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Online Premium Payment 2362 views November 9, 2020
SBI Life Insurance offers the best life insurance products that provide financial protection to your dependents in case you die during the policy term. Further, if you buy a plan other than a term plan, you could get survival and maturity payouts too. To get all these payouts in a hassle-free manner, it is important to pay the premium on time. So, if you are one of its customers and want to know about its payment services, you can read this post titled – SBI Life Insurance Premium Payment. You could also get to know the outcomes resulting due to non-payment of SBI Life Insurance Premiums. Let’s begin!
Table of Contents
SBI Life Insurance Premium Payment can be made online as well as offline. Whatever suits you, choose that route to pay the premium. We’ve described all these payment modes below for you to understand.
You can pay your premium online without any hassle if you are registered on the SBI Life Portal. To do so, follow these steps:
You can do payments through Credit Card, Net Banking or Debit Card.
Note: Online premium payment can be done 30 days in advance of the premium due date. However, if you miss your premium on the due date, you can still pay the premium online for up to 5 months and 25 days from the premium due date. Upon the receipt of every successful transaction, you will get a Success Report and Premium Acknowledgement Receipt instantly on your registered email/mobile. The Renewal Premium Receipt will be sent after adjustment or allocation of the premium amount.
Your SBI Life Insurance Premium Payment shall be done automatically from your credit card or bank account if you register for auto-pay service. To register for the same, follow the steps shown below:
For Credit Card Auto Pay
Important Note
To set up an auto-debit of SBI Life Insurance Premium Payment to your bank account, submit the duly filled Mandate form and canceled cheque at the SBI Life Insurance branch office
Note: The direct debit facility is available to the account holders of State Bank of India, Axis Bank, CITI Bank, ICICI Bank, Bank of Baroda, Union Bank of India, Bank of India, IndusInd Bank, Punjab National Bank and Kotak Bank only.
You can pay your SBI Life Insurance premiums through all State Bank ATMs by following the steps shown below:
What If You Miss SBI Life Insurance Premium Payment?
If due to any reason you have missed your premium payment, you can pay the premium within a grace period of 30 days (Quarterly, Semi-Annual & Annual mode policies) and 15 (monthly mode policies). The interest is not charged during the grace period, but if the premium is paid after the grace period, you need to pay interest.
In case your policy is lapsed due to non-payment of premiums, you can revive the policy within the stipulated time as shown in your policy document. To revive your policy, pay the outstanding premium with interest and submit proof of continued good health to the nearest SBI Life Branch.
Note: Online premium payment option for lapsed policies is not allowed.
If you pay your SBI Life Insurance premium without any delay, you will receive the following benefits: