LIC MERCHANT PORTAL

Effective policy management can be challenging in the fast-paced world of finance and insurance. In their efforts to provide the best services in an easier way, many LIC agents or merchants face obstacles due to complex procedures and an enormous amount of paperwork.

However, there is a way to increase customer satisfaction while simplifying these tasks. The solution is to use the LIC merchant portal for easy and smoother transactions between LIC and buyers of the insurance policies. In this blog post, we shall first understand the role of the LIC merchant and then learn the way to log in and register to the LIC merchant portal. 

 

Who is a LIC Merchant?

In simple terms, LIC merchants are licensed and certified professionals who act as an intermediary between the Life Insurance Corporation of India and the policyholders or buyers.

The LIC merchants, with the help of an online platform, simplify life insurance or general insurance transactions and processes, which may include policy purchases, premium payments, and updates on the status of the policy.

These LIC merchants are given practical training to get insurance customers, provide them with an easy experience through the merchant portal, and maintain a good relationship with them.  This way, LIC merchants serve as a helpful agent for both the insurer and the insured with the best online portal services.

 

Functions of LIC Merchant

Let’s understand how LIC merchants work in order to improve customer interaction with the Life Corporation of India:

1.    Helping with Premium Collection:

LIC merchants collect the premium payments on LIC's behalf, which helps in improving transactions and offering a secure payment environment to clients. 

2.    Offering Complete Policy Management:

LIC merchants help with efficient policy management, allowing clients to conveniently manage various factors related to policy, such as policy surrenders, nominee information, loan details on policy, etc.

3.    Providing Personalized Support to Customers:

LIC merchants offer personalized customer service to help policyholders with their claims, renewals of policy and other procedures.

4.    Offering Customer Education:

Merchants educate clients on LIC's offerings, product specifications, and benefits to help them make educated insurance choices and decisions. 

5.    Providing Transaction Services:

LIC merchants simplify the process of purchasing, renewing, and paying for insurance, leading to a better experience.

6.    Sharing Feedback for Improvement:

LIC merchants provide valuable feedback from customers to LIC that helps improve services, handle issues, and increase overall client satisfaction. 

 

How Can You Become An LIC Merchant?

Let us know the eligibility criteria and process to be followed to become an LIC merchant:

Eligibility Criteria

●      Minimum Age Requirement: The first and most important requirement is that you be at least 18 years old. To prove your age, you will need to provide proof, such as a birth certificate.

●      Educational Requirement: The minimum educational requirement is that the candidate should have passed the 10th standard from an accredited board. Therefore, you need to provide the passing certificate to prove it.

Process to Follow

●      Meet with the LIC Branch Officer: First and foremost, you need to speak with the branch officer at your closest LIC branch along with the required documents. After the meeting, the development officer will schedule an interview, which you will need to complete.

●      Required Training: LIC will provide you with an invitation to a 25-hour training session once you complete the first interview.

●      IRDAI Examination: After completing the training, you will need to sign up for the required exam to become an LIC merchant or agent on the IRDAI website. LIC will provide you with the study materials that will help you prepare for the exam. With a minimum of 40%, you can pass the exam to become an LIC merchant

●      Receiving Your Appointment Letter: After your successful completion of the IRDAI exam, you will receive an appointment letter that will have important information, including your assigned location, the development officer's name, and a unique code.

●      Final Interview and Orientation: As the last step of the process, you will meet with the development office for a general interview. Also, the representative of LIC will provide you with important advice and information to prepare you for your role.

First, the procedure may seem lengthy, However, each step is important and lays the foundation for your employment as an LIC merchant. After being officially appointed, you may start your journey as a trusted LIC merchant by logging in to the merchant portal of LIC.

 

What is the LIC Merchant Premium Collection Portal?

The Life Insurance Corporation of India (LIC) has the LIC merchant portal, which is an official digital platform for LIC merchants to connect policy buyers with the LIC. With this premium collection portal, it becomes easy for LIC merchants to collect policy premiums directly from customers, make the payment process quick and secure, and provide a seamless experience to customers.

The platform allows merchants to access real-time data, check customer policy details, produce receipts, and track transactions. It speeds up premium collection while maintaining integrity and effectiveness in LIC service delivery.

 

LIC Merchant Portal Login Process

For the LIC merchant login to the portal, these steps need to be followed:

1. Visit the Official LIC Merchant Portal
2. Input the Credentials: Provide your login credentials to gain access to the portal. In order to verify that you are not a robot, make sure you complete the CAPTCHA. Click on the “Submit” button to access your merchant dashboard.

These simple steps will allow you to access all the tools and resources you require by logging into your Merchant Portal.

 

How to Recover a Forgotten Password of The LIC Merchant Portal?

