Insurance premium payment online
Insurance premium is the price you pay for an insurance policy. It is essentially the regular payment you make to the insurance company in exchange for their financial protection in case of certain situations. Think of it like a subscription fee for peace of mind.
These premiums are used by the insurance company to cover claims made by other policyholders and to run their business. The amount you pay depends on several factors, but typically the higher the risk of a claim, the higher the premium.
With online bill pay, you can settle your insurance premium payment from the comfort of your couch, anytime. Most insurance companies offer secure online portals where you can log in with your policy details. These portals often accept various payment methods like debit/credit cards, net banking, or e-wallets.
Online payments are not just convenient, they also help avoid missed deadlines. Many insurers even allow setting up automatic payments, ensuring your coverage stays uninterrupted. You can pay insurance premium online using the ‘Bills and Recharges' service provided by the Bajaj Finserv BBPS platform.
Bajaj Pay by Bajaj Finserv is a one-stop bill payment eco-system conceptualised by the Reserve Bank of India, operated by the National Payments Corporation of India.
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Benefits of paying Insurance premium on Bajaj Finserv
- Quick and hassle-free
With the Bajaj Pay, you can make your premium payment quickly and effortlessly. - Safe and secure
Bajaj Finserv provides a safe and secure payment platform. Your insurance premium payment details are secure with the platform’s robust security measures. - Multiple payment options
Bajaj Finserv offers multiple payment options, including debit card, credit card, net banking, and UPI. This allows you to choose the payment method that suits you best. - Instant confirmation
After making the payment, the platform immediately confirms the payment through an email and SMS.
Get cashback offers on online insurance premium payments on Bajaj Finserv
Attractive cashback offers are provided by Bajaj Finserv for online insurance premium payments made via its platform. You may earn cashback rewards by paying your insurance premiums using the Bajaj Finserv website or mobile app. These rewards can be applied to your account or used towards future payments. These deals usually cover a large number of insurance products, such as travel, auto, health, and life insurance. To optimise your savings, it is critical to verify the most recent promotions prior to completing your payment, as cashback offers differ in terms of both validity and percentage.
Fees and charges
A convenience fee of up to 2% will be charged depending on the transaction amount and payment mode (inclusive of applicable taxes). For more information on fees and charges, click here.
Note: For failed transactions, the total amount including charges except taxes are reversed.
What happens if i miss paying an insurance premium?
Missing an insurance premium payment would not cause immediate trouble but act fast! Most policies offer a grace period (usually 15-30 days) to settle up. During this time, your coverage remains active. Pay within the grace period to avoid a lapse. A lapse means your coverage is suspended, and you might need to undergo health checks or pay higher premiums to reinstate it.
Pay insurance premium payments
- Quick and hassle-free
Steps to pay Bajaj Allianz Life Insurance premium online on the Bajaj Finserv website
Here is how you can your life insurance premium online on the Bajaj Finserv website:
- Visit the Bajaj Finserv website or click on https://www.bajajfinserv.in/
- Go to ‘ALL PAYMENTS’ under the ‘PAYMENTS’ section and click on it
- On the next page, select LIC/Insurance under the ‘BILLS AND RECHARGES’ section
- Choose your biller from the drop-down
- Enter your loan number and click on ‘FETCH YOUR BILL’
- Select a payment method from the list of available payment options such as credit cards, debit cards, and net banking
- After choosing your preferred payment mode, enter the requested payment details
- Check the details you entered and click on 'PAY NOW’
You will receive a notification from Bajaj Finserv after successful payment.
Recharge and Pay Bills
Bajaj Finserv app for all your financial needs and goals
Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.
You can use the Bajaj Finserv App to:
- Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
- Invest in fixed deposits and mutual funds on the app.
- Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
- Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
- Apply for Insta EMI Card and get a pre-approved limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on Easy EMIs.
- Shop from over 100+ brand partners that offer a diverse range of products and services.
- Use specialised tools like EMI calculators, SIP Calculators
- Check your credit score, download loan statements and even get quick customer support—all on the app.
Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.
Frequently asked questions
An insurance premium payment is your regular payment to the insurance company for coverage.
The premium amount is based on your risk profile, coverage type, and deductible. Higher risk typically means a higher premium.
The process for online premium payment varies depending on your insurance company. However, the general steps involve:
Visit your insurance company's website or mobile app.
Log in to your account.
Navigate to the ‘PAYMENTS’ or ‘PREMIUM PAYMENT’ section.
Enter your policy details and choose your preferred payment method. This might include credit card, debit card, net banking, UPI, or e-wallets.
Follow the on-screen instructions and complete the payment.
Similar to paying premiums, you can usually check your policy status online. Follow the same steps as above to log in to your account and look for the ‘POLICY STATUS’ or ‘VIEW POLICY DETAILS’ section.
Downloading an insurance policy online might not be available for all companies. However, you can usually access your policy documents like policy wordings and schedules through your online account.
Your insurance company sets a due date for your premium payment. It is generally recommended to pay your premium at least a few days before the due date to avoid late payment penalties or policy lapse.
The frequency of premium payments depends on your chosen insurance plan. Some common options include:
Monthly: Payments are made every month.
Quarterly: Payments are made every three months.
Semi-annually: Payments are made every six months.
Annually: Payment is made once a year.
Yes, most insurance policies offer a grace period, typically 30 days, to pay premiums after the due date without losing coverage.
Yes, you can set up automatic payments for your insurance premium through Direct Debit, ensuring timely payments.
Yes, insurers may charge a late fee if premiums are not paid within the grace period. The specific charges vary by insurer.
You can obtain a receipt for your insurance premium payment through your insurer's online portal, email, or SMS notifications.
Yes, you can pay the premium for someone else’s insurance policy, provided you have their consent and necessary details.
Yes, a lot of life insurance companies let you plan your premium payments online. Through the insurer's website or mobile app, you may set up auto-debit instructions, allowing premiums to be automatically deducted on a certain date from your credit card or bank account. This guarantees prompt payments and assists in preventing missing premiums, which may cause insurance lapses. Generally, you may select the frequency of payments (monthly, quarterly, or yearly) in accordance with the conditions of the policy and your preferences.
Usually, you have to visit or get in touch with customer care at your insurance provider's location to modify the date on which you pay your premiums. You might be able to make this adjustment online via the website or mobile app of some insurers. Depending on the provisions of the policy, the procedure often include filing a formal request and supplying the required evidence. Remember that adjustments to the payment date may have an impact on the amount of your premium or your payment schedule. It is wise to find out about possible consequences prior to making the change.
