Aditya Birla Life Insurance Premium Payment

There are several aspects related to the Aditya Birla Life Insurance Premium Payment that a policyholder should know to enjoy the policy benefits without any break. These aspects are premium payment methods, when to pay the premium, how to revive the policy, how to change the premium payment mode, etc.

On this page, we will discuss these in detail so that you can understand them better. Keep reading to know more!

How to Make Aditya Birla Life Insurance Premium Payment?

You can make the Aditya Birla Life Insurance Premium Payment by using any of the ways mentioned below.

Online Payment

You can make the premium payment of your policy online. For this, visit the official website of Aditya Birla Life. Here, go to the ‘Pay Premium’ section. Enter your registered email ID, mobile number or policy number and date of birth. Pay the premium amount using your net banking, credit, debit card or e-wallet option.

ECS or Direct Debit Facility

You can register for ECS or Direct Debit for an automatic deduction of the premium amount from your bank account. You will need to activate the ECS facility as a one-time activity. To do this, fill the auto-debit form and get it verified and certified by your bank where your account is maintained. After filling the form, send the mandate form to the nearest Aditya Birla Sun Life Branch with an original cancelled cheque. The facility will be activated within 30 days from the date of service request.

Direct Debit from Credit Card

If you have a credit card, you can use it to enjoy the benefit of the direct debit by enrolling it on your credit card. You can download the Direct Debit form on the official website of Aditya Birla Sun Life.

Branch Office

In case you do not want to pay online, you can go to the nearest branch of Aditya Birla Sun Life and make the premium payment via cheque or cash.

Bill Junction or Bill Desk

Aditya Birla Sun Life also allows you to authorize your premium payment online through the bill desk or bill junction.

Via NEFT Facility

You can use the National Electronic Funds Transfer (NEFT) facility to make the premium payment on the official website of Aditya Birla Sun Life. NEFT is considered one of the secure methods to make the payment.

When to Pay Your Premium?

As we mentioned earlier, you should pay your premium on time to keep enjoying the benefits of your Aditya Birla Life Insurance Policy. Your policy document will have a mention of the due date on which you should pay your premium. Aditya Birla Sun Life Insurance also sends renewal notice 30 days before your premium payment due date.

However, you should remember it by yourself as there may be some postal delays that could result in non-receipt or delay of your renewal notice.

What Will Happen if You Don’t Pay Your Premiums on Time?

If you do not pay your premium towards your policy within the due date, Aditya Birla Sun Life also provides additional time to make the payment without any extra interest on the same. This time is known as the Grace Period.

The grace period depends on the premium payment mode chosen by you. For policies with monthly premium payment mode, the grace period stands at 15 days from the due date. On the other hand, if the premium payment mode is quarterly, half-yearly, or yearly, the grace period stands at one month.

If you fail to make the Aditya Birla Life Insurance Premium Payment even within the grace period, your policy will lapse and all the benefits of the same will cease to exist.

What are the Requirements to Revive your Lapsed Policy?

You can revive your lapsed policy depending upon when you are contacting the Aditya Birla Sun Life Insurance Company.

If you revive your policy within 180 days, you will need to pay the lapsation amount as per the reinstatement quotation.

For 181 to 365 days of the lapsation amount as per the reinstatement quotation, you will need to submit a certificate of insurability duly filled and signed by you. Between 366 and 730 days, you will need to submit a medical report declaring your health status to Aditya Birla Sun Life along with paying the lapsation amount as per quotation.

Note: Aditya Birla may charge INR 100 per revival, which can go up to even INR 1,000.

How to Change the Premium Payment Frequency on Your Policy?

You can change the premium payment frequency of your life insurance policy by submitting the following information.

1. Updation of new premium payment frequency on the official website (with your username and password)
2. Duly signed Policy service request form

You can also contact the customer care of Aditya Birla Sun Life to update the premium payment frequency.

Note: If you want the monthly premium payment mode, you can pay through ECS, Direct Debit or Credit Card.