Tata AIA Term Insurance Online Payment

Tata AIA Term Insurance Online Payment has now become the most common way to pay for premiums. Being completely online avoids all the hassles associated with offline payment. It allows people to do the transactions themselves and do it from wherever they want and whenever they want.

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However, it can be a tricky business to understand all the different kinds of options under online payment. This write-up tries to work as a ready reckoner for such methods.

Different Types of Online Payment Process

The term Tata AIA Term Insurance Online Payment does not convey the depth of online payment options available with the provider. It simply seems as it is a single process, while in reality, multiple processes come under its definition. Some of those methods are given below, which will give the readers an idea of which option might be the best for them.

  • Credit Card Payment – One can make the Tata AIA Term Insurance Online Payment through credit cards. The accepted cards are Visa, MasterCard, and American Express. During payment, one needs to verify the policy number, other details like date of birth and pay the premium.
  • Debit Card Payment – One can make theTata AIA Term Insurance Online Paymentthrough debit cards linked to a bank account. During payment, one needs to verify the policy number, other details like date of birth and proceed to pay the premium.
  • Net Banking –One can log in to their net banking account and select bill payments. In that, they can choose insurance premium payments and make the Tata AIA Term Insurance Online Payment.
  • Unified Payments Interface – Unified Payments Interface, or UPI, can ease transfers up to 1 lakhs INR with the following steps:
    • Open the UPI application
    • Verify the pending transaction
    • Authorize the pending transaction with the UPI PIN
  • Amazon Pay - This is an e-wallet, which one can use to make the Tata AIA Term Insurance Online Payment.Open the e-Wallet, and under services, there will be the option to pay insurance. Underinsurance, there will be many providers. Ensure to select Tata AIA Insurance. Fill up policy details such as policy number and date of birth, and proceed for payment. 
  • Google Pay - This is another e-wallet, which one can use to make the Tata AIA Term Insurance Online Payment. Open the e-Wallet and underpayments. There will be the option to pay for insurance. Underinsurance, there will be many providers. Ensure to select Tata AIA Insurance. Fill up policy details such as policy number and date of birth, and proceed for payment.
  • Paytm - This is another e-wallet, which one can use to make the Tata AIA Term Insurance Online Payment. Open the e-Wallet, and under billing, there will be the option to pay insurance. Underinsurance, there will be many providers. Ensure to select Tata AIA Insurance. Fill up policy details such as policy number and date of birth, and proceed for payment.
  • HDFC PayZapp - This is another e-wallet, which one can use to make the Tata AIA Term Insurance Online Payment. Open the e-Wallet, and under services, there will be the option to pay insurance. Underinsurance, there will be many providers. Ensure to select Tata AIA Insurance. Fill up policy details such as policy number and date of birth, and proceed for payment.
  • ITZ Cash - This is another e-wallet, which one can use to make the Tata AIA Term Insurance Online Payment. Open the e-Wallet and underpayment options. There will be the option to pay for insurance. Underinsurance, there will be many providers. Ensure to select Tata AIA Insurance. Fill up policy details such as policy number and date of birth, and proceed for payment.
  • Jio Money - This is another e-wallet, which one can use to make the Tata AIA Term Insurance Online Payment. Open the e-Wallet, and under billing options, there will be the option to pay insurance. Underinsurance, there will be many providers. Ensure to select Tata AIA Insurance. Fill up policy details such as policy number and date of birth, and proceed for payment.
  • EMI Credit Card Kissht – Instead of paying the premium directly, one can pay in the form of easy EMI installments on their credit cards. Read further terms and conditions before proceeding to activate this option for Tata AIA Term Insurance Online Payment.
  • Bill Desk – This is a good option forTata AIA Term Insurance Online Payment, especially for those who are always on the move. It takes very little time after registration. Registration is also required only once. Go to their official website and follow the steps as given:
    • Select Tata AIA Insurance as the provider from the dropdown list
    • Select the mode of payment, such as net banking, credit card, or debit card. Acceptable credit cards are Visa, MasterCard, Diners, American Express, and Citibank e-card. Note that only local credit cards are accepted.
    • Enter details such as policy number and date of birth. 
    • Verify the details and proceed to pay.
  • National Electronic Fund Transfer – National Electronic Fund Transfer, or NEFT,is a system devised by the Reserve Bank of India that allows payment directly to the beneficiary's account. To do an NEFT transfer is simple. Follow the steps below:
    • Log in to the Net Banking account.
    • Choose the NEFT transfer option.
    • Choose the following details.
      • Beneficiary account – 
        • Ordinary policies - 1111#########, where #s give the 9-digit policy number
        • Unit Linked Policies - 2222#########, where #s give the 9-digit policy number
      • Beneficiary Name – Tata AIA Life Insurance Company Ltd. 
      • Bank Name – Citi Bank
      • Bank Branch Address – Fort, Mumbai
      • Bank IFSC Code – CITI0100000
      • Amount – As per the due premium amount

After completion of every NEFT transaction, the payer will receive a Unique Transaction Reference No. (UTR). Ensure to keep this handy for future correspondence with the provider.

