SBI Life- eShield Online Payment

SBI Life is one of the leading insurance providers in India. It offers an array of insurance plans that meets the financial requirements of the policyholders. With a plethora of plans available the SBI Life offers a comprehensive online term plan that is is the SBI Life- eShield plan.

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The SBI Life- eShield online payment has made the payment process easy and simple. Before one proceeds to pay, it is important to be completely aware of all the details about the products and services and then making the buying decision. Let us begin with understanding the benefits of SBI Life- eShield online payment.

Benefits of SBI Life- eShield Online Payment

SBI Life- eShield online payment offers the following benefits over the traditional method of payments:

  1. Quick

    Online payments are almost instantaneously done. They are seamless and easy to do. The transaction is done online wherein the payment gets processed in a matter of seconds, and thus there are no hassles that due dates may be missed.

  2. Easy Accessibility

    Due to the ubiquity of mobile devices and the internet now, it is much easier to locate an internet signal on the phone than it is to find the insurance branch located nearby.

  3. Pre-registration

    Personal details, which need to be put on cheques or demand drafts overleaf, need not be repeated with each payment because, during the registration stage itself, all details can be put in. The registration is generally required only once. 

  4. No Charges 

    Many a time, there is a processing fee associated with offline payments. This fee is an extra charge payable from the customer's side. However, with online payment, no such charges exist, and one generally pays the exact amount that is due, and they want to pay.

  5. Convenient

    Online payment can be made at any time. For offline payment methods, they need to be done during the office's working hours, which can be especially difficult for a working professional.

  6. Round-the-Clock Assistance

    One need not wait in a separate queue to get the details about their policy or the process of payments. Websites generally have a chat function, which answers the questions in real-time.

Understanding the Various Alternatives Available For Online Payment

When one talks about SBI Life- eShield online payment, there are various steps that one can consider. Take a look below to understand the common modes of making the payment:

  1. Internet Banking

    SBI Life- eShield payments can be made online with the help of internet banking. The premium payment website that SBI encourages us to use is the BillDesk. In it, SBI Life must be added as the provider, and policy details need to be updated. After that, the following steps need to be taken care of:

    • Visit the BillDesk website.
    • Log in to the BillDesk website.
    • Select insurance payment from the dropdown.
    • In the payment dropdown, select net banking.
    • On submitting these details, the user will be asked to fill in the policy number and their date of birth on the next page.
    • Fill in the policy and date of birth and proceed further.
    • This will sign in to the main page, where the premium amount and the due date will be visible.
    • At this point, one can make the payment or schedule it for later.
  2. Website of the SBI Life

    This is another option for SBI Life- eShield online payment. This website is easy to access directly from a search engine. It gives not only the payment status but other details about the policy as well. Both new and returning users can use this website after they have successfully registered. The steps are briefly explained below:

    • Visit the SBI Life website.
    • Proceed to log in.
    • Ensure to register on the website with the assistance of policy number, date of birth, and mobile number.
    • Enter the captcha and then submit to save the details.
    • Upon successfully registering, one can open the subsequent pages to see insurance details, enrolment date, and of course, due payment date and amount.
    • Proceed to pay them online by using either a debit card or a credit card.
  3. Payment through e-Wallets 

    SBI Life- eShield online payment can also be made online through e-Wallets. These e-Wallets have become extremely common, and therefore, most of them are linked up with a popular provider like SBI Life. The SBI Buddy is the official wallet, but other wallets are available as well for SBI Life- eShield online payment. Some are listed here below:

    1. SBI Buddy 

      • Visit the website of SBI Buddy.
      • There are various options like send money, recharge, flights, and hotels, etc. Go to the Pay Bills option.
      • Click on the option above.
      • Within that, there are various categories. Choose Insurance in this case.
      • The biller would be SBI Life.
      • Provide the policy number and the date of birth.
      • It will show the premium payable and due date.
      • Proceed to payment from the e-Wallet.
    2. Paytm 

