Premium for life insurance is paid yearly. But there may be a risk of policy lapse if the premium is not paid on or before expiry. Life insurance plan has many options to pay the premium. Customers can select as per their convenience.
To pay online, customers can log on the website of insurance company and select online premium payment option. Information such as PAN and policy number is required to fill the form. Payment options available are Net Banking, Debit Card, Online Banking and Credit Card.
One should make sure that he/she has saved the online premium paid print/receipt copy provided by the insurer after completion of the process.
Payment can also be processed by filling the bank specifics of the insurer on the bank of policyholder.
• Auto Debit Mode
One of the most convenient option, wherein the customers can place an auto debit instruction by using their credit card with the insurance company. They can also do this by registering an ECS or NACH.
Insurance companies already have collaboration with banks or other electronic bill processing machines. After registering through this process, the premium amount will automatically deducted on or before the scheduled date. In this case, relevant form is required to fill with cancelled cheque that will be submitted to the insurer.
• Branch Drop Box Option
Insurers also have collaboration with the banks to offer the cheque drop facilities. This premium cheque can be submitted to the insurer or the insurance broker. Online NEFT and RTGS option are also available.
• Mobile Phone Mode
Premium payment of life insurance policy can be processed through phone. This process is done by calling an assigned authorized person of the insurance company. Credit card information is needed to make payment done.
Know your Rights and Duties for Policy
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