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How To Pay Your Term Insurance Premium

How to pay your term insurance premium

How To Pay Your Term Insurance Premium


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June 2, 2021

By : Bajaj Allianz Life

Healthcare prices have been increasing for the past few years and the general standard of living one affords oneself with has begun to cost more and more money over the past few years. The Coronavirus pandemic has only made these expenses more pronounced. People are advised to avail of a layer of financial protection such that they have some financial security for themselves as well as for their family.

 

What is term insurance & how does it work?

 

Term insurance serves as one of the most budget-friendly forms of life insurance available in the market today. By paying a premium, individuals are provided with coverage for the time period that’s been specified in their term insurance plan of choice. Should they die within this specified time frame, their beneficiaries/nominees are entitled to a death benefit which is payable by the insurance company that issued the term insurance policy.

 

What is a term insurance premium?

 

A term insurance premium refers to the amount of money paid by the insured individual. This premium varies based on the sum assured the insured individual seeks to ultimately avail from the term insurance policy along with other factors like age, medical history etc. depending on the terms and conditions specified therein.

 

How to pay a term insurance premium virtually / online

 

Buying term insurance and paying its premiums has never been easier with the aid of the internet. Term insurance payments can be made online in the following ways –

• Visiting the Insurance Company’s Official Website

Here, net banking and credit and debit card payments allow for the term insurance premium to be paid in a timely, easy manner.

• Mobile Wallets

Insured individuals are entitled to pay premiums with the aid of payment enablers made possible via an SMS or a phone call as made available by insurers.

• Electronic Clearing Systems

These operate in a fashion like that of standing instructions mentioned above. By turning this service on, premium payments are deducted directly from the insured individual’s bank account of choice on the date that they are required to be paid. Individuals can register for the same by submitting an ECS mandate form in addition to a canceled cheque a month prior to the premium date being owed.

 

How to pay a term insurance premium offline

 

In the event individuals prefer to pay term insurance premiums in person, they may do so in the following ways.

• Visiting a branch office

Insured individuals may visit a branch office of the insurance company and can deposit the amount required to be paid in cheque or cash as per the options made available by the insurance provider.

• Consultants

Insured individuals can seek to deposit their premium payments with an authorized representative of the respective insurance company. The payment made can be in the form of cash or a cheque. Receipts ought to be received and must bear the signature of the collection agent.

 

Conclusion

 

Term insurance is a recommended purchase, especially during these uncertain COVID-19 times. Their comparatively lower price point when held against other types of life insurance plans adds to their appeal. They provide insured individuals with a layer of financial security and peace of mind which is important to have today as it safeguards not just the insured individual but their family as well. Premiums paid on the same vary based on the sum assured desired by the insured individual. During the pandemic times one can pay their due renewal premium payments online as per options provided by insurance provider to ensure they are healthy and safe.

BJAZ-WEB-IC-00940/21

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.