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Home > Services > Premium Payment Procedure

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DIRECT REMITTANCE AT SBI LIFE BRANCH
BY POST OR COURIER
Electronic Clearing Service (ECS) – Mandate
DIRECT DEBIT
STANDING INSTRUCTION ON YOUR CREDIT CARD
Online Payments
Through STATE BANK GROUP ATMS
Payment through VISA BILL PAY.com
Online Payment of premium through SBI Life Website
SI-EFT for State Bank and Associate Banks’ Account Holders
Payment through Point of Sales (POS) terminals at select SBI Life branches
Payment through Easy Access Mobile Application
Pay premium in Cash (Upto Rs 49,999) at Authorized Collection Centers
NACH ( National Automated Clearing House)
 

1.

DIRECT REMITTANCE AT SBI LIFE BRANCH:

You can make premium payments by Cheque/ Demand draft at your nearest SBI Life branch. Kindly note that you can pay premiums at any of the SBI Life branch across India.


The Cheque/ Demand draft should be drawn in favor of “SBI Life Insurance Company Ltd – Policy Number <Policy Number>   Please mention your policy number/s and your contact number on the reverse of the cheque/ DD.

 
2. BY POST OR COURIER:
You can send your cheques and demand drafts for premium payments to any of the SBI Life branch officesby post or courier. A receipt acknowledging your payment will be sent to your communication address directly.
 
3.
Electronic Clearing Service (ECS) - Mandate:
Auto debit through ECS is a facility through which premiums will be debited to your bank account automatically. This facility is currently available in 87 locations.Policy holders having a bank account in these locations and participating in the clearing house operations can register for this facility by submitting the ECS Mandate form along with a cancelled cheque in which the MICR number is mentioned. You can submit this mandate at any of our branch offices or mail it to our communication address as mentioned below

SBI Life Insurance Co. Ltd.
Central Processing Centre
Kapas Bhavan, Plot 3A,
Sector-10, CBD Belapur,
Navi Mumbai- 400614


Premium payment for ECS locations in non- rolling settlement category may not be deducted on the due date.

FAQs on ECS
 

4.
DIRECT DEBIT:
Direct debit facility is another facility which enables the auto debit of premium from your bank account on your due date. The Direct debit facility is available to the account holders of  Axis Bank, CITI Bank, ICICI Bank, Bank of Baroda, Union Bank of India, State Bank of India, Bank of India, IndusInd Bank, Punjab National Bank and Kotak Bank. To avail this facility, please submit the duly filled Direct Debit Mandate form along with a cancelled cheque. You can submit this mandate at any of our branch offices or mail it to our communication address.
* We do not accept premium through Credit Cards issued outside India.
 
5.
STANDING INSTRUCTION ON YOUR CREDIT CARD:
SBI Life customers having a valid VISA or Master credit card can register for auto debit of SBI Life premiums by issuing a Standing Instruction. To register for this facility, please fill the Credit Card Mandate Form and forward the same along with the self attested photo copy of your credit card to your nearest SBI Life branch offices

After verification and activation the future premiums as and when they fall due will be debited from your Credit Card.
FAQs on Credit Card
 
6.
Online Payments:
Net banking customers of State Bank of India and our partner banks can register for this facility. All you have to do is to add SBI Life as your biller  ( SBI Life is listed as a national biller ) and provide your Policy details. Alternately you can also register through www.billdesk.com. or by submitting the Billdesk registration form to your nearest SBI Life branch offices

After verification this service will be activated and a premium due advice will be sent to your banker. The Premium bill will be displayed in your login indicating the due date and the premium due. You can either choose to pay the premiums immediately or schedule the payment to convenient date before the premium date. FAQs on Online payment
 
7. Through STATE BANK GROUP ATMS*:
Now you can pay your premiums through all State Bank Group ATM’s.

Pay through your ATM Card now.

Insert Your Card
· Go to Services >> Bill Pay >> Select SBI Life Insurance
· Enter Policy Number and Date of Birth
· Make Payment
   
8.
Payment through VISA BILL PAY.com:
All SBI Life customers having a VISA credit card issued in India can register for payment of premiums through this facility. For registering for this facility please log into www.visabillpay.com , add SBI Life as your biller and provide your policy details for registration. After verification this service will be activated and a premium due advice will be sent to you. The Premium bill will be displayed in your login indicating the due date and the premium due. You can either choose to pay the premiums immediately or schedule the payment to convenient date before the premium date.

