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NRI Premium Payment Options

NRIs have various premium payment options: Insurance premium payment online, credit card, debit card. Click here to know how to pay premium online and other premium payment options in detail.

  • Sep 20, 2019
  • 4,643 Views

Regularpayment of premium is important to enjoy the benefits of an insurance policy.If you fail to make the premium payment, your policy could lapse and you might end up without a cover. It is possible to buy life insurance online by paying for the policy through digital means. Insurance is essential for every individual, no matter where you reside. If you are a Non-Resident Indian (NRI), you can choose from various options related to term insurance for NRI and buy a policy that fits your needs.

Premium payment options

Insurance companies offer you various premium payment options. All the payment options are secure and convenient for you to use. Listed below are some options that you must consider.

  • Online credit/debit card payment
  • You can make your premium payment online using ‘Visa’, ‘Amex’, or a ‘MasterCard’ debit or credit card. If you are wondering how to pay premium online, you simply need to activate your card and make a payment using your PIN.

  • Internet banking payment
  • You can pay the premium amount for NRI life insurance by logging on to the Non-Resident External (NRE) or Non- Resident Ordinary (NRO) account. The payment procedure is simple and hassle-free. Most banks offer Internet banking facilities that you can use to pay the premium.

  • SWIFT transfer from a foreign bank account
  • If you have a foreign bank account and want to pay the premium through it, you can do so by informing the bank to transfer money electronically through SWIFT. Many banks offer SWIFT facilities and you can check the currencies for which it is available.

  • Check payment
  • The traditional method of paying premiums through check is accepted by all insurance companies. You can pay from any of the bank accounts held under your name. You can have an NRE account, NRO account, and Foreign Currency Non-Resident Account. You just need to drop the check to pay the premium amount successfully.

    Choose from one of the above methods for premium payment online and ensure that the payment is made within no time. Regular payment of premium is of utmost importance to remain covered under the policy. You can schedule the payment with your bank or drop a check if you do not want to use the online banking facilities. You can choose from a variety of life insurance plans. Keep your age, health, and financial condition in mind by choosing a plan that fits your needs.

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Features

  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492

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- A Consumer Education Initiative series by Kotak Life

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