How To Make SBI Life Insurance Renewal Payment?
Updated On Jan 05, 2023
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The policyholders have to renew their life insurance policies after a certain period by paying premiums. If an individual fails to make renewal payments, then their insurance policy may lapse. SBI Life Insurance has simplified the process of paying SBI Life premiums and lets the customers continue to enjoy the benefits of their insurance plan. SBI Life Insurance policyholders can either pay the premium online or offline without any hassle, depending on their convenience. Read on to find out the process for paying a premium and renewing the SBI Life insurance policy.
Process To Make SBI Life Insurance Renewal Payment Online
Here are the steps you need to follow to pay the premium for your SBI Life insurance policy online through the company’s website:
- Browse and log in to the official website of SBI Life.
- Enter the required policy details to register yourself on the website.
- Save your policy details to the website by clicking “Submit”.
- The details of your purchased policy will be displayed on your screen.
- Select the life insurance plan for which you want to make a renewal payment.
- Complete the payment process to successfully renew your policy.
You can also make the SBI Life insurance premium payment online through various other payment modes that include UPIs, e-wallets, and BillDesk. The policyholders can also make SBI Life Insurance renewal payments through “SBI Buddy," the mobile wallet of the State Bank of India.
Process To Make SBI Life Insurance Renewal Payment Offline
SBI Life Insurance offers various offline ways to pay a premium and renew their insurance policy. The policyholders either visit the nearest branch office or the ATM of SBI Life Insurance. In addition to this, you can also send the demand draft or cheque to the SBI branch office. Once the payment is verified, the insurance company will send the premium payment receipt to your registered office address. An insured can also make the renewal premium payments through the auto-debit feature of the National Automated Clearing House. However, before making the payment through this mode, a policyholder must have to inform and provide the required details to the insurance company.
If any policyholder wants to pay a premium in cash, then they can visit the authorized cash collection centres. You can pay at Common Service Centres if the premium amount of your insurance policy is up to Rs. 49,999. However, the premium amount up to Rs. 50,000 can be directly debited at Karur Vysya Bank branches. Lastly, if you reside in Andhra Pradesh or Madhya Pradesh, then you can pay Rs. 50,000 in premiums at AP online and MP online centres.
SBI Life Insurance is headquartered in Mumbai. It is one of the leading group and individual life insurance providers in India. In addition to providing the best in the industry products, the company provide an excellent customer experience. Starting from the purchase of a policy to checking the status or paying the premium to renew the plan, everything can be easily done online without any hassle.
Also read: All about HDFC life loan process