ICICI Prudential Online Payment

ICICI Prudential Life Insurance Company is co-owned by ICICI Bank Limited and Prudential Corporation Holdings Limited. The company provides a customer-friendly long-term savings and protection plan to secure and safeguard the financial goals of their customers. The company is known for its cost-effective products, quality services, and quicker claim settlement. The company provides a variety of payment options both online and offline to serve its customers.

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Get ₹1 Cr. Life Cover at just ₹411/month*
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Upto Rs. 46800
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** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines

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The customer can avail of several benefits such as reward points and cashback while making ICICI Prudential online payment.

Steps to Pay Online

The company has ensured that customers across all walks of life are given proper access both online and offline. The customer has a wide range of options to pay premium through net banking, debit card, credit card, etc. Some of the methods used for online premium payment are as follows.

  1. Net Banking

    The most commonly used online method for online premium payment is net banking. The policyholders can register the insurer as a beneficiary to commence the transfer of funds. The ICICI Prudential Life has partnered with various banks to facilitate online payment and renewal of premium.

  2. Infinity

    The customers who have an account with the insurer's parent bank can use the infinity app to pay their premiums. The policyholders with a bank account of the insurer's parent bank have an option to link their insurance account with the bank account. The customers can manage their policies by accessing their net banking account. The online account also facilitates premium payment, displays fund value, and initiates e-transactions.

  3. Bill Desk

    The policyholders can get notifications of their upcoming premium payment and enable reminder notifications by registering on the Bill Desk site. It also helps customers to make payments through net banking and receive future electronic bill presentment and payment.

  4. Bill Pay 

    The Bill pay option provides an easy way to pay premiums. This option is accessible through internet banking and also through the mobile app. The process to pay the premium using Bill pay is as follows.

    • Enter the login credentials for net banking.
    • Select the option 'Pay Bills.'
    • From the drop-down menu, choose the option 'Insurance'.
    • From the list of insurers, choose 'ICICI Prudential Life Insurance.
    • Provide the policy details when prompted.
    • Click pay and proceed to renew the policy premium.
  5. Bharat Bill Payment Service

    The company has integrated the Bharat Bill payment service, a widely integrated platform with most banks. The steps to pay using BBPS are as follows.

    • Click the ‘Bill Pay ‘link.
    • Choose the appropriate insurer.
    • Enter the policy details and proceed to purchase the premium.

    The customer can also use mobile apps registered with BBPS such as GPay, BHIM, etc.

  6. NEFT/RTGS

    The policyholder can use the NEFT/RTGS feature to make the premium payment. The details to be entered are as follows. 

    • Choose the beneficiary name mentioning the insurer.
    • Select the beneficiary bank, branch, and IFSC code.
    • Enter the bank account number to which the fund needs to be transferred.
  7. Unified Payments Interface

    The policyholder can opt for a simpler and efficient option called UPI. It is an app integrated into the customer's bank account. The following are the steps for UPI payment.

    • Select the payment mode as UPI.
    • Provide the VPA address.
    • Approve the payment by authentication of credentials on the UPI app.
  8. Debit Card 

    The payments are made by providing the debit card details followed by the CVV. 

Difference between Online and Offline Payment 

The online services provided by the insurer are free of cost and be accessed from anywhere and at any time by the customers. The insurer's recent releases and product updates are readily available on their official website. One can rely on the information found on the official website. The insurer provides round-the-clock assistance, which makes online payment an attractive feature. One can also use the insurer’s mobile app for online payment.

Offline payment is the traditional approach chosen by the customers. It is a time-consuming approach that requires effort and involves paperwork. The offline payment is not available outside the working hours and during the public holidays as the offices remain closed. It is a tedious process where the customer needs to stand in queues and wait for his turn to make the payment. 

Information required for Using the Online Process of Premium Payment

  • The customer must provide basic details such as name, mobile number, and policy number.
  • The online payment made before 3 p.m. will be reflected on the same day; the policyholder's profile will reflect the payments made after 3 p.m; the next day.
  • The policyholder needs to enter the proper credentials while using net banking.
  • Too many attempts to log in using net banking can result in getting locked out.
  • For credit cards and debit cards, the life insured need to mandatorily submit the front and back photocopy of the credit and debit card, respectively.
  • The receipt of the premium paid will be available for download in the customer’s profile.

