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What is the late payment charge for an LIC premium for half yearly and quarterly?

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Shailesh Kumar, Co-founder, Insurance Samadhan verified
Answered on December 11,2023

You get 30 days grace period to pay your premium . After 30 days , if you pay within 30 days then LIC charge late fees of annualised 6% i.e.5% 

in same way if you pay within 60 days then you pay interest @ 7.5% , within 90 days then rate is 9% .

Hope this suffice 

Shailesh Kumar 

Insurance Samadhan 

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