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9 Popular Life Insurance Premium Payment Options

Paying life insurance premiums has never been easier. The insurance domain in India has been keeping up with the digital era, having introduced several initiatives to make insurance buying a hassle-free process. One of the most crucial aspects of insurance is premium payments. Therefore, every insurer including the LIC of India has facilitated online premium payments against their life insurance products. 

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Read on to know about the most popular life insurance premium paying options:

  1. Mobile Wallets

    These have become the most convenient payment options for the younger generation. There is no dearth of mobile wallets that you can use to pay life insurance premiums today. Some of the popular mobile wallets are PayTM, PhonePe, MobiKwik, Airtel Money, etc. You can maintain a balance amount in these wallets or link your bank accounts to make regular premium payments in just a few clicks.

    *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
  2. Interactive Voice Response (IVR)

    Check with your insurer if they have any provision for paying the premiums through IVR by keying in the credit/debit card details on a secured system. Do save your transaction identity code once the payment has been successfully executed. Further, make sure that your IVR premium payment processing system is PCI compliant to establish its reliability before divulging your credit or debit card details. 

  3. ATMs

    These days, insurers are tying up with banks to provide more services to consumers. You can pay your insurance premiums via ATMs with which your insurer has a tie-up. For instance, Max Life Insurance and LIC have tied up with Axis Bank. LIC also has partnered with IDBI Bank and City Union Bank to facilitate premium payments for its life insurance policies. To make a payment, register with the bank by furnishing details such as name, policy number, and debit card number. When you log on to an ATM, the screen will display your policy details. Choose the one for which payment has to be made. You can also pay for multiple insurance policies in one go.

  4. Franchise

    Only cash payment can be made through franchisees such as Suvidhaa, APOnline, and MP Online. Therefore, you will need to visit the franchisee to make the payment. Once done, do not forget to take the receipt issued by the franchisee.

    *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
  5. Collection Agents

    Insurance premium can be paid to the authorized agent either in cash or cheque. Make sure to collect a valid receipt, bearing the signature of the agent.

  6. Official Website

    Visit the insurer’s official website and pay insurance premiums online through credit cards, debit cards, net banking, or UPI. In the case of LIC, you can log in to its e-services portal to make premium payments for their policies.

  7. Standing Instruction on Credit Card

    Policyholders having a valid VISA or MasterCard can register for auto-debit of life insurance premiums by issuing a standing instruction. To register for the service, fill out the credit card mandate and forward it to the insurer along with the self-attested photocopy of the credit card. This is a good way to ensure that you never miss paying the due premium.

  8. Electronic Clearing System (ECS)

    It is an automated facility that debits the premium directly from the bank account on the due date. To make payment, register yourself by filling up the ECS mandate form and submitting it along with the canceled cheque at least 1 month before the due date of your next premium.

  9. Post-Dated Cheques (PDC)

    Under this option, you can submit post-dated cheques (minimum 6) to your insurer. The latter will deposit these cheques for clearance on their respective due dates.

Note: Above options can be exercised only for policies that are in force. Know how to Revive A Lapsed Life Insurance Policy.

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

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