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HDFC Term Insurance Premium Payment

Paying your HDFC Term Insurance premium on time ensures your loved ones uninterrupted life coverage and financial security. HDFC Life offers a range of convenient online and offline premium payment options, making the process simple, secure, and hassle-free. Let’s check various HDFC term insurance premium payment methods, ensuring you stay protected without any payment delays.

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How to Make HDFC Term Insurance Payment? 

There are multiple ways to pay HDFC term insurance premiums online, including credit cards, debit cards, net banking, wallets, UPI, Bill pay, and different offline and auto-payment methods.

Online Options to Pay HDFC Term Insurance Premium Payments

  1. Policybazaar 

    Policybazaar is an online platform for insurance seekers where they can easily compare different insurance plans and make an informed choice in a matter of a single click. 

    You can pay Renewal premium amounts for active, paid-up, lapse, discontinued policies through PolicyBazaar via the number of payment modes available such as: 

    • Credit/Debit card 

    • e-wallets 

    • UPI such as Paytm, Rupay

    • Net-banking 

    Steps to follow while making HDFC Term Insurance Payment by Policybazaar: 

    • Download the Policybazaar app or visit the official website of Policybazaar 

    • Click on ‘Renewal’ and select Life insurance 

    • Then, select ‘HDFC Life’ as the insurer 

    • Enter policy details such as policy number and date of birth 

    • Proceed to pay 

    Note: You can calculate the term plan premium on the term insurance calculator online tool.

  2. Online Premium Payment using Quick Pay 

    HDFC Life has introduced Quick Pay to offer customers a hassle-free experience of online premium HDFC Term Insurance Payment. This option can be used by buyers on several browsing platforms that help one to make policy premium payments in a safe way. Follow the below-mentioned steps to pay premiums using Quick pay:

    • Visit HDFC Life official website

    • Click on ‘Customer Service’ tab 

    • Then, you will be redirected to the page ‘Customer service’. Click on ‘Pay Premium’ tab on the same page. 

    • Choose the Quick pay option. 

    • Next, you are required to enter your DOB and policy number and premium due details will be displayed on the screen. 

    • After confirming all your details, make the HDFC Term Insurance Payment online.

  3. HDFC Life Application 

    You can also pay HDFC Term Insurance Payment through HDFC life App using one of the payment options. You can also track all your insurance-related transactions using this option.

    • Download the Application 

    • You can choose to pay via Quick pay or My Account options through this app. 

    • Make the payment. 

  4. e-CMS/NEFT

    HDFC Term insurance policyholders who have a net banking facility with their concerned banks can make online HDFC Term Insurance Payments through e-CMS or NEFT service. In order to do this, you are required to register/add HDFC Life accounts as a beneficiary to make regular premium payments before the end of the grace period through net banking. Following is a list of points to keep in mind while making payments using this platform:

    • Verify the type of policy before paying a premium. 

    • You can pay a premium amount for active policies only before the due date of the premium. 

    • After the successful premium payment, the premium receipt will be shared with you on your registered email ID or address. 

  5. 3-Click Net Banking 

    HDFC Life insurance policyholders can pay the renewal premium amount in 3 clicks using their HDFC net-banking account. Follow the below-mentioned steps to pay an online premium: 

    • Login to HDFC Net Banking Account 

    • Click on ‘insurance’

    • Choose HDFC Life 

    • Click on Renewal plans 

    • Enter date of birth and policy number 

    • Proceed to pay using your preferred mode 

  6. Paytm 

    • HDFC Term Insurance Premium amount can be paid through Paytm App/Website using UPI Wallet, EMI, or Net-banking cards. 

    • Select insurer as HDFC Life Insurance 

    • Then, you are required to enter the policy number and date of birth and Click on Get premium 

    • You can also scan the below QR code to make payment.

    • The wallet limit is Rs. 10,000 for non-KYC and 1 lac for KYC. 

  7. Bharat Bill Payment System, BBPS

    Customers can pay the premium amount via BBPS, BHIM, mobile banking, wallet, digital apps, and payment banks (Airtel, Google Pay, Paytm). 

