|
 |
|
 |
| |
Life Insurance Premium Payment Options
By: Sanjay Mathew |
| word count: 515 comments(0) views: 118 |
| As per the convenience of the customer many insurance companies provide numerous options for premium payment. |
There are many options available for easy payment of life insurance premium. To facilitate customers all insurance companies provide for numerous payment options like paying in person, online or through authorized service providers, and chances are that at least any one option will be available right in your neighbourhood.
Premium payments can be made in any of the following ways:-
1. Paying in person - You can pay by cash / cheque / credit card at the main or branch offices of your insurance provider.
2. Online payment - You can make payments easily by availing the online payment facility. Payments can be made by logging on to the website of your insurance India company, entering the insurance policy details and paying the due amount via credit / debit / cash card or net banking.
3. Auto debit - You can give standing credit card instructions to your insurer; they will charge the premium amount directly to your credit card when it becomes due. You will need to fill out an Authorization Form along with a photocopy of the front of your credit card. This option frees you from the bother of keeping track of payment dates.
4. ECS (Electronic Clearing Service) - It is an automated service where your bank account is automatically debited for an amount, on the due date stipulated by you. You need to submit the ECS mandate and one cancelled cheque to your insurance company. ( the cancelled cheque is to provide your insurer with the MICR code)
5. Drop box - Life insurance India companies have tie - ups with both financial services facilitators like Sky Pak and banks for collection of cheques through their drop boxes. You can make the premium payment by dropping a cheque in a drop box in your location.
6. Authorized service providers - Premium payments can also be made through service providers like Bill Desk and Bill Junction. You need to register with the service provider and can then pay online through them. Your receipts will be stored electronically.
7. IVR (Interactive Voice Response) - Premium payments can also be made over the phone through IVR which is usually a round the clock service. You can also check the status of your premium payments, receipts, due dates etc. IVR facility is generally offered in many different languages like Hindi, Bengali, Gujarati, Punjabi and English.
8. Electronic drop box - You can pay the premium by depositing your cheque in an ipay electronic box and can collect an automated receipt immediately. Check with your insurance company for drop box locations.
9. Authorized retailers - Some insurance companies have tied up with retail chains or even local ‘kirana’ (convenience) stores to facilitate premium payments. Check with your insurer for a list of such authorized retailers. Then you can pay by cash or card and collect the receipt.
10. Mobile phone payments - One of the latest ways for premium payment is by sending an SMS on your mobile phone. Register yourself either by sending an SMS or online on www.mcheck.com.
All life insurance companies provide various options for making premium payments to suit the convenience of their policy holders. |
| Author resource:
|
|
|
 |
|
 |
|
| |
|
