All About SBI Life Insurance Premium Payment

Policyholders of the State Bank of India, (SBI) life insurance need not bother to visit the bank in person and wait for the customer support executive to collect the insurance premium. SBI has made it easy for its customers to pay the premium through an array of options, in both online and offline mode. These options have made it easy for policyholders to make easy and convenient payments without penalties. 

Also Read:- HDFC Life Premium Payment Online and Offline

How To Pay SBI Life Insurance Premiums Online?

Online payments of premium can be made by login on to the website and through net banking.

1. SBI Life Website

This is the easiest and the fastest way to make an SBI premium payment.

• Logon to the website of the state bank of India
• Click on the services menu
• Choose a pay premium online option
• Make payments through credit card, debit card, or through net banking.

2. Net Banking

Paying premiums with net banking is open for those having an account in other banks as well.

A. For State Bank Group Account Holders:

• Log in to the net banking account
• Go to bill payments
• Select SBI Life premiums
• Enter policy no and date of birth (DOB), and make payments.

B. For Other Bank Account Holders:

• Logon and add SBI as a biller
• Pay through the InstaPay option.

3. Auto Debit Feature

A. Through NABH Facility: 

Policyholders having an account with any bank tied up with the National Automated Clearing House, (NACH) can submit a mandate form and a clearing cheque at the nearest SBI Life Branch. The future premiums can be debited from the account easily.

B. Through Credit Card: 

Set standing instructions against the credit card for making online premium payment. 

• Logon to the SBI Life website
• Click on services and choose easy renewal payment options
• Choose ‘set up’ standing instructions for paying the premium
• Select auto pay instructions on the credit card. 

How To Pay SBI Life Insurance Premiums Offline?

Premiums towards policies can be made offline through phone and SBI Life Branches

1. Paying Through App

The SBI app can be used to pay the premiums as follows:

• Down the SBI life Easy Access Mobile App.
• Open the app, and click on the ‘pay renewal premium’ option.
• Enter the policy number, DOB, Email, and pay premium through net banking or credit card.

2. SBI Mobile Banking

Policyholders can make use of the mobile banking option to pay premiums as follows:

• Download the SBI Premium Mobile App
• Log in and go to the M-commerce section
• Select SBI life and enter the policy number, DOB, and amount to make payments. 

3. Paying with IVR

The Interactive voice assistance service can be used to make insurance premium payments.

• Call the toll free number 1800 22 9090 between 9 am to 9 pm.
• Enter the policy number and DOB
• The IVR will provide the due date, amount, and the options to pay the premium (credit card)
• Enter the credit card number and one-time password
• IVR confirms the payment and renders the transaction ID. 

4. Paying Through SBI Branches

The electronic fund transfer system is available in all the SBI group branches and the premiums up to Rs. 49,999 can be paid in cash or with a debit card or cheque. It is also possible to pay the premiums at point of sale terminals of SBI life. Direct premium remittance system through cheque and demand draft is also available on all SBI Life Branches. Alternatively, payments can be made through SBI ATMs and Kiosks. 

Thus, SBI life offers a myriad of options to pay the life insurance premium for its policyholders either by cash or through an electronic fund transfer system. 

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