HDFC Term Insurance Premium Payment

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.

HDFC Term Insurance Premium Payment 

When it comes to term insurance, making premium payments on time for your plan is important. In case of non-payment of premium, your policy is at risk of lapsing and you can lose all the benefits and coverages completely. In order to avoid this, HDFC life has introduced a convenient online and offline premium payment option using which buyers can easily pay their policy premium. 

There are number of ways in which you can pay your premium. Here is a quick laydown of each way: 

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 Premium 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 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 online premium payment. 

3. HDFC Life Application 

   You can also pay term insurance premiums 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 premium 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 premium payments above 50,000 

2. Cheque Pick up facility

   Insurance buyers who may not be able to make HDFC Term Insurance premium payments 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 Premium payments 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 Premium 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 payments. 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.

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