Edelweiss Tokio Life Insurance Online Payment

There are a number of more ways in which a customer can pay his premium online e.g., use of digital wallets like PayTM, through his net banking account, etc. Online payment of premiums is always considered to be a faster and hassle-free process.

Steps to make Edelweiss Tokio Life Insurance Online Payment

To make their customers' lives easier, Edelweiss Tokio has made the facility of online payments of premiums. This feature is a totally free option that customers may use, with no extra charge levied. Customers are allowed to make payments using their credit or debit cards, internet banking accounts, UPI, or e-wallets.

1. Using InstaPay to Pay Premiums

   Step 1: A customer must visit the website of his bank.

   Step 2: Click on the “InstaPay” option.

   Step 3: Scroll to the category where insurances are listed and select “Edelweiss Tokio Life Insurance."

   Step 4: The Customers may now fill in the details that are requested.

   Step 5: He can now make the payment for his premiums. 

2. Using Net Banking to Pay Premiums

   A customer may also use his net banking account to make an Edelweiss Tokio Life Insurance online payment to pay his premium. The following steps need to be followed:

   Step 1: A customer must use his login ID to log in to his account.

   Step 2: Click on the Fund Transfer section.

   Step 3: Select the Pay-in option.

   Step 4: Select the name of the bank he has an account with.

   Step 5: Enter the amount in the figures and make the payment.

3. Using Freecharge Mobile App to Pay Premiums

   Freecharge is a mobile application that allows its users to make premium payments online. Edelweiss Tokio Life Insurance customers may use this app to make payments while they are on the go.

   Step 1: Locate “Recharge and Bill Payment” on your Freecharge mobile app.

   Step 2: Scroll to the “Insurance” tab and click on it.

   Step 3: Select your insurer from the list provided.

   Step 4: Enter the details requested, e.g., policy number and date of birth.

   Step 5: A customer may then make the payment for his premium once the application has duly authenticated the policy.

4. Using e-NACH to Pay Premiums

   The National Payments Corporation of India has executed the National Automated Clearing House. This is an electronic process that helps banks, financial agencies, and other bodies to provide their customers with an automatic payment service. This gives the customer the authority to decide any date of the month, as per his convenience, to debit the premium amount from his bank account.

   In order to use this service, a customer is required to fill the e-NACH form and send it to the head office of Edelweiss Tokio Life Insurance. A cancelled cheque should be attached along with the form. Once the bank authenticates the form, the customer may begin his automatic Edelweiss Life Insurance online payment every month.

5. Using AutoPay via Credit Card

   All customers who are credit cardholders have access to Edelweiss Tokio Life Insurance online payment. They must issue standing instructions via their credit card and decide a date for the premium to be deducted from their account. This date may be either on the due date of the policy or before that. The amount is automatically deducted every month.

6. Using IVR via Credit Card

   Edelweiss Tokio Life Insurance provides interactive Voice Response services for the benefit of their customers. 1800 2121 212 is the toll-free helpline number that a customer can dial to receive automated instructions on how to pay his premium.

7. Using PayTM to pay premiums

   Customers may use the mobile app PayTM to make an Edelweiss Tokio Life Insurance online payment. Customers must locate the “Insurance” section on the app. Then click on the “Financial Services” tab and enter Edelweiss Tokio Life Insurance as their insurer. Once the customer has duly filled in all the details requested, e.g., such as policy number, etc., they can make an online payment.

8. Using UPI to Pay Premiums

   Customers can use the UPI platform to make online premium payments to Edelweiss Tokio Life Insurance. The following steps are to be undertaken:

   Step 1: Locate the tab for “Payments” on the company website.

   Step 2: Enter the Virtual Payment Address.

   Step 3: Click "Proceed."

   Step 4: Input the M-pin and submit.

9. Using NEFT to Pay Premiums

   The National Electronic Funds Transfer can be used to make the online payment of premiums. A customer must add the company to their net banking account and make Edelweiss Tokio Life Insurance online payments every month.

Advantages of Online Payment:

The key advantages of Edelweiss Tokio Life Insurance Online Payment are as follows:

• A customer can make a payment right from the comfort of his home at the click of a few buttons only.

• It saves the time of customer as he need not stand in long lines waiting for his turn to make a payment at a branch office.

• It is an entirely safe process. With the emergence of safe gateways on the internet, all financial transactions have been made completely secure.

• It is highly convenient, especially for elderly policyholders.

Most insurers nowadays provide a 24-hour helpline. A customer may contact this helpline and request assistance if he faces any difficulties while making payments

Difference between Online and Offline Payment Process

An online premium payment involves a virtual transfer from the bank account of the customer to the insurer. The customer can complete the process without leaving the comfort of his home with the help of an internet connection. Payments are made via safe gateways online. It is a hassle-free and quick process.

In recent times almost all banks have created helpline numbers where the customer can call in case he encounters difficulties while making the payment. It also cuts out the cost of paying company facilitators and other middlemen to perform the services.

Offline premium payment can be made at any Edelweiss Tokio Life Insurance Company Limited branch office via cash, cheque, or demand draft. It requires the customers to visit the branch office during operational hours and submit the cash or cheque. Customers may also pay their premiums at any Yes Bank branch. This method is more time-consuming as the customers might be asked to wait for their turn if the branch office is crowded. It is also not a convenient method for elderly customers.

Information Required for Online Premium Payment

• The premium paid certificate can be downloaded from the company's website once the premium has been paid.

• Customers are given a choice to pay premiums for up to one, five, ten, or fifteen years as per their convenience.

• If the online payment is made before 5 pm on a working day, it will be processed on the same day, whereas payments made after 5 pm will be processed on the consequent working day.

• It might require two working days for the processing of the payment. Hence, it is always advisable that customers pay their payments well in advance to avoid confusion later.

• The company does not accept premium payments made in installments. Any online payments that are in excess of the premium amount will also be rejected by the company. This extra amount is not liable to be adjusted anywhere else.

FAQ's