Benefits of Using ICICI Prudential Online Payment Process

The online payment process is the most preferred method by customers across the country. The company has ensured that the customers are given various options to make their payments from their comfort zone.

  1. Rapid 

    Online payment is faster and completes all formalities simply by browsing the insurer’s official website. It saves precious time for the customers by avoiding the need to stand in long queues. The customer can also use instant transfer, IMPS, and quick payment methods to instantaneously transfer funds without stress.

  2. 24*7 access 

    The insurer’s official website page and mobile app are designed to function constantly day and night with minimal downtime making it a customer-centric motive. The only requirement for the customers is to have an uninterrupted and stable internet connection.

  3. Payment made from the comfort zone 

    The insurer provides the customers with the luxury of making payment options available at their fingertips. The policyholder can pay using a computer or a smartphone. The policyholders can pay while at work or while relaxing at home. The policyholders can also pay while travelling to a different location and at a different time zone, making the online payment method a friendlier option.

  4. Services at Zero Charge

    The most important aspect of the online payment service is the zero charge at which the services are provided. The customer can reach the insurer by calling a toll-free helpline number. Other services such as online chat are also not charged by the insurer for the customer's benefit. The ICICI prudential life mobile app is also available for download free of cost.

  5. Regular and continuous assistance

    The customer can approach for online help even during the wee hours. The customer service executives and chat representatives are active throughout the night, constantly assisting the customers with queries and grievances. One can also write an email seeking assistance without a need to visit the insurer’s office.

FAQ's

  • Q1. What are the ways to pay the policy premiums?

    A1. The customers can pay policy premium online as well as offline.
    • The online method includes net banking, UPI, debit card, credit card, and e-wallets.
    The offline methods are as follows.
    • Cheque- The policyholder can drop the policy premium cheque at one of the ICICI prudential branches.
    • Cash-The customers can pay the policy premiums in cash totalling Rs.49,999 at the insurer authorized collection centres.
    The customer can also opt for auto-pay for automatic payment of premium at the scheduled date.
  • Q2. What is a premium receipt?

    A2. It shows the amount of premium paid for the purchased policy. The premium receipt can be used as investment proof to the taxation authorities for tax benefits. If the customer pays the premium ahead of the due date, the insurer will send a payment acknowledgement. Still, the receipt will be generated following the due date. The insurer will either email or courier the premium receipt.
  • Q3. What is the procedure to get a copy of the premium receipt?

    A3. The customer can get a copy of the premium receipt in the following ways.
    Online Account:
    • The customer needs to log in with valid credentials, select the 'Statements ‘tab.
    • Choose ‘Premium Receipt' and select the policy number.
    Helpline number:
    The policyholder can call the toll-free number on the insurer's website and raise an on-call request with the customer care executives.
    Branch Office:
    The customer can directly visit the branch offices of the insurer and request the premium receipt.
    Email:
    The policyholder can write a request to the official email address of the insurer with the policy number in the subject line.
  • Q4. What is meant by a premium paid certificate?

    A4. It is a document that displays the total amount of premium paid by the policyholder for all the policies in a given financial year. The premium paid certificate is helpful for tax filing.
  • Q5. What is the use of a direct debit facility?

    A5. The direct debit facility is an automated facility where the customers opt to set up auto-debit instructions in their bank account.
  • Q6. What is a ‘Renewal Premium Receipt’?

    A6. It shows the amount of premium paid by the customer for his/her policy.
  • Q7. What are the steps to set or modify Auto-pay instructions for premium payment?

    A7. The steps to set/modify auto-pay instructions for premium payment are:
    • The customer needs to provide the essential details such as policy number, date of birth and then choose 'standing instructions.'
    • Choose 'Auto Debit.'
    • Select the mode of payment.
    • Click on the option 'Pay now.
  • Q8. What cards are accepted for card payments?

    A8. The debit card payments through Visa, MasterCard, and Rupay are accepted.
  • Q9. How can one access their ICICI account online?

    A9. They need to log in to their account online on the insurer’s website or the mobile app with valid credentials.
Written By: PolicyBazaar
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