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How to Pay TATA AIG General Insurance Premium Online?

TATA AIG General Insurance Company Limited is an Indian insurance company. It is a joint venture between the American International Group (AIG) and Tata Group, with the latter holding the majority of stakes (51%).

The company was founded in 2001. The company provides both personal and corporate insurance services.

The company provides General Insurance solutions. General Insurance policies are non-life insurance policies that provide payments depending on the loss from a particular financial event.

A range of general insurance services is being made available to its customers. The services provided include, but are not limited to,

  • Auto Secure - Private Car Package Policy
  • Auto Secure - Two Wheeler Package Policy
  • Auto Secure - Commercial Vehicle Package Policy
  • Travel Guard - this policy is for International trips
  • Asia Travel Guard Policy
  • Student Guard - Overseas Health Insurance Plan
  • Domestic Travel Guard Policy
  • Tata AIG MediCare Protect
  • Tata AIG Medicare Premier
  • Critical Illness Policy

Online Payment Options

Online payment of the premium of TATA AIG General Insurance is very convenient as the company offers several payment methods. The various payment methods are:

  • Credit card
  • Debit card
  • Net banking

Paying Online: Advantages

Paying the policy premium online is a very convenient option and has several advantages over paying the premium offline.

  • No paperwork is required at all.
  • The highest level of security is provided to ensure that all the transactions are safe and secure.
  • Availability of multiple payment options.
  • The policies are cheaper when bought online. This is because the labor charges are considerably less with the online platform.
  • With decent internet speed, the renewal of a policy takes at most 5 minutes.

Procedure

  1. Visit the TATA AIG General Insurance Limited website.
  2. At the top of the page, you can see that four options. The four options are as follows: Buy, renew, claim, and service request. Renew is the option that you are looking for.
  3. Below you will find four more icons. They are - health, cars, two-wheeler, and accident. You have to choose the one which you want to renew. Here in this example, we will consider renewing car insurance.
  4. Once you have clicked on car insurance, you can see two more spaces that need to be filled. The first blank space is for your mobile number, and the other one is for your policy number. A policy number is a ten-digit number.
  5. Press 'PROCEED.'
  6. Get your premium quote.
  7. Keep your credit card/debit card details, or your NEFT details to make the payment.
  8. You will receive a confirmation once the transactions are completed. You may want to keep a copy of the receipt with yourself for further use.
  9. In the case of denial of the renewal, you are always free to contact the company to clarify your doubts. The company has a dedicated customer service network for clarification of all policy-related inquiries.

Chatbot

TARA is TATA AIG's digital assistant. You can type your queries and send them. TARA will respond to you with an appropriate answer. The service is available 24/7. To avail this facility, all you need to do is to click on the chat head that you may find at the bottom right corner of the screen.

Based on verbal commands, an Intelligent Virtual Assistant can perform tasks or services. It is a software agent that is also referred to as a 'chatbot.'

Paytm

Paytm Wallets allow us to make secure transactions online. It is a preferred method for online transactions as it is very easy to use.

 Once you have set up the Paytm Wallet and have added money to it, follow the instructions mentioned below to renew your insurance policy in less than 10 minutes.

  1. Open the Paytm app.
  2. Tap on the icon 'Insurance'.
  3. Select TATA AIG General Insurance from the list of options available.
  4. Below the name of the insurer, you will find a space provided. Type the policy number correctly in this provided space.
  5. Click on 'Get Premium' to get the payment details.
  6. You may notice that the amount is prefilled. Confirm it before you proceed. To proceed, tap on 'proceed.'
  7. You will be directed to a page where you will be given an option to choose a deal that suits the best for you. This is not mandatory, and you can proceed further without choosing any deal. Make use of the 'skip' icon for that. But, it won't hurt to take a look at the options available.
  8. Tap on proceed to pay.
  9. Complete your payment by choosing the mode of payment. The options available are - Paytm Wallet, credit card/ debit card, and net banking. Click on paytm.
  10. You will receive a confirmation notification once the transaction is completed.

Other Options

Another option is to log into websites like Policybazaar.com. Fill up the necessary details in the policy renewal form. Proceed with online payment as the option. Get the premium quote. Compare this amount with that of other policies. If you are satisfied with what the policy provides and with what amount you have to pay, you may make your payments. The payments are made online. You can take a printout of the transaction. With a proper internet connection, the entire process takes no more than 10 minutes.

Not Satisfied With Your Current Insurer?

Insurance companies provide an option to switch from one insurer to another. Here is a list of documents that a customer has to produce in such a case.

  1. Identity proof - your AADHAAR card or your driver's license can be used here.
  2. Address proof - AADHAAR card, driver's license, or any government-issued identification card that has your address mentioned on it.
  3. A recent passport size photo.
  4. Old insurance policy number.

The customer is expected to present these documents while uploading the insurance renewal form. Upon verification, the policy will be renewed.

Add/Delete Hypothecation?

Hypothecation refers to the act of offering an asset as collateral security to the lender. Thus the lender enjoys the ownership whereas the borrower continues to enjoy the possession. Hypothecation of insurance policy too can be done online.

To add hypothecation, one has to scan the necessary documents (NOC/ endorsement RC copy, etc.) and send it as an email to the consumer support. Their email id can be found on the website. The same procedure has to be followed for the deletion of hypothecation too.

Why Choose TATA AIG General Insurance Company Limited?

  • Hassle-free instant paperless renewal.
  • Quick claim settlement. The company ensures 24*7 claim assistance.
  • Special add-on covers with every policy. The add-ons provide extra coverage to the insured.
  • The company has several garages to which the insured can take his/her vehicle for repair. They offer cashless services.
  • Toll-free helpline.

Important Points to be Noted

  • Ensure that you renew the policy before the current policy expires.
  • Take a look at the different policies available in India before you get a new policy or you renew the existing policy. This ensures that you get the best value for the money that you are investing in the insurance.
  • Make the best use of the ‘No Claim Bonus’ or NCB. No claim bonus is a type of discount given by insurance companies in premium if the client has not made even one claim throughout the term of the insurance policy. The discount is in percentages. The premium is usually 20% for the second year, 25%for the next year, 30% for the year after, and so on. It is to be noted that a client is eligible for No Claim Bonus if only he/she renews the policy within 90 days since the date of expiry.
  • The customer can get a decent amount as a discount if the amount is paid online. This is because the labor charges are very less for payments that are made online.
  • As per the mandate, every customer is entitled to a 15 day trial period during which if the customer feels that the policy is not apt for him/her, he/she can return the policy to the company. This provision is called the look in the period. The company is liable to return the premium to the customer. However, the cost incurred to the company is in the form of stamp duty, etc. will be deducted from the premium amount before refunding.

Hassle-Free Payment!

Insurance policies are a necessary tool. Although there are policies that provide coverage for a larger period, since most of the general insurance policies are for only one year, the customer is expected to renew the policy every year.

There are two ways to renew the policy - by making payments online or by paying in person. But this is the era of digital networking. With almost every person having access to a smartphone and a secure internet connection, spending time visiting branch offices and filling the forms do not look like the best deal. The online option is easier and hassle-free as you can get the task completed in a matter of five to 10 minutes.

The Bottom Line

Also, since different insurance providers have different features and conditions on their policies, it is always better to go through every individual policy before making the final decision.