Different ways of Premium payments

 DIFFERENT WAYS OF RENEWAL PAYMENT

  1. DIRECT REMITTANCE AT SBI LIFE BRANCH
  1. BY POST OR COURIER
  1. SKYPAK DROP BOX
  1. ELECTRONIC CLEARING SERVICE (ECS)
  1. DIRECT DEBIT
  1. STANDING INSTRUCTION ON YOUR CREDIT CARD
  1. ONLINE PAYMENTS
  1. THROUGH STATE BANK GROUP ATMS
  1. STANDING INSTRUCTIONS ON YOUR STATE BANK ACCOUNT
  1. PAYMENT THROUGH VISA BILL PAY.COM
  1. ONLINE PAYMENT OF PREMIUM THROUGH SBI LIFE WEBSITE
  1. SI-EFT FOR STATE BANK AND ASSOCIATE BANKS’ ACCOUNT HOLDERS
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 Office by post or courier. A receipt acknowledging your payment will  be sent to your communication address directly.

3.  SKYPAK DROP BOX: You can also deposit your cheque at the SKYPAK drop boxes. This facility is available in the following locations:

LOCATIONS AVAILABLE
AHMEDABAD
BANGALORE
BHUBANESHWAR
CHANDIGARH
CHENNAI
COIMBATORE
HYDERABAD
JAIPUR
KOLKATA
LUDHIANA
MUMBAI
NEW DELHI
TRIVANDRUM
VISHAKAPATNAM


Click here to find out your nearest SKYPAK drop box. A receipt acknowledging your payment will be sent to your communication address directly.

4.  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 86  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.

5.  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 





-        State Bank of India
-        Axis Bank,
-        CITI Bank,
-        ICICI Bank,
-        Bank of Baroda,
-        Union Bank of India,
-        Bank of India,
-        IndusInd Bank,
-        Punjab National Bank
-        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.

6.   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.

7.   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.
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 

8.  Through STATE BANK GROUP ATMS*: Now you can register and pay your premiums through all State Bank Group ATM’s. Currently State Bank group has nearly 21500 ATM’s installed across the country. Click Here for ATM REGISTRATION & ATM PAYMENT process.

9.  Standing instructions on your State Bank account: This facility is available for all SBI and Associate bank account holders only. Just fill up the Standing instructions formand submit it at   your nearest SBI Life branch or send it to our communication address 

10.  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.

            COMMUNICATION ADDRESS.
            SBI Life Insurance Co. Ltd.
            Central Processing Center
            Kapas Bhavan, Plot no. 3A,
            Sector-10, CBD Belapur,
            Navi Mumbai – 400614

11. 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.

12.    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.

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