Insurance policies, whether health or life, mostly need to be paid annually. It is also important to pay it on time, as otherwise the policy would lapse. There are several ways to pay your insurance premium, we take a look.
Digital Wallets: You can pay your premiums through digital wallets like Paytm, Gpay, and so on. This is an easy and convenient way as the wallets are linked to your bank account.
Through Bima-ASBA: Payment of insurance premiums through a unified payment interface (UPI) is now easier, thanks to the Insurance Regulatory and Development Authority (Irdai) notification regarding a one-time mandate for blocking the amount towards premium through a UPI for the issuance of life and health insurance policies. This facility is called the Bima-ASBA. In this facility, insurers can offer a one-time mandate for blocking a certain amount through UPI in the bank account for the concerned prospect.
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Through The Agent: If you have taken the insurance from an agent, you can pay the agent directly through cash and cheque. Remember to take a receipt for the payment and store it safely.
Through The Official Website: When your premium payment is due, you will get a mail from your insurance company which will redirect you to the insurer’s website. You can also go to an insurer’s website and pay the premium by finding your policy by putting in your mobile or policy number. You can then pay through UPI, credit cards, and debit cards.
Credit Card Standing Instruction: You can provide a standing instruction to your credit card to pay the insurance premium on a certain date. Basically the credit card details are provided to the insurance company, and the insurance company asks the card issuer to deduct the premium. This way, you can ensure that you never miss your premium payment.
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Through ECS From Your Bank: Here you need to fill up the electronic clearing system (ECS) mandate and submit it with a cancelled cheque at least a month before the premium payment is due. The premium is debited from your bank account on the given date. Your bank must have sufficient balance on the given date.
Post-dated Cheques: Here, you can submit post-dated cheques to your insurer. The cheques will be deposited for clearance on the due dates and the premiums will be paid.
Through Branches: You can also visit a branch of your insurer and pay the premium directly in cheque or cash.
