Being one of the leading life insurance companies in India, SBI Life offers a gamut of insurance plans that suits your financial requirements. SBI Life offers myriad customer-centric plans designed for a child's education, care-free retirement, family protection, financial security and wealth creation.
Not only does SBI Life believe in providing their customers with unparalleled products and services to manage your needs better, but they also believe in educating their existing and potential clients more about insurance.
To make it easier for policyholders, SBI Life has introduced various online and offline gateways for premium payment. Let us know more about some easy and hassle-free premium payment procedures available at policyholder's disposal.
SBI Life customers can enjoy the convenience of premium payment without having to walk to their nearest SBI branch office.
Listed below are some of the options for premium payment for SBI Life customers:
SBI Life offers internet banking services for existing customers. You must add SBI Life as your biller to be able to use internet banking services, following which you may provide your policy details. You may also register on BillDesk, the premium payment website promoted by the SBI.
SBI has come up with a portal for the customers to have easy access to the policy status and numerous other details about the insurance plans they have enrolled for. New and existing users can register themselves on the official website of SBI.
There are various e-wallets that you can use to pay your due premium on SBI Life plans. You can visit the SBI Buddy website from your mobile, or use other mobile wallets to pay the premium on your SBI Life insurance plans like Jio Money wallet and Paytm wallet.
Besides the online mode of premium payment, customers can also home in on some easy offline premium payment methods like direct debits and payment using SBI ATM.
Listed below are offline methods of premium payment for SBI Life customers.
You can simply send a demand draft or cheque for the payment of premium to your nearest branch office. As an acknowledgment of your payment, a receipt shall be sent to your communication address.
National Automated Clearing House or NACH allows SBI Life customers to pay the premium using its auto-debit facility. To activate the auto-debit facility, you must submit a mandate form, duly filled, and a bank statement or canceled cheque as proof of bank account.
You can mail your documents in the address below: SBI Life Insurance Co. Ltd, Central Processing Center, 8th Level, Seawoods Grand Central, Tower 2, Plot No: R-1, Sector 40, Seawoods, Nerul Node, Navi Mumbai- 400706
To make a direct remittance at SBI Life Branch office, write a cheque or demand draft and send it to your nearest SBI Life Branch office address. You must mention your policy number and your contact number at the back of the cheque or demand draft.
At authorized cash collection centers, you can pay for your SBI Life premium in cash. Here is how you can do it:
Use State Bank ATMs to pay your due premiums. Follow the steps mentioned below to go about the same:
Point of Sale Terminals at SBI Life branches are another option for easy payment of premium. You can use your debit or credit card at the point of sale terminals to pay your due premiums available at selected SBI Life branches.
1. How can I pay the premium through SBI ATMs?
At the SBI ATM, you have to insert your card and select 'Services' on the screen. Navigate to the Bill Pay option and select SBI Life Insurance. To make the payment, you must enter your policy number and date of birth.
2. How do I set up Auto-Debit from my bank account?
The auto-debit facility is available for account holders of SBI, Axis Bank, Kotak Bank, Punjab National Bank, Union Bank of India, ICICI Bank, CITI Bank, Bank of Baroda, IndusInd Bank, and Bank of India. Policyholders must submit a duly Mandate form and a canceled cheque at the SBI branch office to be able to avail the auto-debit facility.
3. What are some in-cash collection centers authorized by SBI Life?
Payment towards the premium of SBI Life insurance plans may be made at the Common Service Centers (CSCs). You can pay up to Rs. 49,999 premium in cash at CSCs. Karur Vysya Bank branches are also authorized by SBI Life as a collection center where you can deposit up to Rs. 50,000 in premium.
4. How do I pay premium through the Point of Sales terminals at SBI branches?
The facility for premium payment through Point of Sales terminals is available at selected SBI Branches. Policyholders can get easy access to a premium payment for SBI Life using Debit and Credit card at Point of Sale Terminals.
5. I am unable to pay my SBI premium online. What should I do?
For concerns, suggestions, and feedback, you can write to the customer care team at info[at]sbilife[dot]co[dot]in or just call on the toll-free number 1800 22 9090.
Published : 29 April 2020
Written By : Naval Goel
Last Updated : 25 March 2021
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