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ICICI Term Insurance Premium Payment

ICICI Term Insurance is a comprehensive term insurance plan that covers your family in case of any eventuality. Thus, it is extremely important to keep the plan by paying premiums regularly. ICICI has made the online payment process convenient by hosting a range of premium payment options you can choose from. Let us see the various methods through which you can make your ICICI Prudential Term Insurance payments online and offline:

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How do you make an ICICI Term Insurance Premium Payment?

To continue receiving policy benefits and coverages, it is very important to pay your policy premiums regularly on time. ICICI Term Insurance premium payment process is hassle-free and simple. You can choose any of the following options to make an ICICI term insurance payment and ensure your family is always safe and secure.

  1. Online Option to Pay ICICI Term Insurance Premium 

    1. Net Banking 

      Net banking, also called internet banking or online banking, is an electronic payment platform that allows you to conduct various types of transactions using the internet from the comfort of your home. ICICI Prudential account holders can make premium payments easily by their bank's website via Net banking. Before this, ensure that ICICI Prudential Life Insurance is one of the registered partners for payments. So pay ICICI term insurance premium through net banking by choosing the bank to pay premium from the list of banks available.

      • Log in to Internet banking 

      • Enter the User ID or Registered Mobile number 

      • Choose to pay bill in a few clicks 

      Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.

    2. Infinity 

      ICICI Term insurance policyholders can make ICICI term insurance payment for premiums through infinity. They can also link their plans to their ICICI Bank account helps the client to manage their plans through their net banking account. Buyers can make an ICICI Term Insurance premium payment, then check funds, and can also do electronic transactions via their online ICICI Bank account.

      • Login to http://infinity.icicibank.com

      • Enter the user name and password 

      • Make the payment 

    3. Credit/Debit Card  

      Policyholders can make ICICI term insurance payments online through their credit or debit card. ICICI accepts premiums payments through Master card, RuPay, and Visa debit card, and in the case of credit cards, the ICICI term insurance payment is accepted by Visa, MasterCard, Diners, Discover, American Express, and Maestro.

      • Click on Pay Now in the Credit/Debit card payment option 

      • Enter details such as Policy number, mobile number, Email-Id, date of birth 

      • Click on Pay Now 

      • Then, provide your card details and other policy details if required 

      • Proceed for premium payment 

    4. NEFT/RTGS 

      NEFT is a country-wide e-fund transfer system for transferring the amount from one bank account to another in a hassle-free and safe way. You can make an RTGS/NEFT transfer to make your ICICI term insurance payments. Account-holders can log in to their net banking account and make payments using NEFT/RTGS. Following details are required to enter while making payments:

      • Name of beneficiary i.e., ICICI Prudential Life Insurance Company Ltd. 

      • Bank of beneficiary i.e., ICICI Bank 

      • Bank branch 

      • IFSC Code of Beneficiary 

      • Bank account number 

    5. Bharat Bill Payments Service 

      You can make ICICI Term insurance premium payment through largely all websites of banks. Follow the steps to make payments through BBPS: 

      • Visit Bill Pay 

      • Select Insurance group 

      • Select ICICI Pru life insurance 

      • Enter all the required policy details 

      • Make Payment 

      You can also pay using any mobile application registered with BBPS such as Gpay, BHIM, PhonePe, etc. 

      one crore term plan
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      ₹75
      LAKH

      Life Cover

      @ Starting from ₹ 12/day+

    6. UPI, Unified Payments Interface 

      ICICI Term Insurance Premium Payment through UPI is faster and simpler. Here are the steps to make ICICI term insurance payments using UPI:

      • Select UPI as an option of paying a premium 

      • Enter VPA 

      • Approve the payment on UPI Application 

      If you are making payments with the Google Pay application, enter your valid VPA address. Other UPI applications can also be used such as PhonePe, Paytm, etc. You can easily download these apps from the Play Store or Apple Store.  

      Life Insurer Piller

    7. Bharat QR Scan

      • Visit the official website of ICICI Prudential 

      • Choose Bharat QR

      • Scan the QR code to pay your ICICI Term insurance premium

      • Make Payment 

    8. E-Wallet 

      Pay your ICICI Term insurance premium amount using your e-wallet facility. This facility accepts payments through Jio Money, Airtel Money, and Mobikwik. Steps to follow are: 

      • Login to the e-wallet 

      • Select Insurance categories such as ICICI Prudential life insurance 

      • Enter policy details 

      • Proceed to pay the premium

  2. Auto Debit Options for ICICI Term Insurance Premium Payment 

    1. Unified Payments Interface 

      It is a facility that regulates several bank accounts into a single mobile app, merging different banking features, easy fund routing, and merchant payments. With ICICI, customers can avail of the UPI facility and efficiently set mandates on their plans for a premium amount up to Rs. 2 lakhs with 1 step authentication feature. The facility of UPI Autopay can be started by account holders on their UPI app via an e-mandate, therefore offering a secure and fast premium service. 

