PLI Online Payment

Postal Life Insurance, initially introduced as a welfare scheme, is now the oldest life insurer in the country. Its rural life insurance is meant for rural people who can't afford heavy premiums of insurance policies. It has helped migrant labourers move to urban areas or even overseas to remain eligible for a policy. The Postal Online Payment option through the Indian postal payment bank has made the premium payment services faster. People can pay and receive money easily using the postal network. It is a one-stop financial services provider that allows instant account opening and direct benefit transfer facilities.

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Postal Life Insurance Online Payment Options

There are several ways of Online Postal Payment systems. All the methods are easy to follow for the users. Each payment method has its own set of steps.

These are some of the Online Postal Payment processes:

1. Mobile Banking

India Post payments bank has multiple channels for paying bills like post office counters, doorstep banking services. But for Postal Online Payments, a mobile banking app is the best choice. Using the app, you can pay bills and recharge mobile and DTH. It allows paying insurance premiums, electric, water, and gas bills.

2. Fund Transfers

The customers have various options to choose to make an online payment or transfer funds to another account. These services are hassle-free and available anytime, anywhere throughout India. Here are two major ways of fund transfer processes:

3. Immediate Payment Service (IMPS)

IMPS is a commonly used method to transfer money electronically to anyone holding an account with any bank. The best part of this facility is that it can be done 24*7 and the amount gets credited instantly in the receiver's account, even in the holidays. This facility is available in the mobile banking application.

4. National Electronic Fund Transfer (NEFT)

The mobile banking application of IPPB has NEFT services that allow the customers to electronically transfer funds throughout the nation. This Online Postal Payment system facilitates money transfer to any corporate organization, firm, or individual irrespective of their bank and branch in the country.

5. Real-Time Gross Settlement (RTGS)

The online postal payment system also has the RTGS facility for enabling the customers to perform transactions above the value of Rs. 2 lakhs. By using the account number and IFSC code, funds can be transferred using the mobile banking app.

6. Unified Payments Interface (UPI)

UPI is one of the common ways of transferring money using the micro ATM and CBS applications. It is the assisted model of IPPB, and they are the first of its types in India. This assisted model enables the customers to transact without downloading any UPI app or registering their debit card. Each customer gets a Virtual payment address ID. This ID helps to make payments.

7. AADHAAR Enabled Payment System (APIs)

AePS is a Postal Online Payment system that allows the customer to make the payment using an Aadhar Card as a medium of identity. This payment method enables the customer to perform all the basic transactions apart from making payments.

8. QR Card

IPPB introduced the QR card that is a secure way to make payments without remembering the account number or the password. The transactions take place using the OTP (one-time-password) along with valid, officially valid documents. It enables the payment conveniently. In case the QR card gets lost, the money remains safe in the account as each transaction requires OTP authentication. These are the steps to use the QR card:

  • First, scan the code wherever you want to make the payment.

  • Authenticate the transaction using OVD validation and OTP verification.

  • Now complete the required transaction.

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Benefits of Using Online Payment Process

The online payment process of the Indian postal network provides numerous benefits to its users. Here are some of the benefits of Online Postal payment:

1. Fast Services

Upon opening an account either through instant account opening services at the doorstep or in post office counters, fast Aadhaar based direct benefit transfer is possible.

2. 24*7 Money Transfer

The Postal Online payment process allows simple and secure money transfer throughout the day. It makes paying the bills easy and instant.

3. Cost-effective Approach

As there are no charges for registering and accepting digital payments, it makes the process cost-effective even with low economic background people.

4. Ease in Payment through an App

The IPPB's 'Merchant App' enables the customers to easily transfer money by just downloading the app on their smartphones. Tracking of the transaction history aids in building the credit score.

5. Drive for Digital India

The Postal Online Payment process acts as a drive for making India ready digitally. The fear of losing cash and coins is removed. It provides the users with a simple and hassle-free experience.

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

PLI Online Payment by Using Credit Card

Before the introduction of the online payment process, paying premium payments was a laborious and long process that requires you to visit the bank branches and stand in long lines. However, insurers have now started a new customer-friendly approach by providing their payment services via online mode.

Postal Life Insurance (PLI) is the oldest life insurer in India and also has an online customer portal where customers can view the policy details, and also carry out services such as premium payment.

To pay the PLI Premium amount using a credit card, follow the below-mentioned steps:

Step 1: Visit the official website of Postal Life Insurance Company

Step 2: Scroll the home page and click on the ‘Login section’ present on the right bottom part of the page

Step 3: Click on the option ‘Policyholders’ to log in and then you will be re-directed to the PLI login portal

Step 4: Click on ‘Generate Customer ID’, if you’re a 1st-time user

Step 5: Then, a pop will appear in which you have to enter your sum assured, policy number, gender, date of birth, name, and contact information. Once all the required information is entered, then click on the tab ‘Submit’ to get the customer ID.

