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.Read more
*Tax benefit is subject to changes in tax laws. *Standard T&C Apply
** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
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.
SBI Life- eShield online payment offers the following benefits over the traditional method of payments:
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.
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.
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.
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.
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.
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.
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:
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:
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:
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:
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:
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.
These portals allow one to deposit their premiums in cash at various locations. The process is as follows:
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:
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.
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:
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.
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.
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: