If you want to enjoy all the benefits of insurance, be it life insurance, car insurance or anything else, you need to comply with all the rules laid down by the insurer. One such rule is payment of the insurance premium on time. In case, you miss paying your premium on time, the benefits that come with it lapse. In this day and age when the time is less, to ensure that payments are not missed, you need to have an option of online payments. For this, just download any online bill payment app like Airtel Thanks for paying your insurance premium on time!
Typically, you are entitled to a grace period of 30 days given by the insurance company to pay your premium. The grace period was decided by IRDAI (Insurance Regulatory Development Authority of India). It is very possible that you might have just forgotten to pay the premium on the fixed time. Therefore, grace period is quite useful to complete your premium payments.
Imagine you are unable to pay your premium for your car on a fixed date. The grace period of 30 days has started. Unfortunately, if you meet with an accident with your insured vehicle within this grace period, you will still be entitled to the insurance sum.
But to avoid any delay in premium payment, install Airtel Thanks app for paying your premiums on time. This online bill payment app is a secure and fast way to pay your insurance premium on time.
What happens if I don’t pay my insurance premium?
If put straightforwardly, in case of non-payment of premium, your policy will be terminated. Your policy benefits will lapse along with the sum paid before.
But, it actually depends on the type of insurance you have, the insurance company, and finally the terms and conditions of the policy.
- If it’s a life insurance, you can try to cash out the policy and let go insurance benefits. You will have to pay tax for the same.
- Another option is to reinstate the policy by payment of late, renewal, and penalty fees.
- You can also go for reduced paid-up option. Basically, with this option you can stop paying your premium. Your benefits will reduce and will be estimated according to the premium paid till that time.
If it’s a car insurance, in case of non-payment, your vehicle won’t be covered in case of any accident. If you continue to default on your premiums and you have taken the car on loan, the lender can take back your vehicle.
How can I pay my insurance premium using Airtel Thanks app?
There are various online bill payment apps in the market. But as a user, you need to choose one which offers you secure transactions and payment gateways. Airtel Thanks is one such super app.
The Airtel Thanks mobile application is not designed only to assist Airtel users. It serves a diverse customer base, thanks to its vast nature of offerings. You can use the app to pay your utility bills like electricity, water, municipal taxes, etc. In the same section, you also have the option to pay your insurance premium.
- Install the Airtel Thanks app from Google Play Store or iOS store.
- On the home page, find ‘Pay Bills’ quick action button. Click on it.
- You will be redirected to a separate page where various utilities are listed. Click on ‘Other Utilities’.
- Here, you can find a tab named ‘Insurance’. Click on the same. You will be redirected to a new page.
- Just select the operator (insurance company) you have the insurance with from the list. The app includes over 45+ insurance companies to choose from including LIC, IndiaFirst, Bharti AXA, Bajaj, Aditya Birla, SBI, TATA, Max Bupa, MetLife, and many others.
- After selecting your operator, enter relevant details like Policy Number, Installment premium, Email ID, and Mobile number. The type of details asked depends on the insurance company.
- Click on ‘I hereby accept the T&C’ dialog box and then Pay now or Register Bill.
- You will be directed to the payment page. With this online bill payment app, you can pay using your UPI, Credit/Debit card, Net Banking, and/or digital wallet.
- The copy of the bill will be generated and will be available for download in ‘My Bills’ section.
Make your life easy and insured with Airtel Thanks app today! Pay your insurance premium on time and more with the app.