  • Electronic Bill Processing and Payment – Electronic Bill Processing and Payment, or EBPP, is available for various banks, where the premium is set as a bill, and before the premium due date, the facility reminds the payer. This Tata AIA Term Insurance Online Payment is available with the following banks:
    • Bank of Baroda
    • Bank of India 
    • Bank of Maharashtra
    • Barclays Bank
    • Central Bank of India
    • Citi Bank
    • Corporation Bank
    • Dena Bank
    • Deutsche Bank
    • HDFC Bank
    • Indian Bank
    • IndusInd Bank
    • ING Vysya Bank
    • Jankalyan Sahakari Co-op Bank
    • Kotak Mahindra Bank
    • Punjab Maharashtra Co-op Bank
    • State Bank of India 
    • Syndicate Bank
    • Yes Bank
    • Union Bank of India 
  • ICICI Bank Quick Pay – This is a facility for Tata AIA Term Insurance Online Payment available with ICICI Bank account holders. Under Quick Pay, simply select Tata AIA Life Insurance from the billers' list. Enter policy number and date of birth when prompted. Verify the details, check and amount and proceed for payment. 
  • Interbank Mobile Payment Service – Interbank Mobile Payment Service, or IMPS, is another Tata AIA Term Insurance Online Payment method. Tata AIA Life Insurance has partnered with HSBC and the National Payments Corporation of India to bring this service. The process is very simple. It requires a valid mobile number and a 7-digit Mobile Money Identifier (MMID). The bank issues the MMID upon registration. This is an extremely convenient option as this can be done on the go. Payment is instantaneous and can be done on bank holidays and Sundays. It is a secure channel in the palm of one's hand. Note the following details for IMPS:
  • Merchant Mobile No. is 1000000001
  • Merchant MMID is 9039002
  • Payment Reference should be “Policy_Number#ddmmyyyy," where the date refers to the date of birth.
  • Amount as per premium due

This facility is currently available for transactions between the following banks for Tata AIA Term Insurance Online Payment:

  • State Bank of India
  • Union Bank of India
  • Kotak Mahindra Bank
  • ICICI Bank
  • Canara Bank
  • Yes Bank
  • Axis Bank
  • Dombivli Nagarik Sahakari Bank
  • Federal Bank
  • Corporation Bank
  • Standing Instructions – Standing Instructions to pay directly can be set on the following:
    • Credit Card – Visa, MasterCard, and American Express cards allow direct debit from credit cards. The Tata AIA Life Insurance branch office needs to be notified at least 15 days prior to the next payment with the standing instruction mandate and a copy of the front face of the credit card.  
    • Debit Card – Debit cards allow direct debit from credit cards. The Tata AIA Life Insurance branch office needs to be notified at least 15 days prior to the next payment with the standing instruction mandate and a copy of the front face of the debit card.  
    • State Bank of India – State Bank of India allows direct debit from its account for Tata AIA Term Insurance Online Payment. The Tata AIA Life Insurance branch office needs to be notified at least 15 days prior to the next payment with the standing instruction mandate and a cancelled cheque from the policyholder.  
    • E-NACH – National Automated Clearinghouse allows direct debit from bank accounts for Tata AIA Term Insurance Online Payment. The Tata AIA Life Insurance branch office needs to be notified at least 15 days prior to the next payment with the standing instruction mandate and a cancelled cheque from the policyholder. 

A Brief Discussion about Offline Payment Process

When discussing Tata AIA Term Insurance Online Payment, one must also focus briefly on the offline alternatives available so that in any case, if online payment is not possible, the policyholder knows what steps to take. Here are some of the possible offline methods:

  • Pay by cash or cheque directly at a Tata AIA Life Insurance branch office.
  • Pay by cheque, demand draft or cash at the following banks:
    • IndusInd Bank
    • State Bank of India
    • Axis Bank
    • CAMS Authorized Service Center
  • Payment by cash, up to a limit of 50,000 INR, can be done at the below locations:
    • Common Service Centers
    • Neighborhood Suvidhaa Outlets

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Written By: PolicyBazaar
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