SBI Life Term Insurance Premium Payment

Online SBI Life Term Insurance Premium Payment

Online modes of premium payment against your SBI Life term plans can be done without the need for any documentation from your side. On successful payment, you shall receive a Success Report and a Premium Acknowledgement Receipt. Here are the following ways you can make online premium payments for your term policy. 

Note: Now that you know about how Online SBI Life Term Insurance Premium Payment can be done, you should also get to know about what is term insurance to buy a term plan for your loved ones.

Procedure To Pay SBI Life Term Insurance Premium Online

1. Through the website of SBI Life

   • Visit the official website of SBI Life.

   • Login to your account as Customer. 

   • Against your policies listed, choose the term plan you wish to pay the premiums for. 

   • Choose the option to pay premiums. 

   • You can choose the best mode of payment among wallets, UPI, net banking, etc. 

2. Premium Payment through Internet Banking

   This mode of SBI Life term insurance premium payment can be done if you have an SBI bank account or with one of its partner banks.  

   • First off, you have to add SBI Life as your biller. 

   • You have to enter your policy number associated with your term policy.

   • Enter the requested personal details. 

   • Once the details entered by you are verified, you can make the due premiums. 

   • You can schedule your premiums with this option as per the payment mode (monthly, quarterly, half-yearly, or yearly) chosen. This ensures that you don’t miss any payments. 

3. Payment through credit cards

   • Register on visabillpay.com

   • Assign SBI Life as the biller.

   • Fill in the requested details related to the policy. 

   • Upon verification, you can start making payments using your credit card. 

   Automatic Bill Payment using VISA and MasterCard

   • At the payment gateway, select Billdesk.

   • Use the option of Pay through Credit Card.

   • Select One Time Payment + Standing Instruction in the next step.  

   • Once your standing instructions are activated, the due amount will be billed to your registered card from the next payment onwards. 

4. Payment through SBI Life’s Mobile Application

   • Download the mobile application ‘SBI Life Easy Access’.

   • Once you have registered, click on the Premium Payment option. 

   • Feed in your policy number and other details. 

   • Choose your payment mode and make the payment using wallets, UPI, net banking, etc. per your convenience. 

5. Payment through Mobile Wallets

   There are tons of mobile wallets that you can use to make your SBI life term insurance premium payment. This includes SBI Buddy, PayTM, MobiKwik, UPI, etc. All you have to do is download any one of these applications on your mobile and register your profile and the payment details. Click on Insurance, select SBI Life and then upload your policy details. Once all the details are verified, you will be able to make the necessary premium payments.

6. Payment through Interactive Voice Response (IVR)

   • Call SBI Life’s toll-free number. 

   • Offer the policy number and your DOB. 

   • Provide your Policy Number & Date of Birth.

   • You will be informed about the premium due date, premium amount, and the option to pay your premium with a credit card. 

7. Payment through the NACH Facility

   • Register with a bank tied up with NPCI (National Payments Corporation of India).

   • Submit the duly filled Mandate Form at your nearest SBI Life branch.

   • Submit a canceled cheque at your nearest SBI Life branch.

   • Following this, future premiums will be debited directly from your account.

Offline SBI Life Term Insurance Premium Payment

Offline modes of premium payment for SBI Life term insurance plans include:

• EFT - EFT or Electronic Funds Transfer can be used to pay premiums at SBI and all its group branches. Payments can be done in cash, by cheque, or through direct debit. 

• SBI ATMs & Kiosks - Insert your card at the designated kiosks. Select Services, then Bill Pay, and finally choose SBI Life Insurance. Enter the policy details and date of birth to pay your premiums. 

• POS (Point of Sales) - Visit any POS terminals available around SBI Life branches to pay premiums with your credit or debit cards. 

• Common Service Centers - Up to Rs. 49,999 can be paid in cash at any Common Service Center across India. 

• Karur Vysya Bank - Premiums up to Rs. 49,999 can be paid in cash or through direct debit at all the branches of the Karur Vysya Bank.

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