mumbai to promote digital transactions life insurance corporation has waived off the convenience fee on all payments to the national insurer effective december 1the corporation said any creditcard originated payments towards renewal premium new premium or repayment of loan and interest on loans against the policies will not attract any additional charges or convenience fee its parlance from december 1this facility of free transactions using credit cards shall be applicable to and implemented across all collecting systemscard less payment and card dip swipe on point of sale machines lic which controls over 70 percent of the life insurance market said in a statement on mondaythe customers can download the mylic app to for online transactions it added