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Shriram Life Insurance is one of India's insurance companies, with a CSR of 97.40% in FY 2022-23. They offer a comprehensive range of life insurance plans for people with different lifestyles and goals. With affordable premiums, their plans cover you comprehensively. Shriram Life Insurance also has an easy online payment process, allowing you to pay for your life or term insurance plan from home. Let’s understand the Shriram Life Insurance Online Payment process in detail here.
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To help their customers to save some of their precious time, Shriram Life Insurance lets the policyholders pay premiums through their online payment methods.
Here are some of the benefits of using the online premium payment service of Shriram Term Insurance
Quick – Shriram Life Insurance Online Payment option is quick and easy and takes only a few minutes to complete. No need to stand in lines anymore.
Secure – Payment made through Shriram Life Insurance Online Payment mode is highly secure and encrypted. So, one does not need to worry about money loss or data breaches.
Convenient – One of the advantages of using the Shriram Life Insurance Online Payment method is that policyholders can make their term insurance premium payments anytime and anywhere. There are no more time or place restrictions. The service is available 24/7 for all the policyholders.
Several Options – Nowadays, several Shriram Life Insurance Online Payment options are available for quick premium payment. Policyholders can choose from UPI, debit and credit cards, net banking, etc. This makes the process even more fitting for a variety of policyholders.
Records – With the help of Shriram Life Insurance Online Payment portal, policyholders can get the proof of the payment instantly. They will receive a receipt confirming a successful transaction as soon as they make the payment.
Here’s the process of Shriram Life Insurance Online Payment:
Step 1: Go to the official website of Shriram Life Insurance
Step 2: On the “Services” tab, you will find the Shriram Life Renewal Premium Payment Options
Step 3: Select your preferred Shriram Life Insurance Online Payment mode
Step 4: Pay using your choice of payment mode and complete the premium payment process
Keeping in mind to serve over 10 million customers and their different needs, the insurer offers multiple Shriram Life Insurance Online Payment options for its policyholders. This is done in order to make the online payment more accessible for all its policyholders. Here is the list of all the Shriram Life Insurance Online Payment methods available for insurer policyholders:
Quick Pay Online: Policyholders need to visit the official website of the insurer to make the life insurance payment through Quick Pay Online. The option is available for all its policyholders. They can choose from net banking, credit and debit card, UPI, etc., to make the premium payment.
Net Banking: With a valid net banking account, policyholders can make payments for premiums through net banking on the insurer’s official website.
UPI: One of the most preferred ways of payment in today’s time is UPI or Unified Payment Interface. The UPI allows a customer to make payments on various platforms through one UPI Id. The policyholders can enter their valid UPI Id on the official website of the insurer and make a secure payment.
Credit Card: If the policyholder has any of the given credit cards MasterCard, Visa, RuPay, they can make the online payment.
Debit Card: The insurer accepts debit from MasterCard, Visa, and RuPay. If a policyholder owns any one of them, they can easily make a premium payment on the official website of the insurer.
BBPS: It stands for Bharat Bill Pay System. It is available on most of the bank's official websites. Policyholders can choose the Shriram Life Insurance from the options and make the payment. Various UPI platforms like GPay, PhonePe, Amazon Pay, BHIM, iMobile, MobiKwik, Payzaap, etc. also have BBPS available. After selecting the Shriram Life Insurance from the options, policyholders will be required to submit their policy number and date of birth.
Digital Wallets: If policyholders want, they can also make premium payments through various e-wallets like Airtel Money, PayTM, M-Rupee, and Vodafone M-Pesa on the insurer's official website.
NEFT: Now policyholders can make premium payments through any bank from all over India if they have a bank account or net banking service using the NEFT platform. Policyholders need to enter the following details for a bank transfer:
Beneficiary Account Number
Beneficiary Name
Beneficiary Bank
IFSC Code for the Beneficiary Bank
Auto Debit: Under the auto-debit facility, policyholders will not need to pay the premium by themselves every time. All they need to do is to set up the auto-debit payment method with the insurer, and the payment will be deducted automatically from the policyholder's account. The insurer offers four different options under the auto-debit facility:
Direct Debit from Bank: Policyholders will be required to submit an auto-debit form along with some documents like a cancelled cheque or Passbook copy to any branch of the insurer, or they can also give them to the agents. This facility is available only to SBI account holders.
NACH: Stands for National Automated Clearing House. Under NACH, policyholders can set up the auto-debit facility to their respective bank account, which will debit the premium from the policyholder's account as per their instructions. Policyholders need to submit a cancelled cheque or passbook copy to any insurer's branch or can hand it over to their agent.
SI on Credit Card: Stands for Standing Instruction on Credit Card. In this payment method, policyholders who have MasterCard or Visa credit cards can register themselves on the official website of the insurer. The setup is very convenient and does not require any paperwork. The credit card must be in the name of the policyholder. Once done, the premium will be deducted from the credit card regularly.
SI on Debit Card: Stands for Standing Instruction on Debit Card. Policyholders who have ICICI and HDFC debit cards can leverage this facility. Once set up, the premium payment will automatically be deducted from the policyholder's debit card. The debit card must be in the name of the policyholder.
Mobile App: Policyholders can download the official mobile app of the insurer from the Google play store and register themselves in it by providing all the essential information; once done, they can find the option of Quick Pay in the renewal premium payment section and make their payment from there.
The process of Shriram Life Insurance login is as follows:
Step 1: Go to “My Account” section in the official website of Shriram Life Insurance
Step 2: If you want to log in using your User ID, enter your User ID, Password and Captcha
Step 3: Press on “Log In”
OR
Step 2: If you want to log in using your contact number, enter your Registered Mobile Number
Step 3: Press on “Proceed” and follow the next set of prompts to log in
*Note: You can also download the Shrimithra app (official app of Shriram Life Insurance) to log in to your account.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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