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By investing a life insurance plan, you are making a prolonged contract with the company. It is necessary that you pay your monthly premiums on time, if you want to have the policy active. You must also renew it before it expires. These are a few alternatives you could choose from, that could help you pay your premiums on time, that are also time efficient.

1. You could pay by cheque. 

You could take the most traditional way out and pay your premiums by cheque. In order to do this, you must visit the insurance company’s office and drop the cheque off at the box assigned for the same. After you do so, you must ask for a receipt in return, which you can then show as proof to attest to the fact that you have paid your premiums via cheque. You have to also write your name, your phone number as well as your policy number behind the cheque. Once the cheque is cleared, the life insurance plan will be renewed, that is why it is important that you do these 3 days before it is due. Writing your policy number in front, instead of the back, where you also write the name of the company, will further ensure that the cheque will not be misused in anyway. 

2. You could pay using a credit card. 

You could also use a credit card to pay your premiums. You can do so, if you fill a credit card standing instruction form, which you could either collect from the insurance company’s office, or download from their website. You must fill the form and attach a Xerox copy of the frontal side of your credit card to the same. This must then be sent to the company’s office. If not, then you could also stop by at any branch, pick up a form, fill it up and use your card to make the payment. 

 3. You could use the ATM to pay.

You can also pay your premiums at ATMs. There are a few insurance companies that have begun offering these facilities wherein the insurance company ties up with the bank. In order to use this service, you need to go on the website of the bank and register the details of your plan, there. You must ask the insurance company where you have a policy, if they offer this service at all. 

 4. You could pay via SMS. 

Some life insurance companies allow the insured to pay his or her premiums via SMS. If you’re a bank customer that owns a debit card, you can use this method in order to pay. But before you do so, it is necessary that you register beforehand using the bank’s ATM. Doing this, will provide you with an exclusive PIN. When you have to make the payment, you can do so, without physically visiting the ATM. You must enquire with the insurance company if they offer this facility, as it could save you a lot of time. This could be a premier alternative for you especially if you are a millennial, are tech savvy and busy and therefore, do not have a lot of time on hand to make visits to the bank of the insurance company, because you can pay your premiums from the comfort of your home or your office, without having to physically travel for the same purpose. 

There is a need to have a premium calculator because calculating premiums can be a tedious task. A lot of people usually go ahead with the amount suggested by the insurance company. But because of the advancement made in the tools available online, it has become much easier to calculate the insurance premium.  

Furthermore, it ensures that the insured is well aware about the plan that he has chosen to proceed with, beforehand itself. Knowing your premium amount well in advance will ensure that you are aware of how much income monthly will be shelled out for the same, which will help you to manage your expenses and finances in a much orderly and systematic way. Using the premium calculator would help you understand how much premium amount is the best suited for you, and will also help you to decide which insurance plan you need to go with.  

No matter what method you use to pay your premiums, each one comes with a list of its own pros and cons. And it is necessary that you avail this information from your insurance company so that you can handle your policies better. Make sure that all your details including your address is entered correctly, so that the renewal notice reaches you on time. 

Having a smartphone also gives you the added advantage of setting up alerts in the form of alarms or using your calendar app and keep a track of your premium due dates. Doing so will help you make your premium payments on time. 


4 Simple Ways to Pay Your Insurance Premiums
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