9 Best Ways to Pay Your Life Insurance Premium

Life Insurances 358 views

When it comes to paying the life insurance premium, it has never been so easier. Yes, today numerous effective ways are there that will help you to pay the premium of your life insurance in best way possible. So, if you have purchased a life insurance policy recently, and are worried about the how to pay its premiums, nothing to worry as this article is for you. So, without wasting any time, read on to know a host of popular ways to pay your life insurance premium:

  1. Mobile Wallets

Well, these days a lot of telecom companies as well as online portals allow you to pay the premiums via using their mobile wallet service. If you are their regular user or customer, you can use these sites to pay your premiums. You can make the payments through SMS or phone call, and rest assured.

  1. Interactive Voice Response (IVR)

When it comes to paying through Interactive Voice Response (IVR), you need to check with your insurer and ask for paying through IVR by keying in the credit/debit card details on a secured system. Well, it would be of great help, if you save your transaction identity code after the successful execution of the payment.

  1. ATMs

Nowadays, many insurance providers are introducing the concept to provide best services to their consumers, hence are coming up with banks. Moreover, these insurance providers have tie ups with various banks, hence allow you to pay the premium via ATMs with which your insurer is having the tie-up. In order to make the payment, you need to register yourself first with the bank by furnishing the details like name, policy number, debit card number etc. When you log on to an ATM, the screen will automatically display your details, you need to select the one for which the payment has to be made. In fact, you can also pay your multiple policies in just one go.

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  1. Franchisee

As far as franchisee is concerned, only cash payments can be made through it such as suvidhaa, APOnline and MPOnline. In order to make the payment, you need to visit the franchisee. After doing the payment, take the receipt issued by the franchisee.

  1. Collection Agents

Your life insurance premium can also easily be paid to the authorized agent either in cash or cheque.  Here, make sure that you have collected a valid receipt , having the signature of the agent.

  1. Online

With the help of visiting the official website of your insurer, you can easily pay the insurance premium via using your credit/debit cards and net banking.

  1. Standing Instruction on Credit Card

Those who are having the valid VISA or MasterCard can easily register themselves for the auto debit of their life insurance policy premiums with the help of issuing the standing instruction. In order to register for the service, you need to fill the credit card and forward it to the insurer along with your credit card's self-attested copy.

  1. Electronic Clearing System (ECS)

Electronic Clearing System (ECS) is an automated facility that debits the premium directly from your bank account on the due date. When it comes to making the payment, you need to register yourself by filling up the ECS form and submit this form along with one cancelled cheque of at least 1 month before the due date of your next premium.

  1. Post-Dated Cheques (PDC)

In this case, you need to give minimum 6 post-dated cheques to your insurer. Your insurance provider will deposit these cheques later for the clearance on their respective due dates.

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