    Follow the below-mentioned steps: 

    • Visit pay bill or bill payment 

    • Select insurer 

    • Enter policy number and date of birth 

    • Verify the premium-related details and make payments using multiple payment options. 

Offline Options to Pay HDFC Term Insurance Premium Payment 

  1. Drop Boxes 

    • Life assured can also make HDFC Term Insurance Premium payments by submitting their demand drafts or payment cheques in the drop boxes which have been set up at different locations across cities. They can also send cheques/DD through courier or post before the grace period ends. 

    • The DD or cheque must be drawn in favor of HDFC Life Policy No. ‘Insert Policy number’ 

    • The policyholder is also required to provide identity proof and address proof for premium payments equal to more than 1 lakh. 

    • The policyholder has to submit PAN Card details for HDFC Term Insurance Payment above 50,000

  2. Cheque Pick up facility

    Insurance buyers who may not be able to make HDFC Term Insurance Payment at the bank branch can request a check pick-up facility. In this, the buyer can call on the toll-free helpline number 1860 267 9999 and request for picking up a cheque. The service is available from 10 to 7 Monday- Saturday.

  3. Credit card Auto Debit (POS Device)

    Policyholders can also make HDFC Term Insurance Payment using HDFC Credit and debit cards at any of their branches through Mswipe device. This is an automated facility wherein the premium amount will be deducted from the HDFC Credit card of the policyholder around the due payment date. In order to avail of this facility, the policyholder should submit the credit card details and a copy of the front side of their card to HDFC Bank Branch

  4. QR code 

    Pay HDFC Term Insurance Payment by scanning QR code that is available at the HDFC Life Branch for discontinued, in-force, paid-up, and lapsed policies using UPI, net-banking, wallet, and cards. Buyers can also scan the paytm QR scan code using paytm placed across HDFC bank branches to pay digitally. You can also scan bank branch-specific Quick register and Quick pay QR codes using any of the QR reader applications such as Paytm.

Auto-Debit Options 

  1. e-NACH 

    API E-Mandate or eNACH is a payment platform initiated by RBI and the NPCI (National Payments Corporation of India) that helps a buyer with a bank account to easily automate the recurring HDFC Term Insurance Payment. Steps to follow are:

    • Login using Quick Register 

    • Enter Date of birth and policy number and then verify the details 

    • Click on T&Cs and proceed 

    • Enroll mandate using an account 

    • Choose your preferred bank from the list 

    • Then, verify it using e-NACH

  2. Aadhar based signature 

    This option allows customers to validate their e-mandate through Aadhar-based e-signature. This registration is only applicable for certain banks that provide such functionality for HDFC Term Insurance Payment.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

How to Check Your HDFC Term Insurance Premium Payment Status?

Checking the status of your HDFC Term Insurance payment is easy and can be done online through multiple platforms. Here’s how you can stay on top of your payments:

  • HDFC Life Website: Login to your account on the HDFC Life website and navigate to the "Policy and Premium Payment" section. You can check details about your premium due dates, payment status, and even make a payment.

  • HDFC Life Mobile App: The HDFC Life mobile app offers a convenient way to track your premium payments. Simply open the app, go to the “My Policies” section, and check your HDFC Term Insurance Payment of premium history and status.

  • Email & SMS Notifications: HDFC Life sends reminders via email and SMS before the due date of your premium. These notifications help ensure you don’t miss any payment deadlines.

  • Customer Care Support: If you’re unsure about the status of your HDFC Term Insurance Payment, you can always contact HDFC Life’s customer support team for assistance.

Benefits of Paying HDFC Term Insurance Premium

Paying your HDFC Term Insurance premiums comes with several advantages, no matter the payment frequency you choose. Here’s why timely HDFC Term Insurance Payments are important:

  • Continuous Coverage: Regular premium payments ensure that your policy remains active, providing uninterrupted protection for your loved ones.

