HDFC Standard Life Insurance Online Premium Payment

HDFC Life is an amalgamation of HDFC Bank and Standard Life Aberdeen and was established in the year 2000. The company offers an array of life insurance products which include term insurance plans, saving and investment plans, health plans, retirement plans, and online plans. The insurer also offers special plans such as women’s plans and children’s plans too. Interested individuals can also opt for combo plans such as the life option or income option along with the critical illness rider.

HDFC Life policyholders are expected to pay premiums at the time of renewal in order to keep the policy in force. The company offers various options for premium payment online to make the process quick and easy. The procedures for each of these options are given below:

• Quick pay

This premium payment option allows you to pay the premium in just a few minutes by following a simple procedure.

• Visit the official website of HDFC Life (https://www.hdfclife.com/).
• Hover your mouse over “Customer Service” and click on “Quick Pay”.
• On the redirected page, enter your policy number and date of birth in the space given.
• Click on “Proceed”.
• Confirm the details related to your policy and pay the premium through any of the online premium payment options provided.

Additional details:

• The payment is supported only on the following web browser versions: IE 9+, Safari 5+, Chrome 35+, Opera 30+, and Mozilla 35+.
• Receipts for payments made after 3 p.m. will be reflected on the account the following working day.
• The premium can be paid any time before the due date during the same financial year.

• Premium payment for the following financial year can be made 3 months prior to the premium due date.

• Auto pay through HDFC bank account

• eCMS/NEFT

HDFC account users can transfer the premium payable through eCMS/NEFT transfer. The process to do so is given below:

• Go to the homepage of HDFC Life (https://www.hdfclife.com/).
• Click on “Customer Service” visible on the top-most menu bar.
• On the redirected page, hover your mouse over “Pay Premium” and click on “Other options”.
• On the second menu bar, you can see the option “Auto Pay”. Click on it.
• You will find the beneficiary account details here.

• Use the details to add the beneficiary through your HDFC bank account.
• You can then transfer the renewal amount to the beneficiary account added.

• Standing Instructions Mandate

Policyholders can provide standing instructions to the bank for auto debit of the premium amount by submission of the Standing Instructions Mandate. The procedure to avail this facility is:

• Download the Standing Instructions Mandate from HDFC Life’s official website.
• Fill in the form and submit it at the nearest HDFC Life branch.
• Once the request is accepted, the amount will be debited as per the instruction provided.

• NACH service

The NACH service offers the facility to debit the premium amount from the HDFC bank account automatically. The steps to apply for this service are as follows:

• Download the Auto Debit Mandate from the company’s website.
• Fill in the form and submit it along with a cancelled cheque to any branch of HDFC Life.
• After the company processes the request, the premium will be deducted according to the instructions given.

• Credit Card

The premium can also be automatically debited from your HDFC credit card. The simple steps to be followed to avail this option are:

• Download the credit card mandate.
• Submit the duly filled credit card mandate with a photocopy of the front side of your credit card at an HDFC Life branch office.
• Once the insurer accepts the request, the premium amount will be deducted according to the mandate provided by you.

• Other options

• HDFC Life Branch

Visit the nearest branch office of HDFC Life and submit a cheque or demand draft towards the payment of premium of your life insurance policy.

• HDFC Bank Branch

Alternatively, you can pay the renewal premiums towards your life or term insurance policy at an HDFC Bank branch during working hours.

• Axis Bank branch

Go to the nearest Axis Bank branch and make the premium payment with the local cheque or demand draft.

• Drop box

Drop your cheque or demand draft at any of the drop boxes located across your city.

• Post/courier

You can also send the cheque/demand draft to an HDFC Life branch office during working hours.

Additional details for cheque/demand draft payments:

• The payment should be made in favour of “HDFC Life” followed by your policy number.
• Mention your name, e-mail ID, and contact number on the reverse side.

• Branch offices are closed on Sundays, national holidays, and certain region-specific holidays.
• Produce a copy of your PAN if the payment is over Rs.50,000. If it has already been submitted, mention it on the reverse side of the cheque.
• Submit proof of identity and proof of residence in case the payment is more than Rs.1 lakh.

• Bill Pay

You can avail the Bill Pay or Electronic Bill Presentment and Payment (EBPP) to pay premiums through your bank account. The process to do that is as follows:

• Register yourself for the Bill Pay service on your bank’s official website.
• Pay premiums through your bank account after registration.
• You will receive electronic premium statements too.

• Automated voice-guided premium payment

The premium payment can be conveniently made via phone too. Just follow the below-mentioned steps:

• Call HDFC Life’s helpline number.
• Choose either English or Hindi as the preferred language.
• Follow the instructions.

• Make the payment using your Visa, Master card, or Diner’s card.
• You will be provided with a transaction ID once the payment is made.

• Common Service Centres (CSCs)

Renewal premiums can be paid at any of the 1.31 lakh CSCs present throughout India by cash, up to Rs.49,999. Payment acknowledgements are given instantly.

• MP/AP/Maha online

Payments can be made in any of the 6,800 Madhya Pradesh (MP) online outlets, 3,681 Andhra Pradesh (AP) and Telangana online outlets, and 8,923 Maharashtra (Maha) online outlets. Payments up to Rs.49,999 can be done by cash and payment acknowledgements will be provided instantly.

• Cheque pick-up

You can choose to call HDFC’s helpline number and request a pick-up of the cheque in serviceable areas. This facility is available as an exceptional service request and can be availed between 10 a.m. and 7 p.m. from Monday to Saturday.

• M-Swipe

You can pay the premium amount at any of the branches of HDFC Life using M-Swipe

• Master/American Express/Maestro/Visa/RuPay credit and debit cards are accepted by the company.

• Axis and ICICI Bank card holders can avail the EMI option.
• An identity and residence proof should be submitted if the premium to be paid is over Rs.1 lakh.

FAQs

Where can I find the mandate application forms?

• Visit the official HDFC Life insurance website (https://www.hdfclife.com/).
• Click on “Customer Service” visible on the top menu bar.
• Hover your mouse over “Pay Premium” and click on “Other Options”.
• Scroll down and click on the “Auto Pay” option.
• Select the appropriate premium payment option you’re looking for.

• Click on the link “Click here” to download the relevant mandate form

Can a third party make the payment at a branch office?

Yes, a third-party individual such as spouse, parents, children, siblings, and grandparents can make the premium payment on behalf of the policyholder. The declaration of relationship will have to be submitted in this case.

What can I do if the premium payable is more than Rs.50,000 and I have no PAN?

You can submit Form 60 if you do not have your PAN details to submit with the cheque/demand draft for premium payments over Rs.50,000.