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ULIP Renewal – Know All The Ways To Renew Your ULIP

ULIP renewal

ULIP Renewal – Know All The Ways To Renew Your ULIP


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May 27, 2020

By : Bajaj Allianz Life

When you invest in a ULIP plan, you have the option to choose your premium payment mode. You can choose to pay your premium as a single lump sum payment or pay your premium periodically as well. Depending on the premium payment frequency which could be monthly, quarterly, half-yearly or annually, you are required to pay premium every month or as per the chosen frequency. Such payment is known as renewal premium, since it contributes towards renewal of your ULIP plan. Paying your premium on time is essential if you wish to continue enjoying your ULIP benefits. Fortunately, there are many ways to make the premium payment needed to renew your ULIP. Read on to discover more about why ULIP renewal is important and how you can pay your renewal premium.

The importance of renewing your ULIP policy

Renewal is important for a number of reasons. Failing to do so can affect your financial plan adversely. Here’s a closer look at how renewal benefits you.

• It ensures that you continue to reap your ULIP benefits

ULIPs offer you a protective life cover that comes in handy in case of any unfortunate incident. In addition to this, ULIPs also come with an investment component that helps with capital appreciation. By renewing your ULIP policy, you can continue to enjoy these benefits and keep your financial safety net intact.

• ULIP renewal helps you keep your Life Goals on track

Failing to pay your renewal premium can lead to your policy discontinuance. That leaves you without an investment to rely on and an insurance cover to take refuge in.

• You can continue to enjoy tax benefits

Renewal not only ensures that you continue to reap ULIP benefits, but it also gives you tax advantages. As per section 80C of the Income Tax Act, 1961, premium you pay every year is deductible from your total income for that year. This reduces your taxable income, and by consequence, your tax liability. ULIP tax benefits are subject to changes in tax laws, if any.

What are the different ways to renew your ULIP?

You can pay the premium needed for ULIP renewal either online or offline. There are several options available for making this payment, and depending on the payment options provided by the Insurer, you can choose the option that’s most convenient for you. Here are some of the most common ways in which you can renew your ULIP.

• Renewal through cheque payment

This is the most conventional offline mode of ULIP renewal. You can either drop a cheque for the amount of your renewal premium in a designated drop box at your life insurance provider’s branch, or you could submit your cheque at the insurer’s office. Alternatively, you could also submit the cheque at authorised bank partner collection centres.

• Renewal through ATM payments

This is another convenient mode of offline ULIP renewal. Many insurers are also making it possible for policyholders to pay their renewal premium through bank ATMs. If your insurer has a tie-up with a bank, you can walk into any ATM supported by that banking partner and make your renewal payment.

• Renewal through your bank’s auto-debit facility

To ensure that you never miss another premium payment, you can opt for this mode of ULIP renewal. You can activate the auto-debit facility either on your bank account or Credit card. Each time your premium is due, the amount would be automatically debited from your bank account/credit card.

• Renewal through online payment

Another easy and convenient way to ensure that you keep reaping your ULIP benefits is to opt for online premium payments. Begin by registering on your insurer’s web portal. Thereafter, you can go online and make the premium payment using your internet banking portal or your credit card.

The customers can choose to pay online through the below mentioned avenues available on the website, Customer Portal or mobile application as per the facilities provided by their life insurance provider:

• Credit Card

• Debit Card

• Net Banking

• UPI

• Wallets

• EMI on selected cards

• Renewal through third party applications

The customer can alternatively pay renewal premiums for their policies through third party payment mobile applications like PayTM, Google Pay, PhonePe and Amazon Pay also if these features are provided by their respective life insurance provider.

Things to keep in mind while renewing your ULIP online

Here are some things to keep in mind if you’re renewing your ULIP online.

• Know your premium amount and date on which it has to be paid. Usually companies send payment reminders on your registered mobile number or email id so that you can do the needful on time.

• Ensure that there’s sufficient balance in your bank account or your credit card, so your transaction is successful.

• If your bank supports mobile payments, you could also use this method to quickly renew your ULIP.

Things to keep in mind while renewing your ULIP offline

If you’re renewing your policy offline, here are some things to keep in mind.

• Make sure to write your policy number in addition to your name and phone number at the back of the cheque or demand draft if that’s your preferred mode of payment.

• Call your insurer and/or your bank to ensure that the transaction has been successfully completed.

Conclusion

It’s always advisable to consult with your insurer to get a better idea of the payment options they support. You can even contact your insurance agent who helped you source the policy. They will surely guide you with the same. You can even go to the company website and check the customer support options and contact them for further instructions. Once you know the alternatives available to you, you can pick the mode that’s most convenient.

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~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

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.