How to Pay Life Insurance Premiums?
There are several options offered in terms of premium payment against a life insurance policy. Policyholders can usually pay the insurance premium in instalments on a monthly, quarterly, half-yearly, or annually. This premium payment frequency is called the Premium Payment Mode. The policyholder can choose the mode of premium payment at the time of buying the policy.
Then, there is a Premium Payment Term, which determines the duration for which the premium needs to be paid or the number of instalments. Paying life insurance premiums is streamlined through diverse online and offline methods, catering to varying preferences and accessibility. Online avenues typically involve using the insurer's website or mobile app, where payments can be securely made using credit/debit cards, net banking, or electronic wallets. Automatic deductions and SMS alerts offer convenience by ensuring timely payments directly from bank accounts or cards. Alternatively, offline options include visiting bank branches to deposit payments, issuing cheques or demand drafts, or utilising insurance agents who collect payments in person. These methods ensure flexibility and reliability, enabling policyholders to maintain their coverage seamlessly.
For the iSelect Smart360 Term Plan offered by Canara HSBC Life Insurance, you can choose a single bullet payment for the entire policy duration or opt to pay for a limited duration of 5/10/15/20/25 years, besides payment throughout the duration of the policy.
In addition, the plan also lets you choose a Limited Premium Payment Term Option, wherein you pay only during your working year, that is, till you turn 60 years old, while the insurance cover continues to run even after that.
