Insurance payment hacks to avid late fees
08 Jan 2025

Let's face it — paying insurance premiums in India can feel like a complicated puzzle, with endless payment options, due dates, and fine print. But it doesn't have to be this way.

Whether it's life, health, or motor insurance, simplifying premium payments can save you both time and money.

In this guide, discover practical tips and modern tools that make paying premiums easier, faster, and hassle-free — so you can focus on protecting what matters most.

Opt for online payments
Digital Ease

In the digital age, paying your insurance premium online is the way to go.

Insurers offer secure platforms for transactions through net banking, credit cards, or digital wallets.

This option not only saves you valuable time but also enables payments from anywhere, anytime - say goodbye to branch visits or cheque writing!

Utilize auto-debit facilities
Scheduled payments

By establishing an auto-debit arrangement with your bank, you can have your insurance premiums automatically deducted from your account on a particular date.

This approach eliminates the possibility of incurring late payment fees and ensures your policy remains active without the need to remember payment dates.

Just maintain an adequate balance in your account on the due date.

Explore mobile payment apps
App convenience

Financial transactions have never been easier, thanks to mobile payment apps like Google Pay, Paytm, and PhonePe.

Many of these apps have collaborated with insurance companies to enable users to pay their premiums directly through their platforms.

A few taps on your smartphone, and you can securely make transactions and receive instant confirmation.

Avail ECS (Electronic Clearing Service)
Automated Clearing

If you're hesitant about auto-debit because your account balance fluctuates, Electronic Clearing Service (ECS) is your friend.

By opting for ECS, you give your insurer the authority to deduct the premium directly from your bank account whenever it's due.

Yes, it needs a one-time setup but guarantees smooth sailing afterward. This approach complements all kinds of financial routines, transforming insurance premium juggling into a breeze.