SBI Life Insurance Premium Online and Offline Payment Options

SBI Life Insurance is one of India’s most purchased policies, with a claim settlement ratio of 97.05%. Such an attractive insurance plan is bound to have multiple easy premium payment options, which are flexible and abundant. 

This blog explains all the SBI Life Insurance premium payment options that you can opt to pay your premiums. 

Now, because everything is going digital, we’ll first start with online modes of payment. 

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. 

Online Modes of Payment For SBI Life Insurance Premium

SBI is known for its trust and convenience. For all of its account holders, SBI Life online payment offers consumers prompt and practical customer support. Policyholders can get their SBI life insurance premium receipt and make their premium payments online. 

You can make SBI online payments through several systems, including digital wallets, credit/debit cards, Mastercard & Visa, Mobile Application, UPI, and Net Banking. These systems are flexible, time-efficient, secure, and encrypted, making overall documentation easier. 

Here is a detailed explanation of the above modes of payment: 

•  Credit Card
  You can make the SBI Life Insurance premium payment via credit cards. It’s straightforward, and you only require a credit card with a limit to your premium. You just need to follow the following easy steps:

• • Register yourself on Visabillpay. 
  • You will find a biller section there. In that section, choose SBI Life as one of your billers.
  • Now, enter all the SBI Life details asked and verify them.
  • Now, you can make your SBI Life Insurance premium payment through credit cards by entering the card details. 

• Mastercard & VISA
  These are some of the easiest and most convenient online ways of paying your SBI Life Insurance premium. What’s more, they are automated, so the next time, you don’t need to go and enter any details. The payment will be deducted when the due date arrives. To start this automation, follow the following steps:

• • In the payment gateway, Select Billdesk.
  • Select the payment option of the credit card.
  • Choose the option that says ‘One Time Payment’+ ‘Standing Instruction’
  • Once the instructions are enabled per the policy requirements, your next payment will be automatically billed from the registered card. 

• Mobile Application
  SBI Life has a mobile application called “SBI Life Easy.” As the name suggests, it makes their consumers’ lives easier. You can download this application and make the payment by following the below steps: 

• • Register and click on the ‘Premium Payment’ option
  • Enter all the policy details like policy number and other personal information
  • Select your preferred payment mode from UPI, Net Banking, Wallets, etc. 
  • Select the mode of payment and pay the premium. 

• SBI Life Website
  You can also make the premium option via SBI Life’s official website by following these steps:

• • Browse the official website of SBI Life.
  • Log in to your account.
  • Choose the policy whose premium you want to pay
  • Choose the option that says ‘Pay Premium.’ Enter your policy number and necessary personal details. 
  • Make the choice of mode for payment, and that’s it. The premium will be paid. 

• Internet Banking
  Pay SBI life premium via Internet banking if you have an account with SBI or a partnered bank. 

• • Go to the biller section and choose SBI Life as the biller
  • Fill in your policy details and contact number
  • Once verified, you can make the premium payment
  • You can also schedule your monthly, quarterly, half-yearly, or yearly premium payments so you won’t miss any. 

• Mobile Wallets
  The next SBI Life Insurance payment options by which you can pay your premium are Mobile Wallets like the SBI Buddy wallet app. All you need to do is follow these steps:

• • Download and open any of the wallets on your phone.
  • Register your profile and payment details on the app.
  • Go to the ‘Insurance section’ and select “SBI Life Insurance.”
  • Upload your policy details, verify, and make the payment.

• UPI
  One of the easiest ways to make your premium payment is via UPI. It is one of the most secure and encrypted ways of payment that is easy, fast, and hassle-free. You can use any application, like Paytm, Google Pay, PhonePe, etc, to make the SBI Life Insurance premium payment. Here’s how! 

• • In the search bar, type “SBI Life premium payment” as your insurer and select the “SBI Life Insurance Company Limited” button. 
  • Enter your policy number and DOB. Then, proceed with the payment. 

With all the above online payment options, you no longer need to stand in line, wait for your chance, visit the SBI Branch, take the risk of carrying that amount of cash, etc. Everything can be accessed and processed directly from home. 

But always ensure you are using the correct channels to make these payments. An online security threat can be a big problem if you are unaware of what you are doing. So, make sure to double-check the details before finalizing the payments and never share with OTPs with random people. 

Offline Modes of Payment For SBI Life Insurance Premium 

Not all online payment modes are easily accessible, especially the audience segment who may find these options challenging to use. So, here comes the list of offline SBI Life Insurance premium payment options that you can choose if you don’t want to pay the premium online. 

• Pay through postal or courier services
• Paying in cash at premium collection centers authorized by SBI 
• Directly going to one of the many SBI Life Branches and paying there. 
• Setting up automatic debits through NACH (National Automated Clearing House)
• Making Payments at POS (Point of Sale) terminals present at SBI Life Branches. 

Conclusion

SBI Life Insurance is known for its superior customer service, which is quick and convenient. Now, it is safe to say that the company offers various channels for making premium payments both online and offline. We hope this blog has helped you find a suitable option to make the payments according to your requirements. 

Frequently Asked Questions (FAQs)

Ques 1. What are the different payment options for paying the premium of a life insurance policy?

Ans. SBI Life Insurance offers multiple modes of premium payment, including:

• Online payment is made through net banking, debit/credit cards, UPI, Mastercard, mobile app, and SBI life website. 
• For offline payment, you can visit the nearby SBI Life branch. 

Ques 2. Is it safe to make online payments for SBI Life Insurance premiums?

Ans. Yes, it is safe as long as you use official channels and secure methods. Ensure you double-check details before finalizing payments. 

Ques 3. How can I get the SBI life premium receipt? 

Ans. Here’s how you can get the SBI life premium receipt online. 

• Go to the SBI Life Smart Care portal. 
• Log in with your preferred option. Then, go to the 'Policy Documents/Statements' option and click on the 'Premium Payment Acknowledgment' option. 
• Enter the policy number and DOB. Once done, click on the 'Get Acknowledgement' option. You can download the payment receipt and save it on your device. 

Ques 4. What should I do if I need help with making the premium payment?

Ans. You can connect with SBI Life customer care via 1800 267 9090 (Available 24x7) to resolve all your queries. 

Ques 5. Are there any charges for online premium payments?

Ans. Generally, there are no additional charges for paying your premiums online. However, payment through credit cards may incur a nominal convenience fee, depending on the card issuer.