How to Pay Your Life Insurance Premiums Online?

Paying your Life Insurance Online is an easy and quick way to make sure that your policy remains active. You can pay in just a few minutes by logging into the insurance company's website, using their mobile app, or going through an approved payment partner. No lines, no paperwork, and no follow-ups. More importantly, paying your bills on time online helps you avoid missing due dates and policy lapses. Your life insurance stays in effect as long as you pay your premiums on time. This gives you peace of mind that your family's financial protection is still in place.

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What Is Online Premium Payment?

Online premium payment lets you pay the premiums of your life insurance digitally using your smartphone, laptop, or tablet. Whether it's your renewal premium or a top-up, online payment ensures you never miss a due date, safeguarding your financial protection plan.

Now, the best insurance companies have easy-to-use platforms that make paying premiums safe, quick, and easy.

You can pay your premiums online for all kinds of policies, such as term insurance, endowment plans, ULIPs, and child plans.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

How to Make an Online Payment for Your Premium

Paying for insurance online

Most life insurance companies let you pay your premium online in just a few easy steps:

Step 1: Go to the website of the life insurance company you want to buy from.

Step 2: Enter your policy number, date of birth, and the phone number or email address you used to sign up.

Step 3: Check the screen for the verification or captcha check.

Step 4: Pick the payment method you want. You can use a debit card, credit card, net banking, UPI, or any other wallet that is available.

Step 5: Look over the information and pay through the secure payment gateway.

Using the app on your phone to pay

You can also pay your premium through the insurer's mobile app:

Step 1: Download the official app from the App Store or Google Play.

Step 2: To sign in, use your policy number, email address, or registered mobile number.

Step 3: Choose the policy and how you want to pay the premium.

Step 4: Pick a payment method and finish the deal.

You usually get a confirmation message and a digital receipt right away after the payment goes through. You can keep these for your records.

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Benefits of Paying Your Life Insurance Premium Online

Once you understand what is life insurance premium is and how to pay for it online, the benefits are clear.

Pay when it's convenient for you
You can make payments online at any time of day or night. You can pay your premium from home or while traveling, no matter what day of the week it is. ICICI Prudential term insurance holders can pay online, which takes away the stress of going to the office or a branch during business hours.
Do it in a few minutes
You don't have to fill out any forms or wait. You just have to log in, pay, and you're done. It used to take a trip to the branch, but now it takes less time than a coffee break.
Pay the way you want
You can use UPI, net banking, a debit card, or a credit card on online platforms, so you don't have to stick to just one.
Don't ever miss a due date
You can set up auto-debit while making an online payment. Once set up, premiums are taken out automatically, which helps you avoid missing payments and having your policy expire.
Payments that are clear and open
You pay the amount you see. There are no extra service fees added at the end.
Confirmation of payment right away
You can download your premium receipt right away and at any time. It's helpful for keeping track of your own information and for filing your taxes..

Quick Tips for Paying Your Premium Online

To get premium receipts on the same day, always pay before 3:00 PM.
Set up auto-debit so you don't miss any future payments.
Keep your payment receipt right away for your records.
Before you send in your payment, make sure you have the right policy number and other information.

What Happens If You Don't Pay Your Premium on Time?

If you forget to pay your life insurance premium, the company will give you 30 days of grace period to do so. You can pay your overdue premium during this time without having to pay any late fees or other penalties. Your policy will end if you don't pay even within the grace period, and you'll lose your life insurance and other benefits. To stay safe, it's best to pay your premiums online or set up auto-debit to make sure they are always paid on time.

Summing It Up:

Paying your life insurance premiums online is a quick and easy way to keep your policy active and make sure your family's money is safe. You can manage your payments, it saves you time, and you can see right away that your coverage is still in effect. If you pay your premiums on time, your life insurance will do what it's supposed to do: protect your family's money when they need it most.

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FAQs

Q: Is it possible to pay my life insurance premiums with more than one credit card?

Ans: Yes, you can pay your life insurance premiums with more than one credit card.
Q: Will I get tax breaks for paying my premiums online?

Ans: Yes! Under certain conditions, the Income Tax Act of 1961 allows you to deduct the premiums you pay for life insurance policies from your taxes.
Q: Is it safe to pay premiums online?

Ans: Of course! Insurers use secure encryption and two-factor authentication to keep your transactions safe.
Q. What are the different ways to pay for life insurance?

Ans: You can pay your life insurance premiums in a number of ways, including online (through insurer websites/apps, UPI, cards, or net banking), by giving your bank account auto-debit instructions, by using ECS (Electronic Clearing Service), by going to an insurer branch or an authorized collection center, or by making a payment in person. Some insurance companies also have apps for your phone that remind you to pay your premiums and tell you how to do it.
Q. What is the best way to pay for my insurance online?

Ans: Ans: To pay your insurance bill online, visit the official website or mobile app of your insurance company. Log in to your account, pick your policy, and then click "Pay Premium." You can pay with a credit or debit card, online banking, UPI, or an e-wallet. Many insurance companies also let you pay through third-party apps, payment banks, or automatic debit.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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