There is no discount on LIC policy premium let it be online and offline payments. Once the Insurance proposal received by LIC Branch is numbered, the LIC Insurance policy premium would remain the same throughout the term.
Only the tax like GST from time to time may change as per Government of India orders. The basic premium and rider charges would remain the same till the end of the term of the policy.
In some cases, the premium may increase while the revival of the policy. If a LIC policy is lapsed for not paying the premium for more than 6 months, medical tests may be required to revive the policy. In the reports after medical tests, if any illness or any other problems, LIC may increase the premium.
The policyholder should pay the LIC Life Insurance premium on time to avoid lapsation. If the policy is revived after lapsation, it would be considered as a new policy for claims. Death within 3 years of revival, would be considered as an early claim.