    2. Direct Debit 

      This is another automated system that helps you to set up auto-debit advice on your bank account for a fixed debit of premiums. 

    3. ECS 

      It is an automated facility that debits your premium amounts from the bank account chosen by you on your premium due date. ICICI Policyholders can pay the premium amount through the ECS option by submitting the mandate application along with a cancelled cheque at any ICICI’s nearest branch. 

    4. Electronic Bill Payments 

      ICICI policyholders can also enroll for the auto-debit facility through their bank’s website. Follow the below steps: 

      • Login to the internet banking 

      • Visit the Manage-Billers 

      • Then, Select insurance 

      • Then, choose ICICI Prudential life insurance 

      • After this, enter policy details and enroll 

    5. NACH- National Automated Clearing House Form 

      Account-holders can pay the ICICI Term insurance premium via the NACH payment option by submitting the mandate application along with a cancelled cheque at any branch of ICICI. NACH is an automated option that debits your premium amount from the bank account chosen by you on your premium due date. 

  3. DropBox 

    1. ICICI ATM Drop Box 

      You can drop your cheque of premium amount in the ICICI ATM Dropbox to avail yourself the convenience 

    2. MINC Drop Box

      Another easy method to pay ICICI Term insurance premium is through MINC Dropbox placed at selected branches. ICICI Life account holders can drop their cheque of premium at drop boxes. 

  4. Cash/Cheque 

    ICICI Prudential account holders can visit any of the ICICI Bank's nearest branches across India to opt for the facility of ICICI Term Insurance premium payment through cheque (transfer/local) and cash i.e., up to 49999.

    Note: Check out the best term insurance plan in India and choose one that suits your requirements.

Benefits of Paying ICICI Term Insurance Premium Online

Paying your ICICI term insurance premium online offers several advantages:

  • Convenience: You can make your ICICI term insurance payments anytime, from anywhere, without visiting an ICICI life insurance branch.

  • Quick Payment: Online ICICI term insurance payments are processed instantly, reducing the risk of missing deadlines.

  • Multiple Payment Options: You can use debit/credit cards, net banking, UPI, or mobile wallets to complete your ICICI term insurance payment.

  • Automatic Reminders: The system can send reminders before your premium is due, ensuring you stay on top of your ICICI term insurance payment.

  • Track Payment History: You can easily access your previous ICICI term insurance payment receipts and download them if needed.

  • Safe & Secure: Online transactions are encrypted, providing a secure way to handle your premium payments.

About ICICI Term Insurance 

ICICI Prudential Life Insurance Company Ltd. is a collaboration between ICICI Bank Ltd. and Prudential Corporation Holdings Limited. The company started its operations in the Financial year 2001, offering a diverse range of long-term savings and protection insurance products to meet the different life stage needs of customers. ICICI Term insurance plans, one of the most common and popular products, secure the financial future of the policyholder’s family in case of an unforeseen event. ICICI Prudential offers online and offline options to pay premiums towards your policy. Let’s discuss the various ICICI Term insurance premium payments options in detail

Note: Now that you know About ICICI Term Insurance, you should also get to know about what is term insurance to buy a term plan for your loved ones.

FAQs

  • Q: How can I pay my ICICI term insurance premium online?

    Ans: You can log in to the ICICI Prudential website or mobile app and select the 'Pay Premium' option. Choose your preferred ICICI term insurance payment method and complete the transaction.
  • Q: What payment methods are available for ICICI term insurance premium?

    Ans: You can use debit/credit cards, net banking, UPI, or mobile wallets for online ICICI term insurance payments.
  • Q: How do I know if my premium payment was successful?

    Ans: You will receive a confirmation email or SMS after your payment is processed. You can also check your ICICI term insurance payment status on the ICICI portal.
  • Q: Can I set up automatic payments for my ICICI term insurance?

    Ans: Yes, you can set up auto-debit instructions via your bank or credit card to ensure timely premium payments.
  • Q: What happens if I miss my ICICI term insurance premium payment?

    Ans: If you miss a payment, your policy may lapse after the grace period. You can check your policy status and make the ICICI term insurance payment as soon as possible to avoid complications.

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