If you have a customer ID already, then you can directly log in by entering the details such as ID and password in the required fields

Step 6: After logging into the PLI Online portal, you can easily access your policy details such as options of paying premiums.

Step 7: Click on ‘Premium payment option’ and submit all the credit card details in order to pay premiums via online mode.

Difference between Online and Offline Payment Process

In the Postal Online Payment method, the payment is made using one of the multiple services of the mobile app of IPPB. All that a customer needs is internet access and online banking details. The process takes place through an online payment gateway. The entire process is virtual and transfers the funds easily.

In the Postal offline payment method, the payment can be made from any of the post offices. This process requires the customer to visit the post office in person with the required documents. It is a time taking process, and the biggest disadvantage is that the transactions can be made only during working hours. If you need to make the payment and that day is a holiday, then you can't carry on the payment procedure.

Why buy Term Insurance early?

Your premium is decided on age at which you buy the policy and remains same, throughout your life

Premiums can increase between 4-8% each year after your Birthday

Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease

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Information Required while Using the Online Process of Premium Payment

  • There are various Government schemes, like, Pradhan Mantri Jeevan Jyoti Bima Yojna, for which payments can be made using this process. Launched by Govt. of India, it ensures securing the future of the family with a life cover of Rs. 2Lakhs for one year with an affordable premium.

  • It is available for those who have an account in the India post payments bank and are in the age group of 18 years to 50 years. The cover is up to the age of 55 years.

  • As per the revised structure, the annual premium payable by customer for the enrolment period of June, July, and August is Rs.330, and for September, October, and November, a three-quarters premium of Rs.86.

  • Once the amount is auto-debited from the customer's account, then the initial waiting period is for 45 days. Within this time, they have to enrol for the first time. However, the waiting period is not applicable if the cover is renewed for the next year.

  • This product is provided by IPPB along with PNB MetLife India Insurance Company Limited. The payment can be easily made using the mobile application.

How To Register and Login in PLI Portal?

You can register online at the PLI Customer portal by using your mobile number, PLI policy number, and e-mail ID. Here is a step to step guide to register in PLI Portal for online payment:

  1. Generate Customer ID:

    • Visit the official website of India post PLI, also called PLI Customer Online Portal

    • Click on ‘Generate Customer ID’ and then fill out all the required details as per the policy documents of your PLI

    • Then, click on ‘Submit’.

    • After choosing the tab ‘Submit’, a pop up will appear i.e., the Registration link and customer ID will be sent to your registered email address within 24 hours

    • The provided link will only be valid for 72 hours. It is important to visit the registration link before 72 hours.

  2. Generate Your Password

    • After clicking on the link which is received in your email Id, ‘Set Password Page’ will open.

    • Enter the password as per the given instructions and then click on ‘Set Password’

    • Then, you will get a message that ‘Your account has been successfully registered’.

    • You can log in to the PLI customer portal using your credentials after 24 hours

    • Now, Pay PLI premium online for your plan using a debit/credit card

  3. Log in to Customer PLI Online Portal and Proceed to Pay PLI Premium Online

    After 24 hours of setting a password, log in to the PLI Customer portal using your customer Id, shared with you on your email ID & password, created by you.

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

FAQs

  • A1. No, GST is not applicable on the premium payments.

  • A2. Yes, the benefit is applicable till the age of 55 years for those who continue to renew and pay the premium without fail till the age of 54 years.

  • A3. Usually, the premium gets deducted automatically in the auto-debit option in one installment. This option helps in giving the enrolment. Every year members have the option to choose for the auto-debit, or it can be just a one-time mandate. The process of premium payment depends on the re-calibration needed from year to year.

  • A4. If anyone exists the schemes at any point due to any reason, they can easily rejoin the scheme whenever they want in the coming years by making the payment of the annual premium amount. However, they are not eligible for benefits upon death except in case of an accident for the first four to five days after enrolment of the scheme.

  • A5. The assurance of the life insurance may terminate upon attaining 55 years of age, closure of the account with the bank, insufficient balance, or member is covered another premium through one more account. In the case of dual life coverage, the life cover is restricted to only Rs. 2 Lakh, and all the duplicate insurance premium amounts get forfeited.

  • A6. The premium amount is Rs.289 per annum for each member. Whereas reimbursement of Rs.30 is done to India post payments bank and Rs.11 is provided as reimbursement of administrative expenses by each member every year to India post payments bank.

  • A7. While using the QR card for the payments, individuals need only the QR card and OVD validation documents.

  • A8. For the Postal online payments of more than Rs.2 Lakh, RTGS is considered best. The real-time Gross settlement method enables you to easily make the payment by using the account and IFSC code.

  • A9. Immediate Payment Service (IMPS), National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS), Unified Payments Interface (UPI), and AADHAAR Enabled Payment System (APIs) are common modes of transferring funds through Indian postal networks.

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

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