HDFC Life Premium Payment
In the early days, insurance premium payment was a big task. One had to visit the insurance office or a branch of a particular bank to pay the amount.
However, with the advancement of technology, there are now different modes of premium payment available.
Let us study the various modes of premium payments for an HDFC Life insurance policy.
HDFC Life Premium Payment Online
Quick Pay Payment
HDFC has launched a Quick Pay facility to provide customers with an effortless premium payment mode. Quick Pay is very easy for policyholders who manage their accounts online. The following steps can guide you through Quick Pay:
- Go to the customer service tab on the HDFC Life website and click on the customer care tab.
- On the newly appeared customer service page, you will find the "Pay Premium" tab. Click on it.
- Fill in all the required details like your name, policy number, etc., and proceed to the next step.
- After cross-verifying all the premium details displayed on the page, you can proceed to make the payment.
HDFC Life Premium Payment Through NEFT
- HDFC Life insurance premium payment can also be done through NEFT.
- You can use this service after you have added HDFC Life Insurance as a beneficiary to your HDFC bank account.
- One thing to keep in mind during payment is to select the correct policy number for which you want to pay.
- Premiums cannot be paid for lapsed policies.
- Never initiate a premium payment without cross-checking and confirming the previous due premium amount.
- Once the premium is paid, a receipt is generated and sent to the policyholder's registered contact number, email, or registered address shared with the insurance company.
- You can check your premium payment receipt by logging into your account.
Standing Instruction Mandate For HDFC Account Holders
- HDFC Bank account holders have the benefit of auto-debit through the issuance of standing instructions.
- The premium amount will be automatically deducted from the policyholder's HDFC account before the payment due date.
- Download the SI mandate from the HDFC site if you wish to use this facility.
National Automated Clearing House (NACH)
- Under NACH, premiums can be paid from any bank account, depending on the policyholder's choice.
- A canceled cheque of the respective bank needs to be submitted to the HDFC branch, and the policyholder also needs to show an auto-debit mandate to initiate payment through their bank of choice.
- The MICR code mentioned on the cheque helps in fund transfer. It is generated automatically by the HDFC Bank branch.
Credit Card Payment
- If you hold an HDFC credit card, payment can be done easily.
- An automatic deduction for premium payment is made from the credit card balance.
- Submit the credit card details and a photocopy of the front side of the credit card for the payment process at any HDFC Bank branch.
HDFC Life Premium Payment Through Mobile Wallet
- Payment through wallets has become common among Android/iOS mobile users. HDFC Life premium payment can be done through wallets.
- Wallets like Paytm provide the premium payment option to their users for HDFC Life Premium Payment.
Payment through EBPP (Electronic Bill Presentment & Payment)
- Payment through the bank account of your choice is another option for premium payment.
- Registration can be done on the bank's site for premium payment.
- After you make the premium payment, an e-receipt is generated against the payment made by the account holder.
- Premiums can only be paid for policies that are in force.
HDFC Life Premium Payment Offline
Under certain circumstances, policyholders might not be able to make premium payments online. In such cases, several other options are available for HDFC Life premium payment. Here are the other modes of payment mentioned for your convenience.
Payment At HDFC Bank/HDFC Life Office
- You can pay your premiums at HDFC Bank branches or HDFC Life offices through cheques and demand drafts (DD).
- The demand draft or cheque should be made out to "HDFC Life Policy No. xxxxxx". If the policy number is missing, your DD or cheque will not be processed.
- DD and cheque payment modes can also be used for renewal premium payments.
- Transactions beyond INR 50,000 through DD or cheque require PAN details to be mentioned on the back of the cheque or DD.
Payment At Axis Bank Branches
- Several other banks accept HDFC Life premiums, including Axis Bank branches.
- All that needs to be done is to generate a DD or cheque in the name of "HDFC Life Policy No. xxxx" and insert the policy number.
- After the payment is done, you will receive a payment receipt from the bank branch where you paid the premium.
Through IVR
- An automated voice can also assist you on call to make the premium payment.
- All you need to do is call 1860 267 9999. The call can be answered only between 10:00 AM to 7:00 PM.
- Follow the instructions provided on the call regarding the payment.
- Payment can also be initiated through VISA credit card, MasterCard, etc.
- The payment can be done from home.
Drop Boxes
- Drop boxes are the best option for policyholders who do not have time to stand in a queue.
- A DD or a cheque generated in the name of the insurance company along with your policy number can be dropped into the bank's dropbox.
- The DDs/cheques are automatically processed by bank officials.
- Transactions above INR 50,000 require PAN card details.
CSC (Common Services Centres)
The insured can reach out to any of the Common Services Centres, as many of them have started accepting premiums. You just need to cross-verify and confirm whether the particular CSC accepts the premium amount for the specific insurer.
Payment Sent Through Courier or Post
- Courier and post facilities are the best option if you are facing a problem or are not in your hometown for some reason.
- Signed documents along with a DD or a cheque can be sent to the insurance company through the post.
- ID proof and address proof are mandatory for transfers more than INR 1,00,000, subject to the bank's terms and conditions.
- Show your PAN card details for payments above INR 50,000.
Cheque Pickup by HDFC Representative
- HDFC Life Insurance provides an additional facility to policyholders who are unable to visit any branches to pay the premium and do not have online payment services.
- Such policyholders can sign a cheque in the name of "HDFC Life Policy No. xxxxx", and the cheque will be picked up by an HDFC representative.
- This facility has proven to be a great help to policyholders who are not in a position to reach out to HDFC Life offices or branches.
Payment through M-swipe
- The insured can visit any HDFC Life Insurance office and pay the premium through a debit card.
- It is acceptable on working days.
- Axis Bank and ICICI Bank account holders can avail the benefits of EMIs.
- Under M-swipe, American Express, Master, Maestro, Visa, and RuPay debit and credit cards are accepted.
Other Payment Options For Specific States
The apps mentioned below have been developed specifically for certain states.
- Maha Online Payment Gateway: HDFC Life Insurance policyholders belonging to Maharashtra have an opportunity to use this payment window.
- MP Online Payment Gateway: Only HDFC Life Insurance policyholders belonging to Madhya Pradesh can make payments through this payment window.
- AP Online Payment Gateway: HDFC Life Insurance policyholders belonging to Andhra Pradesh are eligible to pay through the AP online payment gateway.
How To Download HDFC Life Premium Payment Receipt Online?
The premium payment receipt is very important for the policyholder who has paid the premiums.
- The receipt is confirmation that the amount paid by you has been received by the insurance company.
- It is the sole proof of payment in case any issue arises with the policyholder.
- It can be helpful for tax saving applications.
So, it is safe to be updated with a premium payment receipt. Let us see how you can get your premium payment receipt online.