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  • HDFC Standard Life Insurance Online Premium Payment

    About HDFC Standard Life

    One of the veteran leaders in the Indian life insurance space is HDFC Standard Life. The company was established in 2000 following a partnership between HDFC (Housing Development Finance Corporation Ltd.), India's most well-known housing finance company, and Standard Life Aberdeen PLC, a leading UK-based investment company. HDFC Standard Life Insurance is among the leading providers of long-term life insurance solutions in India which currently offers a wide selection of not only individual but also group insurance plans in various categories like savings, protection, retirement planning, investment, health, and more. With 414 branches and 139 partner tie-ups, HDFC Standard Life caters to a large customer base and is constantly pushing the boundaries of excellence in the life insurance space.

    HDFC Standard Life Online Premium Payment Options

    When it comes to life insurance, making timely premium payments for your policy is extremely important. If you miss a premium payment, your policy is in danger of lapsing and you can end up losing coverage altogether. To prevent this from happening, HDFC Standard Life has set up a simple and easy online premium payment facility using which policy holders can conveniently pay their policy premiums online.

    Online payment via Quick Pay

    To offer their customers a hassle free online premium payment experience, HDFC Standard Life has introduced Quick Pay. This facility can be used by policyholders on various browsing platforms and enables one to make their policy premium payments in a secure and swift manner. The steps to make payments using Quick Pay are as follows:

    • Go to the HDFC Standard Life website and click on the Customer Service section.
    • Next, you will be redirected to the Customer Service page where you can find the tab labelled ‘Pay Premium’.
    • On this tab, click on ‘Pay Premium Online’ and you will be redirected to the Quick Pay page.
    • Next, you will need to provide your policy number and your date of birth following which your policy details and premium due details will be displayed on the screen.
    • Confirm your details and make the premium payment.

    Online payment via Auto Pay

    eCMS/NEFT

    • HDFC Standard Life policyholders can make premium payments online via the NEFT (National Electronic Fund Transfer) or eCMS service. To do so, they will be required to add or register HDFC Life as a beneficiary in their net bank account.
    • Before making premium payment via NEFT/eCMS, ensure that you have chosen the correct policy type.
    • Premiums can only be paid for policies which are active.
    • Confirm your due premium amount and pay exactly that.
    • After you have made the payment, you will receive a premium receipt which will be either emailed to your registered email id or sent to your registered address.

    Standing Instruction (SI) Mandate

    • Policyholders who have an HDFC Bank account can also ensure timely premium payments using the auto-debit feature by issuing standing instructions.
    • The premium amount due will be auto-debited from your bank account on or before the due date of payment.
    • To pay premiums via standing instructions, download the Standing instructions Mandate from the HDFC website.

    NACH (National Automated Clearing House)

    • NACH is an automatic facility wherein the policyholder can choose to have the due premium amount debited from their chosen bank account on the due date of payment.
    • To avail of this option of premium payment, policyholders will be required to submit the Auto Debit Mandate and a cancelled cheque at an HDFC Life branch.
    • The cancelled cheque will be required to record the MICR code of the bank in which the account is held for the purpose of premium auto-debit.

    Credit Card Auto Debit

    • Policyholders who are also HDFC Bank credit card holders can easily make their premium payments using their said credit card.
    • This is also an automated facility wherein the premium amount due will be deducted from the policyholder’s HDFC credit card around the due payment date.
    • To avail of this facility, the policyholder must submit the Credit Card Mandate and a photocopy of the front side of their credit card to an official at an HDFC Bank branch.

    Other Premium Payment Options

    HDFC Bank/HDFC Life Branch

    • Policyholders can pay their HDFC Standard Life policy premiums via cheque or demand draft at any HDFC Life branch across India.
    • Policy renewal premiums can be paid via demand draft or cheque at any HDFC Bank branch across India.
    • In both cases, the demand draft or cheque must be drawn in favour of ‘HDFC Life Policy No.*insert policy number*’.
    • For premium payments above Rs.50,000 being made via cheque or demand draft, the policyholder will be required to provide their PAN Card details.
    • For premium payments equal to or more than Rs.1 lakh, the policyholder will be required to provide a copy of their ID proof and residence proof.

