Premium Payment Options

Renewal premiums are the subsequent premiums paid by the policyholder to the insurer to keep the policy active and avail the benefits of the policy accordingly.

There are various convenient options to make the premium payments.

• Various Online Payment Options (Net banking /Credit Cards/Debit Cards/Paytm/Wallets etc.) 
• Mobile apps - PAYTM, HDFC PAYZAP, JIO MONEY & Amazon Pay 
• Payment through the Bank site using 'Bill Pay'
• Payment to our Banking Partner - State Bank of India/ Axis Bank /IndusInd Bank at their branches
• Payment at the Retail Outlets (Suvidhaa, Andhra Pradesh Online, Common Service Centres)
• E-Mandate \ NACH \ Online Standing Instruction through Credit Card - Visa Master and American Express cards are accepted for premium payments 
• Branches - At all Tata AIA Life Insurance Company Ltd. branch locations 
• Interactive Voice Response (IVR) - You can call our Customer Care number and make payment through our IVR.

• Visit www.tataaia.com.

• Navigate to the 'Customer Service' menu and select 'Set Standing Instruction.' 

• Choose the option - Credit Card or Bank Account

• Provide the required details & proceed 

• Login to Net banking or Debit Card details and approve

Kindly ensure you register 7 days before the due date to ensure your standing instruction is ready for execution on the due date.

• Is there any charge levied on credit card payments?

Yes, for premium payment via credit card, payment gateway charges are applicable.

• What is the charge /convenience fee on premium levied towards?

It is levied towards payment gateway charges associated with credit card transactions, like the charges levied on credit card payments in other industries as well. This charge is paid by the customer to the payment gateway directly.

• Is this a prevalent practice across industries?

Yes, this is a prevalent practice where the convenience fee/charge on credit card payment is passed on to the consumer. For instance, utility bill payment, ecommerce transactions and General insurance companies have been following this approach for some time. Recently, some life insurance companies have also adopted this practice of passing the convenience fee/charges on credit card to customers. This fee/ charge is typically applied to cover the payment gateway charges associated with credit card transactions.

• How much is the convenience fee/charge?

The convenience fee/ charge may vary depending on the type of credit card used for payment such as Visa, Master, Diners, RuPay, American Express & any International Card etc. The applicable convenience fee will be displayed online during the payment process which may be upto 1.5 % + GST on convenience fees.

• Is convenience fee/charge applicable on international card?

Yes, Convenience fees is applicable on credit card issued in India & Aborad.

• Is the convenience fee/charge applicable for all payment methods?

No, the convenience fee/charge is applicable only for payments made via Credit Card. For other payment methods such as Debit card, Net Banking or UPI NO such fee/charge is applicable. 

• Can I avoid paying the convenience fee/charge?

Yes, to avoid the convenience fee/charge, you may opt for other payment methods like Debit Card, Net Banking or UPI, where there is NO charge/fee is applicable. Alternatively, you may also pay the renewal premium via cheque at any of our premium collection touch points.

• For any reason if premium is refunded/reversed, will the Convenience fee /charge be refunded?

The convenience fee/charge is non-refundable, as it is charged at the transaction level.

If you have opted for the Standing Instruction facility, the instruction is sent to your Bank 7 days in advance, and the premium will be debited on the due date.

Yes. Premium can be paid through various premium payment option during the pendency of the mandate. Click here to pay right away

The most convenient payment method for life insurance premiums can be based on the type of premium payment chosen, whether single, limited, or regular premium payments and your preferences. 
 

For example, you can choose to pay premium online or set standing instructions when you opt for the limited or regular premium payment options.

• Visit the Premium Payment Options page.

• Navigate to the Online Premium Payment Section.

• Choose from the wide-ranging options to pay premium online.

• Provide the necessary details and approve to pay the life insurance premium.