IDBI Federal Life Insurance Co. Ltd. was founded in the year 2008 and is among the leading providers of life insurance solutions in the Indian private life insurance sector. IDBI Federal Life Insurance was founded following a 3-way partnership between two Indian banks - IDBI Bank and Federal Bank, with Europe-based multinational insurance provider called Ageas. Holding the distinction of being one of the fastest company to post maiden profits in a record duration of 5 years, IDBI Federal is one of the most reliable and trusted brands in the realm of life insurance in India. The company caters to customers all over India via a spread out network of nearly 2900 branches and provides a variety of life insurance solutions.
IDBI Federal Life Insurance Online Premium Payment Options
To streamline the premium payment process, IDBI Federal has set up a number of channels for online and offline payment of policy premiums. Let’s take a look at what these channels are.
IDBI Federal Website
- Policyholders can pay premiums from the IDBI Federal website itself using the built-in online premium payment service.
- To use this facility, policyholders must first visit the IDBI Federal website and click on the ‘Services’ section.
- Clicking on this section will present a drop-down menu from which one must select the ‘Pay Premium’ option.
- Upon clicking this option, you will be redirected to a new page wherein you will be required to provide your policy number and your date of birth.
- Once you have provided your details, your policy and premium due details will be displayed on the screen. Review them before proceeding to make the payment.
- Premiums payment on this channel can be done using your credit card, debit card, net banking, online wallets, cash cards, EMI, UPI, and Bharat QR.
- The InstaPay facility for online premium payment will enable IDBI Federal policyholders to pay their policy premiums using their own bank’s mobile application of desktop website.
- This facility is currently offered by many leading banks and online wallet services.
- This facility may be known by different names like pay online, Bill Pay, utility payment option, etc.
- To use this facility, the policyholder must first visit their bank’s website or mobile application and choose the InstaPay or equivalent option.
- Next, they must choose ‘insurance payment’ as the next option and select IDBI Federal as the insurer.
- Assuming that your bank supports insurance premium payment via InstaPay or an equivalent application or program, you will be asked to provide your policy number and date of birth.
- Next, verify the details and make the premium payment using your preferred method.
Auto debit via NACH (National Automated Clearing House)
- Customers can also choose to make premium payments automatically using the NACH facility which allows for auto debit of premium on the due date.
- Under this facility, the premium amount due is automatically deducted from the bank account specified by the policyholder.
- The most valuable benefit of this facility is that it eliminates the hassle for policyholders to remember their premium payment date.
- To avail of this facility, the policyholder must first submit a duly-filled Auto Debit (NACH) Form at the IDBI Federal Head Office.
Pay at IDBI Federal Branches
- Customers holding an IDBI Federal policy can make due premium payments at any IDBI Federal branches.
- Customers holding an account with IDBI Bank can also make premiums payments via debit card, credit card, cheque, demand draft, or in cash at IDBI Bank branches.
- Federal Bank customers holding an IDBI Federal policy can make premiums payments via debit card, credit card, cheque, demand draft, or in cash at Federal Bank branches.
Pay Through Advisor
IDBI Federal policyholders can also pay policy premiums via their financial advisor. Payments using this option can be made through cheque or a demand draft. The cheque or demand draft for payment must be drawn in favour of ‘IDBI Federal Life Insurance Company Ltd Policy No.*insert policy number*'.
Common Service Centre Outlet
Policyholders can also make their due renewal premium payments at any of the Common Service Centres located across India. The maximum amount of premium payment permitted under this option must not exceed Rs.49,999.
For the convenience of their customers, IDBI Federal has established multiple channels for quick and hassle-free premium payment. To avoid your policy from lapsing, make sure you pay your policy premiums on time.