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Shriram Life Insurance Online Payment

Shriram Life Insurance Company started its operation back in 2006. It is a conglomeration between Shriram Group and Sanlam Company of South Africa. Both brought the expertise from their respective experience to launch an insurance company that today serves over 10 million customers with over 500 plus branches across pan India and a vast network of 75,000 plus agents to help out individuals at all levels.

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The insurance company is popular to serve people in need and various MSME businesses in rural India. With a highly effective management system and cost-cutting methods, they are well respected in the world of the insurance market. 

Advantages of Using Shriram Life Insurance Online Payment Method 

In this time where everything is fast going, wouldn't it be great to pay our premium through a fast and secure method bypassing the process of standing in queues for hours to pay premiums? To help their customers to save some of their precious time, Shriram insurance company lets its policyholders pay premiums through Shriram Life Insurance Online Payment methods. 

Here are some of the great benefits of using the online premium payment service of the insurer:

  • Quick – online payment option is rather quick and easy. It takes only a couple of minutes to complete the entire process. No need to stand in lines anymore. 

  • Secure – the payment made through online mode is highly secured and encrypted. So, one does not need to worry about money loss or data breaches. 

  • Convenient – one of the great advantages of using the online method is that policyholders can make payments anytime and from anywhere. There are no more time or place restrictions. The service is available 24x7 for all the policyholders. 

  • Several Options – nowadays, there are several options available for paying premium through online mode. Policyholders can choose from UPI, debit and credit cards, net banking, etc. This makes the process even more fitting for a variety of policyholders. 

  • Records – by online payment method, policyholders can get the proof of the payment instantly. As soon as they make the payment, they will receive a receipt confirming a successful transaction. 

Various Online Payment Methods 

Keeping in mind to serve over 10 million customers and their different needs, the insurer offers Shriram Life Insurance Online Payment options for its policyholders. This is done in order to make the online payment more accessible for all its policyholders. Here is the list of all the online methods available for insurer policyholders: 

  • Quick Pay Online: Policyholders need to visit the official website of the insurer to make the payment through Quick Pay Online. The option is available for all its policyholders. They can choose from net banking, credit and debit card, UPI, etc., to make the premium payment. 

  • Net Banking: With a valid net banking account, policyholders can make payments for premiums through net banking on the insurer’s official website. 

  • UPI: One of the most preferred ways of payment in today’s time is UPI or Unified Payment Interface. The UPI allows a customer to make payments on various platforms through one UPI Id. The policyholders can enter their valid UPI Id on the official website of the insurer and make a secure payment. 

  • Credit Card: If the policyholder has any of the given credit cards MasterCard, Visa, RuPay, they can make the online payment. 

  • Debit Card: The insurer accepts debit from MasterCard, Visa, and RuPay. If a policyholder owns any one of them, they can easily make a premium payment on the official website of the insurer. 

  • BBPS: It stands for Bharat Bill Pay System. It is available on most of the bank's official websites. Policyholders can choose the Shriram Life Insurance from the options and make the payment. Various UPI platforms like GPay, PhonePe, Amazon Pay, BHIM, iMobile, MobiKwik, Payzaap, etc. also have BBPS available. After selecting the Shriram Life Insurance from the options, policyholders will be required to submit their policy number and date of birth. 

  • Digital Wallets: If policyholders want, they can also make premium payments through various e-wallets like Airtel Money, PayTM, M-Rupee, and Vodafone M-Pesa on the insurer's official website. 

  • NEFT: Now policyholders can make premium payments through any bank from all over India if they have a bank account or net banking service using the NEFT platform. Policyholders need to enter the following details for a bank transfer:

    • Beneficiary Account Number 

    • Beneficiary Name

    • Beneficiary Bank 

    • IFSC Code for the Beneficiary Bank 

  • Auto Debit: Under the auto-debit facility, policyholders will not need to pay the premium by themselves every time. All they need to do is to set up the auto-debit payment method with the insurer, and the payment will be deducted automatically from the policyholder's account. The insurer offers four different options under the auto-debit facility:

    • Direct Debit from Bank: Policyholders will be required to submit an auto-debit form along with some documents like a cancelled cheque or Passbook copy to any branch of the insurer, or they can also give them to the agents. This facility is available only to SBI account holders. 

