Everything You Need to Know About SBI Life Insurance Premium Paying Process

SBI Life Insurance is one among the foremost insurance companies in India. It has various investment plan options that align with your different investment and financial goals. Paying the premiums for such insurance plans is easy and hassle free under SBI and they come in both online and offline options. If you want to know how you can pay your premiums for your SBI Life Insurance Policy, just follow the steps given below -

Online Premium Paying Option

Subscribers of any SBI Life Insurance Policy have the convenience of paying their premiums online. The list below mentions a few online payment options -

1. Internet Banking

In order to use the internet banking facility, you have to provide your policy details, date of birth and customer ID. You can register on BillDesk which is the premium paying website of SBI. To register on BillDesk, all you need to do is - 

• Log in to the BillDesk Website
• Select SBI Life Insurance from the dropdown menu 
• Select ‘State Bank of India Net Banking’ beside the Payment Through Column
• Click on submit after which you will be redirected to a new page
• Enter your policy number and date of birth to continue
• Choose to pay the due premium amount immediately or at a later time

2. SBI Life Portal

Apart from BillDesk, SBI has its own portal through which premium payments for specific policies can be made online. Registered policyholders or existing customer can use this feature by -

• Visiting the official website of SBI Life Insurance at www.sbilife.co.in
• Registering online by providing your mobile number, date of birth and policy number
• Save your details and click on submit
• Pay your due premiums via debit or credit cards

3. E Wallet or SBI Buddy

To add to its gamut of online payment options, SBI Life Insurance has introduced an e-wallet that can be utilised by policyholders to pay their life insurance premiums. It is just like any other online platform like Paytm and is very easy to use. In order to use this facility, policyholders should adhere to the following steps -

• Download the SBI Buddy App on your smartphone or visit the official website of SBI Buddy 
• Go to the Recharge and Bill Payment Option
• Click on Bill Pay 
• Choose ‘insurance’ from the category 
• Select ‘SBI’ as your biller
• Complete paying your premium by providing your policy number and date of birth

4. Via Paytm App

Nowadays, most UPI platforms are engineered to facilitate all kinds of payment and transaction, not just between people, but between financial institutions and other services as well. SBI Life Insurance allows its policyholders to pay their insurance premiums through the Paytm App in 4 simple steps -

• Download the Paytm App on your smartphone and register with your mobile number
• Log in and navigate to the ‘insurance’ option and click on ‘Pay Existing Life Insurance Premium’ 
• Click on ‘SBI Life Insurance’
• Provide your policy number and date of birth to proceed with premium payment 

5. Via Jio Money App

Making premium payments via the Jio Money App is as easy as paying it on the Paytm App. Just follow the steps below - 

• Download the Jio Money App on your smartphone and register with youe mobile number 
  Select the ‘Bill Pay’ option 
• Click on ‘insurance’ and select SBI Life Insurance as your biller
• Complete your premium payment by entering your policy number and date of birth 

Offline Premium Paying Option

In addition to paying your premiums online, SBI Life Insurance also has an offline mode of premium payment for its different insurance policies and it can be availed by new users and existing customers alike. The following is a list of offline premium paying options - 

1. Courier

• You can pay your premiums by sending a draft or a cheque to your nearest SBI branch. 
• You can choose to clear your due premiums by using the auto-debit facility provided by the National
• Automated Clearing House or NACH. In order to do this, you have to submit  a duly filled in mandate form and a bank statement or cancelled cheque of your SBI account. 
• You can mail your documents at the Central Processing Centre at Navi Mumbai, Maharashtra. 

2. Cash Payment

You can pay your premiums in cash by visiting the authorized cash collection centres in the following manner - 

• Pay a cash premium upto INR 49,999 at Common Service Centres
• Pay a cash premium upto INR 50,000 by the direct debit facility at all Karur Vysya Bank Branches 
• If you are a resident of Andhra Pradesh or Madhya Pradesh, you can avail the AP Online or MP Online outlets to pay a premium amount of INR 50,000

3. Payment via SBI ATMs

You can use SBI ATMs to pay your life insurance premiums in 4 simple steps - 

• Insert you card in the SBI ATM machine 
• Select ‘services’ and go to the ‘Bill Pay’ option, select ‘SBI Life Insurance’ from the option
• Provide the details of your policy number and date of birth 
• Make the payment 

Point of Sale Terminals at SBI Branches

This is an easy option by which you can make your offline premium payments. You can simply use your debit or credit cards to make your payments at selected SBI Life Branches. 

These are the different online and offline options that you can use to pay your premiums for SBI Life Insurance. You can choose the option that is best suited to your financial needs and goals. 

You may also to read:

• What If I Don’t Renew My Life Insurance Plan?
• Can I Make the Payment Now as I Missed the Last Premium of Life Policy?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.