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Bandhan Life Online Payment

Bandhan Life is a known life insurance provider in India. It was one of the first companies to float online insurance plans. Bandhan Life online payment can be made through a number of online channels. Credit or debit cards, internet banking, etc., are a few channels available to customers for their use. Online premium payment is highly convenient and time-saving.

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As Bandhan Life Insurance Company aims to provide a hassle-free experience to all its customers, online payment is a good option that customers can make use of. Be it term, life, or health insurance, all premiums can be paid online, excluding the need to visit a branch office.

Advantages of Paying Insurance Premiums Online

Listed below are a few ways in which making Bandhan Life online payment can be convenient to customers: 

  • It is a relatively simple process. All that the customers need is a steady internet connection, and with a few clicks, they can quickly pay their premiums.

  • It is time-saving. Making online payments of premiums saves the customers a lot of time as they do not need to visit the branch offices to make payments.

  • It is hassle-free. The entire process is well documented and explained on the website of the company. In case a customer does experience difficulties, he can always call on the helpline numbers provided. A company executive will be present on the phone to further guide the customer.

  • The customers do not need to spend any extra money on paying an agent to do the work. They can pay their premiums from the comfort of their homes. It also saves any postage cost that might otherwise be involved.

  • It is a foolproof method to ensure that the premium has been paid, as the customers can download the receipts of the payments once the premium payment has been processed.

Methods to Make Bandhan Life Online Payment

Bandhan Life Insurance Company provides a quick and easy way to make premium payments online to benefit the customers. It is a self-explanatory and straightforward process.

The following avenues are open to all customers who wish to make their premium payments online. 

  1. Premium Payment via Internet Banking

    The customer's net banking account may be used to pay premiums for Bandhan Life Insurance Online Payment:

    • The customer should log in to his net banking account.

    • Click on the “Pay-in” option.

    • A drop menu will reveal the names of the banks, from which the customer must choose the bank that he is associated.

    • The customer must now make an online transfer to complete the premium payment process.

  2. Premium payment via credit or debit card

    A customer may make his Bandhan Life online payment by using either his credit or debit card (Master Card, American Express, Visa, etc.) A customer may follow these steps:

    • Locate the official Bandhan website on the internet.

    • Click on the "Premium Payment Section."

    • Enter all the details like policy number, date of birth, etc.

    • The customer will now be redirected to a page where he can view all the details of his due premium.

    • The customer may now use his credit/debit card to make the payment.

  3. Premium payment via NEFT/ Bill Pay / e – CMS

     These services are accessible to the customers via their internet banking accounts. A customer must add Bandhan Life Insurance to their net banking account in order to make premium payments online.

  4. Premium payment via Mobile Wallets

    Payzapp and JioMoney are mobile wallets that can be used by the customer to pay his premiums while he is on the go. Paytm is another reliable option that customers may consider. The customer must locate the “Premium Payment” option in the Insurance Section. They then need to enter Bandhan Life as their insurer and make an online transfer to pay the premium.

  5. Premium payment via NACH

    A customer can avail of the auto-debit facility by making an Bandhan Life online payment through the National Automated Clearing House. This electronic web facility allows the customer to set a date on which the premium amount will be debited from his account every month.

    The NACH form can be downloaded online and submitted at any Bandhan Life branch office after being duly filled.

  6. Premium payment via CCSI

    Making payments by issuing credit card standing instructions is another facility that customers may avail themselves of. The functioning is similar to NACH, wherein the premium is debited on a pre-decided date from the customer's credit card. However, the customer stands to gain as he can receive cash rewards for using his credit card.

  7. Premium payment via IVR

    A customer may use the Interactive Voice Response service to pay his premium through his phone. In order to avail of this facility, the customers can dial 1800 209 9090. This is the customer care number of Bandhan Life and is toll-free. The system will then instruct the customers on how to make the payment using their credit/debit cards.

Online and Offline Payment Process

The age of the internet has made a quick WiFi connection a necessity in almost every home. This benefits customers greatly as they need not waste time visiting branch offices anymore. They can make premium payments from the comfort of their homes. They need to fill in a few details online and make a virtual transfer of the amount. Online payments are a lot faster and more convenient. If the customer decides to use his credit card to make an Bandhan Life online payment, he can enjoy the added benefit of cashback and other rewards. These advantages have more or less rendered offline payment of premiums obsolete. 

Offline payments of a premium though uncommon, are not unheard of. They are also a foolproof way of ensuring that the premium payment process has been completed. However, it involves the customer having to visit a branch office and wait for his turn to pay his premium. The recent pandemic has also managed to turn more and more customers away from the option of offline payment and towards paying their premiums online. The customer might use cheques or demand drafts to make the premium payment.

Information Required while using Online Payment Option:

  • Premium Paid Certificates will be issued on the same day to customers who make their Bandhan Life online payment before 3.00 PM on a working day. For payments made after the said time, the certificates will be issued on the next working day.

  • A customer will obtain the receipt confirming the payment of the premium only a day after the passing of the due date of the policy.

  • The customer may use his receipt confirming the payment of the premium to enjoy tax benefits.

  • Bandhan Life provides a grace period to its customers if they have missed a premium payment. If a customer misses this grace period, then the policy will automatically lapse.

  • Processing payments is a complex process and takes a bit of a while, so customers are always advised to pay premiums well in advance to avoid any late fees or fines with regard to delays in premium payments.

FAQ's

  • Can a policyholder claim tax benefits if he makes an Bandhan Life Insurance online payment?

    A1. Yes. A policyholder can avail of tax benefits under sections 80C and 80D as per the Income Tax Act.
  • How can a customer change his mobile number in a policy he has purchased online?

    A2. A customer must generate a request using his email id that is registered with Bandhan Life Insurance and state that he wishes to change his mobile number. He will also need to submit a photo id and a copy of his proof of address.
  • Is it possible for a customer to change the frequency of premiums made to Bandhan Life online payment?

    A3. In the event that the customer wishes to make his premiums frequency monthly, he must submit a hard copy of the request. It is compulsory to make this request only during the policy anniversary. It is a company policy that two months' advance payment be collected at this time. The documentation for this process can be supplied at a branch office or sent by post to the Head Office.
    In the event that the frequency is to be made yearly, half-yearly, or quarterly, then the customer may generate the request from his registered email or call the toll-free helpline of the company.
  • Is it possible to apply for a loan on a policy? 

    A4. Yes. A customer may apply for a loan on the Bandhan Life Insurance policy that he has purchased. He must submit the original papers of the policy, a copy of his pan card, and the request form.
  • What does a policyholder do if he forgets his user ID and password?

    A5. In such a case, the customer must log in using the alternate ID. He will be asked for his policy number, the date on which the policy was issued, and his birth date.
  • Can a customer change his user ID?

    A6. No. That option is not available to the customer.
  • What documents are required for buying a policy online?

    A7. Proof of age, address, and ID are the main documents needed. The customer will be informed if additional documentation is needed via email.
  • How to calculate the term insurance premium online?

    Ans: You can easily calculate the term insurance premium online by using the term insurance premium calculator online tool

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