SBI Life Insurance Premium Payment Options

SBI Life is one of the prominent life insurance companies in India that caters to the unique requirements of insurance customers. The joint venture between the State Bank of India and a financial institution in France, BNP Paribas Cardiff, offers numerous individual and group life insurance policies. In addition to providing the best products, the company provides excellent customer service to their customers.

The policyholders can now pay their SBI Life insurance premiums through various modes while sitting at home. In this article, you’ll find out how to complete the SBI Life premium payment and the various online and offline options available. 

How To Pay SBI Life Insurance Premium Online? 

The policyholders can pay the premiums of their life insurance policies from the comfort of their homes. Listed below are some of the methods through which you can pay SBI Life plan premiums online. 

1. Payment Through the SBI Life Website

New and existing users can simply pay the premium and check various other details related to their life insurance policy by registering themselves on the SBI Life Insurance portal. Here are the steps that you need to follow. 

1. Browse the official website of SBI Life and click on “Log in”. 
2. Register yourself on the website by providing certain policy details. 
3. Click “Submit” and save your policy details.
4. After registration, details of your purchased policies will be displayed. 
5. Choose the respective policy for which you want to pay the premium. 
6. Enter your debit or credit details to complete the payment process. 

2. Payment Through Internet Banking: 

The policyholder must register themselves at the bill desk in order to complete payment via internet banking. Listed below are the steps you need to follow to pay the SBI Life premiums through BillDesk internet banking. 

1. Log in to the official website of BillDesk. 
2. Under the insurance premium drop-down, choose “SBI Life Insurance”. 
3. Choose the State Bank of India net banking from the premium payment option. 
4. Click “Submit”. 
5. Enter all the required policy details on the new page opened. 
6. The premium payment option will be displayed on your screen. 
7. Pay the premium by choosing from various modes of payment available. 

3. Payment Through e-Wallets: 

You can pay SBI Life Insurance Premiums through various e-wallets such as SBI Buddy. Listed below are the steps that need to follow for the same. 

1. Browse the “SBI Buddy” website. 
2. Under the recharge and bill payment category, click on the bill pay option. 
3. Choose category insurance. 
4. Select SBI Life as an insurance company. 
5. Enter your policy number and date of birth to complete the transaction. 

A policyholder can also pay premiums through various other e-wallets, including Paytm and the JIO Money app. However, the process may be different in all cases. 

How To Pay SBI Life Insurance Premium Offline? 

Policyholders can also pay their premiums by choosing among different offline premium payment modes offered by SBI Life. Some of them are mentioned below. 

1. Payment Through Courier or Post:

A policyholder can post the demand draft or cheque to the nearest branch office of SBI Life. Once the process is complete, the insurance companies will send the premium payment receipt to the policyholders' registered address. 

2. Payment Through NACH Auto-Debit: 

SBI Life policyholders can pay the premium through the auto-debit feature offered by the National Automated Clearing House. To take advantage of this facility, the insured must share the required information with the insurance company. 

3. Payment Through State Bank ATM: 

Here are the steps that policyholders need to follow for SBI Life Insurance premium payment online. 

1. Visit the State Bank ATM nearby. 
2. Insert your card into the ATM. 
3. Go to bill payment under the service section. 
4. Choose SBI Life Insurance from the options. 
5. Enter your policy details and date of birth. 
6. Complete SBI Life premium payment. 

4. Payment at Cash Collection Centers:

The policyholders can pay the SBI Life premium in cash at the authorised cash collection centres. Listed below are the conditions that you need to follow. 

1. Premium amount up to Rs. 49,999 can be paid in cash at Common Service Centers. 
2. Debit the premium up to Rs. 50,000 directly at all Karur Vysya Bank branches. 
3. Residents from Madhya Pradesh and Andhra Pradesh can pay up to Rs. 50,000 premiums at MP online and AP online centres. 

Conclusion 

SBI Life Insurance offers the flexibility of renewing its insurance policy through numerous premium payment methods. Furthermore, you can contact the company's customer service if you have any questions about the SBI Life premium payment receipt or the status of your life insurance policy.

Also read: Difference between nomination and assignment in life insurance