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The digital revolution at the global level has introduced a seamless online payment system. In the life insurance industry, paying life insurance premium online has introduced many advantages over the traditional payment methods.
In this article, we will understand why online payment is necessary and learn how to pay term insurance premium online with different payment methods.
Why is life insurance premium online payment recommended?
Online payments are recommended for the following reasons:
Quick and simple – Compared to traditional payment methods like visiting the branch for making cash payments, online facilities ensure simple processes. They are extremely quick and cost-effective.
Acknowledgement – While paying a life insurance premium online, you can get instant acknowledgement for the payment.
Secure platform – As life insurance policies are important investments, the platform for online payments is made safe and secure. You can log in with your credentials and make payments with confidence.
How to pay life insurance policy premium payment?
There are different methods designed and introduced exclusively for life insurance premium online payment. Here we will discuss the different methods in detail.
Digital Payments: Digital payments can be made in the following ways using the electronic medium:
Debit Card – Using your debit card, you can access the insurance premium payment through your bank account and pay it directly. Provide the policy details and get them verified before you make the payment.
Net Banking – You can also make use of your net banking credentials to pay the premium and the renewal payments as well.
Credit Card – You can use the Indian VISA or Mastercard for payment purposes. American Express Card (AMEX) is also valid.
Mobile Wallet: It is a virtual wallet that can use your registered credit card, debit card and other payment options for online payment of life insurance. It can be accessed using your smart device, such as a mobile phone. There are prominent mobile wallets used for insurance premium payments . You can download the specific application, provide your details and get it registered and linked with your bank account. You can make the payment by just providing the policy details and the premium amount to be paid and execute the transaction.
Scan and Pay methods: The life insurance premium payments can also be performed by scanning the QR code of the specific insurance company and pay it digitally. You will have to install applications. Upon installation, you can find the provision to scan a QR code. Open the respective website for payment and scan the QR code. Verify the policy details and enter the premium amount to be paid and make the transaction.
UPI – Unified Payments Interface (UPI) is designed exclusively to make payments up to ₹1,00,000. Open the UPI application accessible through your bank account. Look for the premium payment transaction option. Provide the necessary authorisation with your UPI pin to execute the transaction.
Interbank Mobile Payment Service (IMPS) – With the IMPS payment facility, you can instantly pay your insurance premium online. Your mobile number and the Mobile Money Identifier Number (MMID) will be used to authorise the payments.
Electronic Bill Payment Process – You can register with www.billdesk.com. Select the appropriate life insurance premium payment biller. The payment intimation will be received and communicated to you through emails or other sources on the due date. You can log in and make the necessary payments. The receipt will be sent to you as an acknowledgement. You can also opt for auto-debit choice. It will automatically debit the amount from your bank account on the due date.
Automatic payment initiation – Autopay or an E-Mandate can be initiated to auto-debit from a credit card or bank account. Visit the respective website of the insurance provider that you’ve opted for and choose the life insurance premium payment auto-debit set-up option. Select your respective bank or credit card and provide the necessary details. Log in to your net banking system and approve it for further transactions on the due date.
Standing Instruction – You can set standing instruction to pay for your insurance premium with your credit card or debit card. The standing instruction should be set at least fifteen days prior to the due date.
E-NACH – E-NACH is referred to as the National Automated Clearing House. It is an electronic payment method made available through the National Payments Corporation of India. You can download the e-NACH standing instruction form and submit the filled form duly signed to your insurance provider.
Banking Tie-Ups: Some of the insurance providers will have E-Banking tie-ups with a list of specific banks to enhance the premium paying options. If your bank is provided in that list, you can initiate payments easily.
Tata AIA Life Insurance
Tata AIA Life offers a wide range of life insurance plans, from pure term insurance plans to assured savings solutions, from market-linked plans to unique retirement solutions. With Tata AIA, you can buy your life insurance policy both online and offline. TATA AIA Life Insurance premium online payment can be executed in multiple ways. It offers many such provisions to choose the most ideal, comfortable and simple methods for respective customers.
Conclusion
We have discussed some of the best methods to pay insurance premium online. Based on your resources, the functionality of your smart devices and time constraints, choose the best option. However, ensure that you pay the life insurance premium on time for the sum assured and other related benefits. When there are easy and comfortable modes for online payment, you can save a lot of time and money. Make use of the appropriate method and regularise making payments with ease!
L&C/Advt/2023/Mar/1055
