Online Premium Payment 309 views June 24, 2021

TATA AIA Premium Payment

TATA AIA Life Insurance provides a wide range of products to customers. And if you have purchased an insurance plan from TATA AIA and don’t know how to make a premium payment, don’t worry. In this post, we’ll tell you about various convenient options to make premium payments. So, read on!

TATA AIA Premium Payment Online Services

You can pay your policy premium online by following the steps shown below:

  1. Visit the official website of TATA AIA life insurance
  2. Log in to your account
  3. Select ‘Customer Service’
  4. Choose ‘Premium Payments’
  5. Click on the ‘Online Premium Payment’ button
  6. Enter your policy number and date of birth
  7. Click on the ‘Validate’ button
  8. Now use your Credit Card, Debit Card or Net banking service to pay your premium.

Pay TATA AIA Premium Using Auto Debit/E-Mandate

You’ll never miss a premium payment if you opt for autopay/e-mandate service. Because then, your premium amount will automatically be debited from your credit card/bank account on the due date. To apply for autopay/e-mandate service, follow the steps shown below:

  1. Visit the official website of TATA AIA life insurance
  2. Go to the ‘Customer Service’ menu
  3. Select ‘Premium Payments’
  4. Click on the ‘Set Standing Instruction’ button
  5. Enter your policy number, date of birth, email ID and mobile number
  6. Choose an auto-debit option from a credit card or bank account
  7. Click on the ‘Validate’ button

Terms and Conditions Applicable to Auto Debit/E-Mandate

  1. Premium debit through E-Mandate will commence provided the policy is in force as on the date on which the Tata AIA Life records are updated.
  2. In case the policy has lapsed or attained a reduced paid-up status and the insurer receives a request of auto-debit through E-Mandate, the debit amount will be equal to the amount as registered in the E-Mandate.
  3. For ULIPs (Unit-Linked Insurance Plans), the NAV applicable to the policy funds will be as on the date of the premium due date or premium receiving date, whichever is later.
  4. Requests for cancellation of E-Mandate must be sent 15 working days before the due date, and the same would be effective from the next premium due date.
  5. If any debit transaction through E-Mandate is dishonored, the insurer is authorized to re-debit the mentioned account to recover the premium payable.
  6. The insurer shall activate the ‘E-Mandate’ facility within 7 working days from the date of receipt of this mandate. In case the activation does not take place within 7 working days of receipt of the mandate or it fails due to any other reason, the insurer shall not be held responsible.
  7. E-Mandate is available for premium less than or equal to INR 10 Lakh including GST
  8. Only one policy can be registered at a time through e-Mandate

Pay Tata AIA Life Insurance Premiums at Common Services Centers (CSC)

You can now pay your renewal premium in cash up to INR 49,999 at CSC. To pay your premium at CSC, follow the steps shown below:

  1. Visit the nearest CSC
  2. Provide your 10-digit policy number
  3. Submit the cash to the Village Level Entrepreneur
  4. Take out the printed acknowledgment from Village Level Entrepreneur certifying the receipt of premium payment

Note: You can locate your nearest CSC outlet by visiting the TATA AIA official website

Other Modes of TATA AIA Premium Payment

Other than the above-mentioned premium payment services, you can also pay your premium easily using any of the following:

UPI

  1. Visit the official website of TATA AIA life insurance
  2. Select UPI option
  3. Post validation of policy details, enter your UPI ID
  4. You will receive a request to your UPI account
  5. Log in to your UPI account, go to pending requests and approve to make payment using the UPI PIN

Note: UPI can facilitate payments and transfers up to INR 1,00,000 only

IMPS – Interbank Mobile Payment Service

With IMPS, you can pay premium instantly from your savings bank account using your mobile number and your 7 digit MMID (Mobile Money Identifier) number.

What If You Miss Your TATA AIA Premium Payment?

In case you miss your TATA AIA Premium payment, you can pay the same during a grace period of 15/30 days based on your policy. During the grace period, you can pay the due premium amount without any late payment charges. If you fail to pay a premium even during the grace period, your policy will lapse.

However, you can reinstate your policy later within the specific time period as shown in your policy document by paying the late payment charges.

Benefits of Regular TATA AIA Premium Payment

If you pay your premiums without any due, you will avail of the following benefits:

  1. Life cover without any interruption
  2. Tax benefits under section 80C and 10D of the Income Tax Act, 1961

How to Change the TATA AIA Premium Payment Mode/Frequency?

You have the option to change your TATA AIA Policy Premium Payment Mode, and to do so, you need to follow the steps shown below:

  1. Visit the official website of TATA AIA Life Insurance
  2. Log in to your account
  3. Select ‘Premium Payment’
  4. Now change the frequency from Monthly, Quarterly or Half-yearly to Yearly Premium

If you want to change your yearly premium to a lower frequency, send an email to the insurer at customercare@]tataaia.com.

Note: The change in frequency is effected from the policy anniversary and the request must be placed 15 days before the anniversary date.

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