How to Generate LIC Premium Statement for IT Returns
As an income 'taxpayer, there are several documents which one ends up needing to file their tax returns. One among them is your life insurance policy premium statement.
If you have taken an LIC insurance policy, chances are that you are paying your premiums either online (via electronic clearing service or ECS) or offline at the designated cash counters specified for the same. For filing your tax returns, one of the things you will require to provide is your LIC policy premium statement for the ongoing financial year.
How to Generate LIC Policy Premium Receipts
When premium payments are made online via the LIC India website (www.licindia.in), a receipt is automatically sent to the registered email address of the policyholder shortly after payment. These online receipts can be used as valid proof for income tax filing. However, for customers who use ECS for premium payments, the premiums are automatically deducted from their bank account when due, and no premium receipt is generated or sent in such cases
All LIC customers who have an account on LIC's official site and have registered their policy online can generate these premium statement receipts whenever needed. Listed below is the process to be followed to generate a consolidated premium payment receipt for your LIC insurance policy.
- Step 1: Visit the LIC login page (https://ebiz.licindia.in/D2CPM/#Login)
- Step 2: Once you are on the page, you will be asked to enter your account username and password. Enter the necessary details. You will also be asked to answer a verification question, answering which, you will be redirected to the home page of your LIC online account.
- Step 3: Once you are on the homepage of your online LIC account, hover to the menu placed on the left side of the home page. Here you will see a tab labelled 'Consolidated Premium Paid Statement'.
- Step 4: Click on the 'Consolidated Premium Paid Statement' tab and the page that appears next will ask you to select the year of the policy for which you require the premium statement. Below the column asking for the year will be a verification question which you need to answer. Once you have answered the question, click on 'Submit' to get your premium paid statement.
- Step 5: Your premium paid statement will open as a new window so ensure that you do not have a pop-up blocker or any other similar software running. You can easily download this statement, save it on your desktop or print it out for your reference.
Why Is It Important to Generate an LIC Premium Payment Statement?
Generating an LIC premium payment statement is crucial for several reasons:
1. Claiming Income Tax Benefits: LIC policyholders can claim income tax deductions on their premium payments under Section 80C of the Income Tax Act. To avail of this deduction, policyholders must submit their LIC premium payment statement to their employer or tax filing consultant.
2. Tracking Premium Payments: Keeping track of your LIC premium payments ensures timely payments and keeps your policy active. An online payment statement provides a detailed overview of all your premium transactions, including the payment date, mode, and amount.
3. Getting a Loan Against Your LIC Policy: Policyholders can secure a loan against their LIC policy when in need of financial assistance. To apply for this loan, the LIC premium paid statement must be submitted to the bank or financial institution.
4. Settling Claims: In the case of a claim, LIC requires policyholders to provide their premium payment statement. This statement helps verify that premiums have been paid on time and that the policy remains active.
FAQs about LIC Premium Statement for IT Returns
- Can I use my LIC premium statement for ITR filing?
Yes, you can use your LIC premium statement for ITR filing.
- How to generate LIC premium statement online?
You can generate your LIC premium statement online by following the step-by-step procedure mentioned above.
- Is the LIC premium paid certificate in PDF format?
Yes. The LIC premium paid certificate is generated in PDF format.
- Can I get multiple copies of my LIC premium receipt?
Yes. You can obtain multiple copies of your LIC premium receipt. However, you should be registered on LIC's customer portal.
- Will I need my LIC premium paid certificate to avail myself of income tax benefits?
Yes. LIC premium paid certificate is mandatory in order to get income tax benefits.
- I misplaced my LIC premium receipt. What should I do?
If you have lost your LIC premium receipt, you must log on to LIC's online customer portal with your user credentials and download it.
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