How Does Bajaj Term Insurance Payment Work?

Paying your term insurance premium on time is what keeps your life cover active. If you already have a policy from Bajaj Life Insurance, understanding how the payment process works and how to track it helps you avoid accidental lapses and last-minute stress.

This guide breaks down how Bajaj (formerly Bajaj Allianz) term insurance payment works, what details you need, how to pay online or offline, and how to check whether your payment has gone through.

How Does Bajaj Term Insurance Payment Work?

Bajaj Term Insurance premiums are paid at fixed intervals: monthly, quarterly, half-yearly, or annually, based on what you chose at purchase. Each premium has a due date, followed by a grace period.

As long as the premium is paid within this window, your life cover continues without interruption. If payments are delayed beyond the grace period, the policy may lapse, and revival may require additional documentation or health checks.

Benefits of using the Bajaj Term Insurance Payment

01

Quick and Hassle-Free

Payments can be completed within minutes, eliminating the need to visit a branch.

02

Security

Official platforms use advanced encryption to protect your financial data during transactions.

03

Multiple Payment Options

A wide range of payment modes are available, including credit/debit cards, UPI, net banking, and e-wallets, allowing you to choose what suits you best.

04

Instant Confirmation

You receive immediate confirmation via SMS and email after a successful payment.

05

Auto-Pay Facility

You can set up standing instructions (auto-debit) to avoid missing premium due dates.

06

Tax Benefits

Premiums paid may be eligible for tax deductions under Section 80C (Old regime) of the Income Tax Act.

Information Required to Make a Bajaj Term Insurance Payment

To make a Bajaj term insurance payment, you will typically need the following information:

• Your policy number
• The date of birth of the life assured
• A registered mobile number or email address
• Your chosen payment method's details (e.g., credit card number, bank account details for net banking, or UPI ID)

Steps to Make a Bajaj Term Insurance Payment

Online Process

1. On the Official Bajaj Life Insurance Website

When you visit the official website, here is what you can expect to see:

• Homepage: You'll see a prominent button, usually in the top header or within a main navigation menu, labeled "Renew Policy" or "Pay Premium".
• Payment Options Screen: After clicking, a new page or pop-up appears, asking you to choose between "Quick Payment" (for a one-time payment) or "Register for Auto Pay" (to set up automatic future payments).

Authentication/Details Entry

• Fields: You will see input fields for mandatory details: your Policy Number, the Date of Birth of the life assured, an Email Address, and a Mobile Number.
• Buttons: A button labeled "Continue" or "Proceed" moves you to the next step.
• OTP Option: There might be an alternative login option to "Request OTP" by entering your mobile number first.

Payment Gateway Screen: After verification, the website fetches your bill details. You will then see a list of available payment methods presented as clickable options or icons:

• Icons: Icons for major credit/debit cards (Visa, Mastercard, Amex), Net Banking, and UPI apps (e.g., Google Pay, Paytm).
• Selection: You select your preferred option, enter the necessary card or bank credentials, and confirm the transaction.

2. On the Bajaj Finserv App

The mobile app interface is designed for a streamlined, mobile-friendly experience:

• Home Screen: After logging in, you will see a main menu with sections. Look for a section often titled "Bills & Recharges" or "Payments".
• Insurance Section: Within "Bills & Recharges," you'll find a sub-category labeled "LIC/Insurance" or "Insurance Premium".
• Biller Selection: A list or dropdown menu of insurance providers appears. You select "Bajaj Life Insurance" as the biller.

Policy Details & Fetch Bill

• Fields: You enter your policy number and potentially your date of birth or registered mobile number.
• Button: A clear button like "Fetch Your Bill" retrieves the amount due.

Payment & Confirmation

• Options: The screen shows various secure payment options like UPI, Debit/Credit Card, or Net Banking.
• Button: A final "Pay Now" button is used to complete the payment after entering details.

Offline Process

If you prefer to pay offline, these options are available:

• Branch Visit: Walk into any Bajaj Life Insurance branch office and pay via cash, cheque, or demand draft.
• Common Service Centres (CSC): You can pay cash premiums (up to ₹49,999) at a CSC.

Why Choose Ditto for Term Insurance?

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You can book a FREE consultation. Slots are running out, so make sure you book a call now.

Ditto’s Take on Bajaj Term Insurance Payment

Missing a premium payment or understanding the complexities of grace periods and policy lapses can be confusing. While making your Bajaj term insurance payment is straightforward with flexible online and offline options, timely payment is crucial. It ensures your life cover remains uninterrupted, saving you the hassle of policy revival later. If you're ever uncertain about a missed payment or need a status update, it's always best to check early and act quickly.

For more details, you can check out our detailed review of Bajaj Life Insurance.