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Checkout: 9 Popular Life Insurance Premium Payment Options

Paying life insurance premium has never been easier. Read on to know a host of convenient ways:

  1. Mobile Wallets: Payment enablers such as Vodafone M-pesa and Airtel Money can be used to pay premium. Once you register, you can make payments via SMS or phone call.

  2. Interactive Voice Response (IVR): Check with your insurer and ask 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.

  3. ATMs: These days, insurers are tying up with banks to provide more services to consumers. For instance, Max Life Insurance and LIC have tied up with Axis Bank. You can pay premium via ATMs with which your insurer has a tie-up. To make payment, register with the bank by furnishing such details 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. Franchisee: Only cash payment can be made through franchisees such as Suvidhaa, APOnline and MP Online. You need to visit the franchisee to make the payment. Once done, take the receipt issued by the franchisee.

  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. Online: Visit the insurer’s official website and pay insurance premium online through credit/debit cards and net banking.

  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 the credit card mandate and forward it to the insurer along with the self-attested photo copy of the credit card.

  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 submit it along with the cancelled cheque at least 1 month before your next premium due date.

  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 Revival Of A Lapsed Life Insurance Policy

Written By: PolicyBazaar - Updated: 03 June 2020
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