      • Download the Paytm app to proceed with the SBI Life- eShield online payment. Log in with the registered mobile number.
      • On the tab, there are many payment options such as flights, mobile recharge, movie tickets, etc. Go to the insurance option.
      • Tap on the SBI Life Insurance option within it.
      • Provide the policy number and date of birth.
      • It will show the premium payable and due date.
      • Proceed to payment from the Paytm e-wallet.
    3. Jio Money App

      • Download the Jio Money app to proceed with the SBI Life- eShield online payment.
      • Log in with the registered mobile number.
      • On the tab, choose the Recharge and Bill Pay category. 
      • Within it, choose the Bill Pay Category.
      • Within it, choose Insurance as the Category.
      • Within it, choose SBI Life Insurance as the provider.
      • Provide the policy number and date of birth.
      • It will show the premium payable and due date.
      • Proceed to payment from the Paytm e-wallet.

    In addition to the above processes, where people can make the SBI Life- eShield online payment from the comfort of their homes, there are other processes as well. They involve payment portals that are easy to access, where one needs to reach them. Some of the examples can be direct debits and SBI ATMs. Let us look at some of the options below:

  4. Direct Debit through NACH

    NACH stands for National Automated Clearing House. It allows for SBI Life- eShield online payment using its auto-debit ability. To get this activated requires an offline process, though. SBI Life Insurance has its central processing office in Navi Mumbai. They need a filled mandate form and proof of bank account, which can be a cancelled cheque or a bank statement.

  5. Authorized Cash Collection Centers

    These portals allow one to deposit their premiums in cash at various locations. The process is as follows:

    • A common service centres, people can pay any amount less than Rs 50,000. 
    • At direct debit facilities such as banks, one can pay a premium of up to Rs 50,000.
    • There are AP Online and MP online outlets for the states of Andhra Pradesh and Madhya Pradesh, where one can pay premiums too, again with a limit of Rs 50,000.
  6. Payment of Insurance Premiums at State Bank ATM

    At State Bank of India ATMs, people can make their SBI Life- eShield online payment. At these portals, an SBI ATM card is mandatory. They need the follow the steps given below:

    • Use the ATM Card in the ATM Machine at SBI.
    • On the screen that pops up, Services will be an option. Within it, Bill Pay will be an option under which SBI Life Insurance must be selected.
    • As with other forms, it will ask for the details of the policy number and date of birth. 
    • Upon entering the above, it should show the premium date and the premium amount, upon which the cardholder can pay the amount.
  7. Point of Sale Terminals

    At SBI Life branches, there is an option for payment of premium. These are known as Point of Sale Terminals, where one can use their credit or debit cards to pay the outstanding premiums of their insurance policy.

Some Alternatives Available in the Offline Payment Process

While the above sections discuss online payments either from the confines of home or from a portal, there are traditional offline methods that may be followed as well. Just for completeness, short details are provided below:

  1. Courier or Mail

    Before online processes, this was the most convenient method of premium payment. A cheque or demand draft with the insurance amount and must be sent to the nearest branch office. In turn, they will send back the receipt to the address from where the payment had been posted.

  2. Direct Remittance

    This is the same process as above, but instead of mailing, one has to go to the SBI Life branch office physically. They can submit the cheque or the demand draft there, providing the policy number, date of birth, and contact number overleaf the cheque or demand draft.

Difference between Online and Offline Payment Modes

SBI Life- eShield online and offline payment, both methods are available, as given above. But it might be difficult to choose between the two of them. Here is a handy guide to the factors that may guide the decision:

  • For online payment, connection to a stable internet connection is necessary. If this is not there in the location, it might be difficult. 
  • The online payment is made entirely by the person involved, and no other office worker or administrative staff is involved in the process. 
  • The SBI Life- eShield online payment is also more convenient because it can be done through mobile applications and is, therefore, extremely handy.
  • Details related to policy details amount due, and due date is also easier online, as the policyholder need not go to other administrative staff and ask for these details.
  • With offline payment, especially where a demand draft is required, there is an additional process of going to the bank and getting that done. 
  • At offline payment methods, there are hassles related to crowding and queuing. All of this can be avoided if the payment is made online.

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Written By: PolicyBazaar
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