Since childhood, we are taught to love and care for our loved ones and our family. However, with time, the methods that we implement to protect our loved ones change. Today, the best way to protect your family and their future is by availing of term life insurance.And what is term insurance? A term insurance offers financial security to the beneficiary or the nominee of the policy in case you are not there to take care of your family. To ensure your family’s happiness and their future, all you have to do is make timely payments of premium and renew it if need be. In this article, we’ll cover ways to renew your term insurance plan.
Term insurance is a long-term contract. So what should one do if he is nearing the maturity of the contract?You should renew it in advance before the end of your due date. Following are some of the options that you can choose to help you with the timely payment of your premiums. Choose the one that best suits your needs:
- Payments by credit card
You can pay your premiums through a credit card by filling a credit card standing instruction form. You can collect the form from the insurer’s office or download it from their website. Send this form along with the front-side of your credit card to the insurer’s office. Alternatively, if you are not comfortable sending a photocopy of your card’s front side, you can also visit the branch in person, fill the form and swipe your card. - Payments by cheque
This is the traditional way of renewing your premium payments for your insurance policy. All you need to do is drop the cheque in any of the designated drop boxes or submit it at the insurer’s office. As proof, you also get a receipt that the cheque has been submitted. - Payments through SMS
A few insurers have started offering the facility of premium payments through SMS. That’s right with a click of a message, you can pay your premiums. Bank customers who hold a debit card can use this facility. Confirm with your insurer if they offer this facility. - Payments at ATM
You can pay renewal premiums even at ATMs.Some insurers have started giving these services in collaboration with the bank with whom they have tied up services. To avail these services, one needs to register the details of the policy at the bank’s website. You can also directly ask your insurer if they have any tie-up with a bank. - Online payments
If you are nearing the due date, and it is difficult to access the branch, or you are simply lazy to do so, going online can be your best friend in such times. All one needs to do is register on the insurer’s website along with the policy number and other details. Post that, renewal premium payment can be made either through net banking or a credit card, i.e., directly from your bank account. - Mobile payments
Several banks have permitted payments via mobile phones under the Integrated Mobile Payment Service (IMPS) feature. To avail this service, all you need to do is register your bank account. And voila, you can pay your policy renewal premium. - Bank account auto-debit facility
If it’s a task to keep a hold of your premium dates, you can opt the auto-debit way. Under this system, you have the option to either set up a directdebit or get it completed through the Electronic Clearance System (ECS) mandate. By doing so, you give the auto-debit instructions to your bank to regularly debit your premium payments from your account.
Each payment channel is accompanied by their own set of conditions and restrictions. Understand them properly from your insurer to better manage your policy. Remember, making timely payments instils the habit of sticking to your commitments. Buy term insurance online to ensure the happiness of your loved ones. You can also use a term insurance plan calculator to manage better and understand your premiums to be paid to achieve a stipulated amount for your family’s future.