For any further clarification please call us at our Toll Free Number 1800 22 9090. You can email us at info@sbilife.co.in. or  write to us at our communication address.

COMMUNICATION ADDRESS.
SBI Life Insurance Co. Ltd.
Central Processing Center
Kapas Bhavan, Plot no. 3A,
Sector-10, CBD Belapur,
Navi Mumbai – 400614
 
9. Online Payment of premium through SBI Life Website
 
Payment of renewal premium by logging in at SBI Life website. Customer can pay the premium if he is a holder of valid Visa / Master / American Express / Diners Credit Card or having a net banking account with the listed banks on the website. For these payments no registration is required and no extra premium is being charged. Premiums will be accepted 10 days in advance for monthly and 25 days in advance for non monthly policies. Similarly the customer can pay the premium up to 5 months and 25 days after the due date of premium.

The services are available for the registered customers of Mypolicy self service portal and also for non registered customers. Customers registered for policy can pay the renewal premium by logging in at Mypolicy Non registered customer can pay the premium by logging at www.sbilife.co.in

For every successful transaction customer will get the success report and Premium Acknowledgement Receipt instantly. The Renewal Premium Receipt will be sent to the policyholder after adjustment / allocation of premium.
 
FAQs
 
10. SI-EFT for State Bank and Associate Banks’ Account Holders :
 
This facility is available for all SBI and six Associate bank ‘s account holders only. To avail this facility, a policyholder requires to submit the SI-EFT Mandate to his/her bank branch. This is an automated payment mechanism, on successful registration of the facility at bank end, payment will be debited on due date and will be remitted by SBI to SBI Life on next day. Under this payment mode, bank official’s intervention is limited up to the registration of the mode in bank’s system. For deactivation of the facility a policyholder needs to submit the deactivation request to his/her bank branch.t
 
11. Payment through Point of Sales (POS) terminals at select SBI Life branches :
 
Providing further convenience to our customers, SBI Life has introduced one more easy renewal premium payment option in addition to existing list of options. Now SBI Life Policyholders can pay renewal premium through Debit Card (Maestro) / Credit Card (VISA and Master) using POS (Point of Sales) terminals at select SBI Life branches. Currently this facility is available in 204 locations.
SBI Life Branches with Premium Payment through Point of Sales Facility
 
12. Payment through Easy Access Mobile Application:
 
You can also pay your renewal premium by using our mobile application
Download SBILife Easy Access Mobile App.
Press on the Renewal Premium Payment option on the Home Page, and submit your Policy Number, Date of Birth & email.
Your payment acknowledgement will be sent to the email ID.
 
13. Pay premium in Cash (Upto Rs 49,999) at Authorized Collection Centers
 
Common Service Centers #(CSC)
Policy Holders can pay premium in cash ( Upto Rs 49,999/-) through any of Common Services Centers * (CSC) across India.
Visit website: www.csc.gov.in for list of centers.
# implemented under the National e-Governance Plan (NeGP) of Govt of India

Karur Vysya Bank
Premiums can be paid in cash ( Upto Rs 49,999/-) and direct debit facility at all the branches of Karur Vysya Bank.
Visit: www.kvb.co.in for branch locations.

AP Online/MP Online
AP Online/MP Online Policy Holders in Madhya Pradesh and Andhra Pradesh can pay cash ( Upto Rs 49,999/-) at any MP Online and AP Online outlets respectively.
For details visit their websitehttp://www.aponline.gov.in/ and http://www.mponline.gov.in/ for branch locations.
 
14. NACH ( National Automated Clearing House)
 
NACH is similar to ECS facility launched by National Payments Corporation of India (NPCI). This mode is expected to cover the entire core banking enabled bank branches spread across the geography of the country irrespective of the location of the bank branch. SBI Life customers can register in NACH by submitting the NACH mandate along with a cancelled cheque. You can submit this mandate at any of our branch offices. Renewal premium will be debited from your bank account on due date
 
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