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ICICI Term Insurance Premium Payment

ICICI Term insurance offers you high coverage against the risk of life. It is one of the most popular and economical types of life insurance products. One of the factors before investing in an ICICI Term insurance plan is to check the premium payment options available. Insurance plans come with different options of paying a premium. Consider all options before choosing a policy suited for you.

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About ICICI Term Insurance 

ICICI Prudential Life Insurance Company Ltd. is a collaboration between ICICI Bank Ltd. and Prudential Corporation Holdings Limited. The company started its operations in the Financial year 2001, offering a diverse range of long-term savings and protection insurance products to meet the different life stage needs of customers. ICICI Term insurance plans, one of the most common and popular products, secure the financial future of the policyholder’s family in case of an unforeseen event. ICICI Prudential offers online and offline options to pay premiums towards your policy. Let’s discuss the various ICICI Term insurance premium payments options in detail

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

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ICICI Term Insurance Premium Payment

To continue receiving policy benefits and coverages, it is very important to pay your policy premiums regularly on time. ICICI Term Insurance premium payment process is hassle-free and simple. You can choose any of the following options to pay premiums to make sure your family is always safe and secure.

  1. Online Option to Pay ICICI Term Insurance Premium 

    1. Net Banking 

      Net banking, also called internet banking or online banking, is an electronic payment platform that allows you to conduct various types of transactions using the internet from the comfort of your home. ICICI Prudential account holders can make premium payments easily by their bank's website via Net banking. Before this ensure that ICICI Prudential Life Insurance is one of the registered partners for payments. So pay ICICI term insurance premium through net banking by choosing the bank to pay premium from the list of banks available.

      • Log in to Internet banking 

      • Enter the User ID or Registered Mobile number 

      • Choose to pay bill in a few clicks 

      Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.

    2. Infinity 

      ICICI Term insurance policyholders can pay premium amounts through infinity. They can also link their plans to their ICICI Bank account helps the client to manage their plans through their net banking account. Buyers can make an ICICI Term Insurance premium payment, then check funds, and can also do electronic transactions via their online ICICI Bank account. 

      • Login to

      • Enter the user name and password 

      • Make the payment 

    3. Credit/Debit Card  

      Policyholders can pay premiums online through their credit or debit card. ICICI accepts premiums payments through Master card, RuPay, and Visa debit card, and in the case of credit cards, the payment is accepted by Visa, MasterCard, Diners, Discover, American Express, and Maestro. 

      • Click on Pay Now in the Credit/Debit card payment option 

      • Enter details such as Policy number, mobile number, Email-Id, date of birth 

      • Click on Pay Now 

      • Then, provide your card details and other policy details if required 

      • Proceed for premium payment 

    4. NEFT/RTGS 

      NEFT is a country-wide e-fund transfer system for transferring the amount from one bank account to another in a hassle-free and safe way. You can make an RTGS/NEFT transfer to pay your premium amounts. Account-holders can log in to their net banking account and make payments using NEFT/RTGS. Following details are required to enter while making payments: 

      • Name of beneficiary i.e., ICICI Prudential Life Insurance Company Ltd. 

      • Bank of beneficiary i.e., ICICI Bank 

      • Bank branch 

      • IFSC Code of Beneficiary 

      • Bank account number 

    5. Bharat Bill Payments Service 

      You can make ICICI Term insurance premium payment through largely all websites of banks. Follow the steps to make payments through BBPS: 

      • Visit Bill Pay 

      • Select Insurance group 

      • Select ICICI Pru life insurance 

      • Enter all the required policy details 

      • Make Payment 

      You can also pay using any mobile application registered with BBPS such as Gpay, BHIM, PhonePe, etc. 

    6. UPI, Unified Payments Interface 

      ICICI Term Insurance Premium Payment through UPI is faster and simpler. Here are the steps to pay premiums using UPI: 

      • Select UPI as an option of paying a premium 

      • Enter VPA 

      • Approve the payment on UPI Application 

      If you are making payments with the Google Pay application, enter your valid VPA address. Other UPI applications can also be used such as PhonePe, Paytm, etc. You can easily download these apps from the play store or Apple store. 

    7. Bharat QR Scan

      • Visit the official website of ICICI Prudential 

      • Choose Bharat QR

      • Scan the QR code to pay your ICICI Term insurance premium

      • Make Payment 

    8. E-Wallet 

      Pay your ICICI Term insurance premium amount using your e-wallet facility. This facility accepts payments through Jio Money, Airtel Money, and Mobikwik. Steps to follow are: 

      • Login to the e-wallet 

      • Select Insurance categories such as ICICI Prudential life insurance 

      • Enter policy details 

      • Proceed to pay the premium

  2. Auto Debit Options for ICICI Term Insurance Premium Payment 

    1. Unified Payments Interface 

      It is a facility that regulates several bank accounts into a single mobile app, merging different banking features, easy fund routing, and merchant payments. With ICICI, customers can avail of the UPI facility and efficiently set mandates on their plans for a premium amount up to Rs. 2 lakhs with 1 step authentication feature. The facility of UPI Autopay can be started by account holders on their UPI app via an e-mandate, therefore offering a secure and fast premium service. 

    2. Direct Debit 

      This is another automated system that helps you to set up auto-debit advice on your bank account for a fixed debit of premiums. 

    3. ECS 

      It is an automated facility that debits your premium amounts from the bank account chosen by you on your premium due date. ICICI Policyholders can pay the premium amount through the ECS option by submitting the mandate application along with a cancelled cheque at any ICICI’s nearest branch. 

    4. Electronic Bill Payments 

      ICICI policyholders can also enroll for the auto-debit facility through their bank’s website. Follow the below steps: 

      • Login to the internet banking 

      • Visit the Manage-Billers 

      • Then, Select insurance 

      • Then, choose ICICI Prudential life insurance 

      • After this, enter policy details and enroll 

    5. NACH- National Automated Clearing House Form 

      Account-holders can pay the ICICI Term insurance premium via the NACH payment option by submitting the mandate application along with a cancelled cheque at any branch of ICICI. NACH is an automated option that debits your premium amount from the bank account chosen by you on your premium due date. 

  3. DropBox 

    1. ICICI ATM Drop Box 

      You can drop your cheque of premium amount in the ICICI ATM Dropbox to avail yourself the convenience 

    2. MINC Drop Box

      Another easy method to pay ICICI Term insurance premium is through MINC Dropbox placed at selected branches. ICICI Life account holders can drop their cheque of premium at drop boxes. 

  4. Cash/Cheque 

    ICICI Prudential account holders can visit any of the ICICI Bank's nearest branches across India to opt for the facility of ICICI Term Insurance premium payment through cheque (transfer/local) and cash i.e., up to 49999.

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

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