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Various Term Insurance Premium Payment Options Available in India

The term insurance plan is a policy that provides the policyholder’s family with financial support in case of his/her untimely demise.

  • 23,352 Views | Updated on: Nov 28, 2023

The term insurance plan is a policy that provides the policyholder’s family with financial support in case of his/her untimely demise. The policy is affordable and the sum assured is quite attractive. If you plan to buy the term insurance policy, you first need to decide the mode of payment for the term insurance premium. The insurance companies in India offer many choices.

Insurance Payments Options:

  1. 1.Regular Payment Option

In regular payment option, you pay your insurance premiums on a quarterly,monthly, half-yearly and yearly basis. This time of payment mode is highly recommended as it is affordable.

  1. 2.Limited Payment Option

In this type of payment option, you pay your premiums for a shorter period and gain insurance coverage over a longer period. You can opt for a limited payment option if you don’t like having financial commitments for a long period. It is also a lucrative option if you think you are going to have a rise in income for a limited time.

  1. 3.Single Payment Option

The single payment option is where you pay the premiums at once and is said to be less expensive when compared to the regular payment option. But many times inflation plays a part in increasing the premiums.

List of Term Insurance Premium Payment options

Payment through National Electronic Fund Transfer (NEFT)

For this, you need to have the ’Internet banking’ option available on your bank account. You can then sign in to your account and use the NEFT transfer option to send the payment to your insurer.

  • Electronic Clearing Service (ECS)
  • If you believe that you might forget to pay your premiums on time then this option is best for you. Once you set up this payment method, your insurer will deduct the premium directly from your bank account on the due date.

  • Standing Instruction
  • Some insurance providers have this option available for the payment of your premium. You need to submit the ‘Standing Instruction form’ so that the money can be automatically deducted from your account.

  • Direct Debit
  • Certain banks have this option available in case you are paying premiums for insurancepolicies. This is one of the most convenient insurance payment options available.

  • Payment through credit card
  • If you have a credit card in your name then you can use that to pay the premium from your insurer’s website. However, it is important to remember that the card has to be in your name.

  • Payment through debit card
  • The insurance company’s portal has a payment option for debit card owners. You can use the card to pay your premium on the due date. Make sure that the insurer allows payments through the type of debit card that you own.

  • Online payment through Internet banking
  • This is another very popular payment option. If you have the Internet banking option enabled on your bank account, you can complete your online insurance payment through this method.

  • Payment through Bill Desk
  • Bill Desk is a secure online payment portal that you can use to pay your bills and premiums online. You need to register an account with Bill Desk and mention your insurance provider’s name along with the policy details. Once these steps are completed, you can pay the premium using this medium.

  • Electronic Bill Payment
  • Paying premiums for your term insurance online is quite easy if you use the ‘Bill Payment option’ in your Internet banking account. Most reputed banks provide this option.

  • Payment at your insurer’s branch office
  • If you are not that comfortable with online payments or simply like to do business in an old-fashioned manner, you can visit your insurance company’s branch office and pay by cash, demand draft, or check, as this would be more suitable for you.

    Now that you know how to pay premium online or offline finding the most appropriate payment option should be easy for you. You do not have to miss payments any longer.

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Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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