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:
This premium payment option allows you to pay the premium in just a few minutes by following a simple procedure.
HDFC account users can transfer the premium payable through eCMS/NEFT transfer. The process to do so is given below:
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:
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:
The premium can also be automatically debited from your HDFC credit card. The simple steps to be followed to avail this option are:
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.
Alternatively, you can pay the renewal premiums towards your life or term insurance policy at an HDFC Bank branch during working hours.
Go to the nearest Axis Bank branch and make the premium payment with the local cheque or demand draft.
Drop your cheque or demand draft at any of the drop boxes located across your city.
You can also send the cheque/demand draft to an HDFC Life branch office during working hours.
Additional details for cheque/demand draft payments:
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:
The premium payment can be conveniently made via phone too. Just follow the below-mentioned steps:
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.
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.
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.
You can pay the premium amount at any of the branches of HDFC Life using M-Swipe
Where can I find the mandate application forms?
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.
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