    Axis Bank Branches

    Policyholders can also make their renewal premium payments for active policies at Axis Bank branches via demand draft or cheque. If payment is being made via cheque or demand draft, the same must be drawn in favour of HDFC Life Policy No.*insert policy number*. After making the payment successfully, the policyholder will receive a receipt for the same from the bank.

    Bill Pay - EBPP (Electronic Bill Presentment & Payment)

    • The Bill Pay – EBPP service allows policyholders to make premium payments online using their preferred bank account.
    • After the payment has been made successfully, the policyholder will receive an electronic premium statement and alert.
    • This service can be availed free of charge and allows the policyholder to view their entire payment history at a glance.
    • To use this service, policyholders must register on their bank’s website.
    • The Bill Pay service can only be used to make premium payments for life insurance policies which are in-force.

    Automated Voice Guided Payment

    • HDFC Standard Life also allows payment of renewal premiums via their Automated Voice Guided Payment system.
    • To avail this service, policyholders need to call on the HDFC Standard Life helpline number i.e. 1860 267 9999. This number will be reachable from 10:00 AM to 7:00 PM, Monday to Saturday.
    • Once you have dialled the helpline number, choose the language in which you would like to receive the instructions.
    • Next, you will be given a list of instructions using which you can make your premium payment using a MasterCard, Diners, or VISA credit card.
    • Premium payment using this method will only be allowed for policies which are in-force.

    MP Online/Maha Online/AP Online

    • Via MP Online, policyholders based in Madhya Pradesh can pay renewal premiums for active HDFC Standard Life policies.
    • Via AP Online, all Andhra Pradesh-based policyholders can pay renewal premiums for active HDFC Standard Life policies.
    • Via Maha Online, all Maharashtra-based policyholders can pay renewal premiums for active HDFC Standard Life policies.
    • Each of these online portals can be used to make premium payment in cash for amounts up to Rs.49,999.
    • For every successful premium payment, the policyholder will receive a premium payment acknowledgement.

    Drop Boxes

    • Policyholders can also make premium payments by dropping their payment cheques or demand drafts in the drop boxes which have been installed at several locations across cities.
    • The cheques or demand drafts must be drawn in favour of HDFC Life Policy No.*insert policy number*.
    • For premium payments equal to or more than Rs.1 lakh, the policyholder will be required to provide a copy of their ID proof and residence proof.
    • For premium payments above Rs.50,000 being made via cheque or demand draft, the policyholder will be required to provide their PAN Card details.

    Common Service Centres (CSC)

    Policyholders can also make renewal premium payments for in-force policies easily at CSC or Common Service centres which are located across India. Premium payments at CSCs can be made for amounts up to Rs. 49,999.

    Via Courier/Post

    • Customers who do not have any HDFC Standard Life branch near them can make premium payment via cheque or demand draft and post/courier the same to any HDFC Life branch.
    • For payments made via this method, policyholders must ensure to draw the cheque/DD in favour of ‘HDFC Life Policy No.*insert policy number*’.
    • For premium payments equal to or more than Rs.1 lakh, the policyholder will be required to provide a copy of their ID proof and residence proof.
    • For premium payments above Rs.50,000 being made via cheque or demand draft, the policyholder will be required to provide their PAN Card details.
    • Payments via cheque/DD will be accepted from Monday to Friday, between 9:30 AM to 3:30 PM. Timings for Saturday are between 9:30 AM to 1:00 PM.

    Cheque Pick-up

    Customers who may not be able to make premium payments physically, can request for a cheque pick-up. Under this service, the customer can call on the HDFC Life helpline number i.e. 1860 267 9999 and request for a cheque pick-up. This service is available from 10:00 Am to 7:00 PM, Monday to Saturday. This service is currently provided in only select areas.

    M-Swipe

    • Customers can also make premium payments at any HDFC Life branches by swiping their credit or debit card using the M-Swipe facility.
    • This facility for premium payment will be available during all business hours at HDFC Life branches.
    • For premium payments equal to or more than Rs.1 lakh, the policyholder will be required to provide a copy of their ID proof and residence proof.
    • Axis Bank and ICICI Bank credit card holders may avail the EMI option using M-Swipe for premium payment.
    • For premium payment, American Express/Master/Maestro/Visa/RuPay debit and credit cards will be accepted.
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