  • Financial Peace of Mind: By staying on top of your premium payments, you avoid the risk of your policy lapsing and losing out on the coverage and benefits you need.

  • Easy Payment Options: HDFC offers multiple payment options, including online payments, debit/credit card, and UPI, making it convenient for you to pay your premiums anytime, anywhere.

  • Avoid Late Fees: Timely premium payments help you avoid any late fees or penalties, ensuring that you don’t incur extra charges for delayed payments.

  • Tax Benefits: Premiums paid towards HDFC Term Insurance are eligible for tax deductions under Section 80C of the Income Tax Act, helping you save on taxes while securing your family’s future.

  • Flexibility to Adjust Payments: Depending on your financial situation, you can choose different payment frequencies (monthly, quarterly, semi-annually, or annually) to manage your budget while ensuring you maintain coverage.

About HDFC Term Insurance 

HDFC Life Insurance Company is a joint collaboration between HDFC Ltd., the leading housing finance institution of India, and abrdn (previously called Standard Life Aberdeen plc), a global investment company. With 372 branches and new tie-ups, HDFC Life caters to a large customer base and is constantly providing benefits from its increased presence across the country. HDFC Life founded in 2000, is a leading long-time life insurance company in India that offers a comprehensive range of group and individual plans such as Term insurance, savings, pension, annuity, investment, and health. HDFC Term insurance plans, one of the most popular types of life insurance products, help in financially securing the future of family members in the event of the unforeseen death of the family’s sole earner. These plans offered by HDFC Life offer a high amount of coverage at low premium costs.

Note: Now that you know About HDFC Term Insurance, you should also get to know about what is term insurance to buy a term plan for your loved ones.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

FAQs

  • Q: How can I pay my HDFC term insurance premium?

    Ans: You can pay your HDFC Term Insurance premium through various methods, including online payment via debit/credit cards, UPI, net banking, or through cheque/demand draft.
  • Q: Can I pay my HDFC premium payment monthly?

    Ans: Yes, HDFC offers monthly, quarterly, semi-annual, and annual premium payment options for HDFC Term Insurance Payment. You can choose the frequency that fits your financial situation.
  • Q: What happens if I miss an HDFC term insurance premium payment?

    Ans: If you miss a premium payment, your policy may enter a grace period (usually 30 days). During this period, your coverage continues, but if you don’t make the HDFC Term Insurance Payment within the grace period, your policy could lapse, and you would lose the benefits.
  • Q: How do I know if my HDFC premium payment has been received?

    Ans: After making your payment, you’ll receive a confirmation email or SMS from HDFC Life. You can also check your premium HDFC Term Insurance Payment status on the HDFC Life website or mobile app.
  • Q: Are there any penalties for late payments?

    Ans: If your HDFC Term Insurance Payment is not made within the grace period, your policy may lapse. In such cases, you may need to go through the reinstatement process, which could involve additional charges or medical underwriting.
  • Q: Can I change my premium payment frequency?

    Ans: Yes, you can change your premium payment frequency with HDFC Term Insurance Payments. To do so, you may need to contact HDFC Life’s customer support for assistance in modifying the payment plan.
  • Q: Can I set up an automatic payment for HDFC Term Insurance?

    Ans: Yes, HDFC Life offers the option to set up automatic HDFC Term Insurance Payment for your premiums via direct debit, so you never miss a payment and your coverage remains continuous.
  • Q: How can I check my HDFC Life policy payment status?

    Ans: You can check your HDFC Life policy payment status by logging into the HDFC Life customer portal, using the HDFC Life mobile app, or by calling their customer care at 1860-267-9999. You can also visit the nearest branch or check via SMS by sending your policy number to their designated number.
  • Q: Can I pay HDFC Life premium before the due date?

    Ans: Yes, you can pay your HDFC Life premium before the due date. Use their online portal, mobile app, or other HDFC Term Insurance Payment options to do so conveniently.
Premium By Age

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/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 38 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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+Rs. 820/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 38 years of age.

+Rs. 1,443/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 38 years of age.

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