amount deducted from customer account will be refunded back by bank in 72 hours.
Any transaction fails due to internet banking, mobile banking, debit card or credit card transaction will be verified by Bank by end of the day and thus after clarification, same amount will be deposited to customer account.
Customer can raise a compliant on same time for transaction failure and same will be checked by bank after the time guidelines given, where the appropriate action to be taken on digital payment failure only after 72 hours of time has been met.