    • NACH: Stands for National Automated Clearing House. Under NACH, policyholders can set up the auto-debit facility to their respective bank account, which will debit the premium from the policyholder's account as per their instructions. Policyholders need to submit a cancelled cheque or passbook copy to any insurer's branch or can hand it over to their agent. 

    • SI on Credit Card: Stands for Standing Instruction on Credit Card. In this payment method, policyholders who have MasterCard or Visa credit cards can register themselves on the official website of the insurer. The setup is very convenient and does not require any paperwork. The credit card must be in the name of the policyholder. Once done, the premium will be deducted from the credit card regularly. 

    • SI on Debit Card: Stands for Standing Instruction on Debit Card. Policyholders who have ICICI and HDFC debit cards can leverage this facility. Once set up, the premium payment will automatically be deducted from the policyholder's debit card. The debit card must be in the name of the policyholder. 

  • Mobile App: Policyholders can download the official mobile app of the insurer from the Google play store and register themselves in it by providing all the essential information; once done, they can find the option of Quick Pay in the renewal premium payment section and make their payment from there. 

Other Premium Payment Options 

Shriram Life Insurance Online Payment options are preferable and suitable in today's time. It has several benefits over offline payment methods like time-saving, easily accessible, secure, anytime anywhere facility, etc. But still, there are some people who want to pay through the offline method. The insurer allows offline payment methods too, and here is the list of all the other payment options provided by the insurer.

Cash and Cheque/DD

Policyholders can locate the nearest insurer branch to pay the premium through Debit Card, Cheque/DD, and Cash. 

Policyholders can also make payments at any Axis bank branch across India. The payment can be made through cheque, and cash (up to rupees 49,999)

Premium payment can also be made at Common Service Centre across India. Policyholders can locate the nearest CSC on the insurer's official website. 

Pay renewal premium by cash or UPI at any BBPS centre across India. Policyholders will require submitting policy numbers and date of birth. 

Shriram Life Insurance Plans 

Shriram insurance company offers several plans to cater to the various needs of its customers. Individuals can choose from a variety of products as per their requirements, and with Shriram Life Insurance Online Payment options, they can quickly pay their premiums without entering into any hassle. Here is the list of all the life insurance plans offered by Shriram insurance:

  • Term Life Insurance Plan

  • Pension Life Insurance Plan

  • Child Life Insurance Plan

  • Combi Life Insurance Plan

  • ULIP Plan

  • Group Life Insurance Plan

  • Endowment Life Insurance Plan

  • Savings Plans

  • Micro Life Insurance Plan


  • How can I mention the account number in NEFT? 

    A1. Policyholders are required to mention SLIC and Policy number without any space in between. 
  • From where can I get a Premium Paid Certificate of my Policy? 

    A2. One can get their premium paid certificate from the official website of the insurer, call, email, and from the insurer’s branch. 
  • Can I change the premium payment method? 

    A3. Yes, one will need to give a notice 90 days prior to the policy anniversary. 
  • Is Shriram Life Insurance Online Payment secure?

    A4. Yes, all the online payment methods are secure and safe. For any issue, contact the insurer helpline number. 
  • What if I fail to make payment on time?

    A5. Insurer allows a grace period of 15 days for monthly mode and 30 days for all other methods. 
  • How can I track my policy?

    A6. Policyholders can track their policy by visiting the official website of the insurer. 
  • Is the online payment method applicable to all life insurance products? 

    A7. Yes, the online method is available for all life insurance products of the insurer. 
  • My premium is Rs. 7990. Can I pay Rs 8000?

    A8. Yes, one can make an extra payment towards the premium. 
  • Can I pay the premium at the ICICI branch?

    A9. Yes, policyholders can pay at any ICICI branch across India by cheque or cash.

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