If you forget your LIC merchant login password, it's simple and quick to reset it. Just follow the steps mentioned below:

●      Visit the LIC Merchant Portal:  To get started, go to the login page for the LIC Merchant Portal. The procedure to reset the password will appear when you click the "Forgot Password" link.

●      Enter your Details Here: After entering your preferred email address and your user ID, click "Mail New Password."

●      Check your Email: Your registered email address will receive a new password. You should then enter this password to access the portal.

●      Change your Password: Once you log in, again update your password for added security and safety.

 

How to Update Email ID on LIC Merchant Portal to Get OTP?

It's important to keep your email address updated on the merchant portal of LIC in order to get OTPs. Here are the steps to update your email ID:

1. Visit the official LIC website.
2. Click "Login" in the top menu bar, then choose "Merchant Portal."
3. On the merchant portal page, click "Login."
4. Select the option that is available on the screen: "Update Email ID to Get OTP."
5. Enter your user ID, password, and active email address.
6. At the end, click "Update" to finish the procedure.

With these steps, you can easily update your email ID and get the best portal experience.

 

Process to Collect Premiums Via the LIC Merchant Portal?

You can easily collect premiums using the LIC merchant portal by following the steps mentioned below:

Step 1: Start the Process: The first step is to choose the "QR Payment" button from the premium collection section's dropdown menu in the LIC merchant portal. You can get all the policy details after entering your policy number and selecting “Get the Policy Details”.

Step 2: Check the Specifics of the Policy: The submitted policy's details will then be reflected on the screen. After reviewing it, proceed to the "Policy Details" page by selecting the "Submit" button.

Step 3: Confirm Policy Details: After the person handling the payment has confirmed all of the information, click the "Confirm Payment" button to generate a QR code for the entire sum displayed.

Step 4: Generation of QR Code and Other Details: The transaction amount, reference number, and specific policy information will all now be shown in addition to the QR code. You may simply scan this code with any QR code application on your phone, including PhonePe, Gpay, Paytm, Cred, and others.

Step 5: Confirm the Transaction: To finish the payment cycle and generate an invoice for the payment, the person handling the payment can use the QR button to select "Confirm Payment Received".

Step 6: Resolve all Technical Problems: If a technical error occurs, a specific page will appear if your payment amount has been debited, but the "Confirm Payment" button is not working. In this case, your cashier can select "Adjust QR Transaction" from the left-hand menu after heading to "Cashier Tools."

Step 7: Modify the Transaction: After selecting an unsuccessful reference number from the list, the cashier can click "Adjust." If your transaction goes smoothly, it will be corrected, and a receipt will be issued.

 

Conclusion

Becoming an LIC Merchant allows you to act as a trusted intermediary between policyholders and LIC, including premium collections, invoice handling, receipt creation, and real-time policy help via the LIC merchant portal.

With the help of the portal, you can issue invoices, update email IDs for OTP, change passwords, and assist customers with policy loans, surrenders, extensions, and customer queries.

Do you want to start your LIC merchant journey? With Quickinsure, you can easily compare 50+ insurers and get immediate, beneficial policies with no paperwork or process complications. Have portal login troubles or need assistance with claims and renewals? Our professional support team is always ready to help you at every step. 

 

FAQs

1.    What is the Customer Care Contact for LIC Merchants?

In case of any issue relating to login or the use of various tools on the online portal, LIC Merchants can contact the numbers: 022-67090501/022-67090502.

2.    Is training provided to become an LIC merchant?

Yes. LIC mandates candidates to complete a 25-hour training session after being selected. This will be followed by an IRDAI exam, and an additional interview will give you the appointment as an LIC Merchant.

3.    Can an LIC policyholder use the merchant portal directly?

No, the LIC merchant portal can only be used by registered LIC merchants who have the authority to collect premiums and access all the service tools. For customers,  there is the LIC customer portal or digital application to pay their premiums and gain other policy services.

4.    Is there a mobile app available for LIC merchants?

​​LIC provides different mobile applications for salespeople and KYC/document processing. However, there is no official app only for LIC merchants. Merchants generally access the web-based interface through desktop or mobile browsers.

5.    Do LIC merchants get a commission on premium collection?

Yes, LIC Merchants, like LIC Agents, get commissions on premiums collected, which provides motivation to them for what they do.

6.    Can LIC merchants access customer policy details?

Yes, the LIC merchant portal allows merchants to monitor the policy status, loan and surrender values, invoicing details, and other policy functions while servicing the needs of customers. 

7.    Are there any charges for customers to pay premiums via LIC merchants?

There are no additional charges for customers to pay premiums if they pay through LIC merchants or the LIC merchant portal, as LIC pays for any other convenience fees.