Insurance premium is the price you pay for an insurance policy. It is essentially the regular payment you make to the insurance company in exchange for their financial protection in case of certain situations. Think of it like a subscription fee for peace of mind.

These premiums are used by the insurance company to cover claims made by other policyholders and to run their business. The amount you pay depends on several factors, but typically the higher the risk of a claim, the higher the premium.

With online bill pay, you can settle your insurance premiums from the comfort of your couch, anytime. Most insurance companies offer secure online portals where you can log in with your policy details. These portals often accept various payment methods like debit/credit cards, net banking, or e-wallets.

Online payments are not just convenient, they also help avoid missed deadlines. Many insurers even allow setting up automatic payments, ensuring your coverage stays uninterrupted.You can pay your insurance online using the ‘Bills and Recharges' service provided by the Bajaj Finserv BBPS platform.

The Bharat Bill Payment System (BBPS) at Bajaj Finserv is a one-stop bill payment eco-system conceptualised by the Reserve Bank of India, operated by the National Payments Corporation of India.

  • Benefits of paying Insurance premium on Bajaj Finserv

    • Quick and hassle-free
      With the Bajaj Pay, you can make your premium payment quickly and effortlessly.
    • Safe and secure 
      Bajaj Finserv provides a safe and secure payment platform. Your insurance premium payment details are secure with the platform’s robust security measures.
    • Multiple payment options
      Bajaj Finserv offers multiple payment options, including debit card, credit card, net banking, and UPI. This allows you to choose the payment method that suits you best.
    • Instant confirmation
      After making the payment, the platform immediately confirms the payment through an email and SMS.

    Fees and charges

    A convenience fee of up to 2% will be charged depending on the transaction amount and payment mode (inclusive of applicable taxes). For more information on fees and charges, click here.

    Note: For failed transactions, the total amount including charges except taxes are reversed.

    What happens if i miss paying an insurance premium?

    Missing an insurance premium would not cause immediate trouble but act fast! Most policies offer a grace period (usually 15-30 days) to settle up. During this time, your coverage remains active. Pay within the grace period to avoid a lapse. A lapse means your coverage is suspended, and you might need to undergo health checks or pay higher premiums to reinstate it.

    Pay insurance premium payments

    Bajaj Allianz Life Insurance

    HDFC Life Insurance

    Reliance Health Insurance

    IndiaFirst Life Insurance 

    SBI General Health Insurance

    Kotak Life Insurance

    SBI Life Insurance

    Max Bupa Health Insurance 

    ICICI Lombard Health Insurance

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Steps to make Insurance premium payment online on the Bajaj Finserv app

You can make Insurance premium payment online using the Bajaj Finserv app by following these steps:

  1. Download the Bajaj Finserv app from the Google Play Store or App Store and install it on your device
  2. Open the app, log in, or register if you are a new user
  3. Go to ‘BILLS AND RECHARGES’ and select ‘LIC/INSURANCE’ under ‘FINANCIAL SERVICES AND TAXES’ section
  4. Choose your insurance issuer
  5. Enter your policy number and DOB and click on ‘FETCH YOUR BILL’
  6. Select a payment method from the list of available payment options such as credit cards, debit cards, and net banking
  7. After choosing your preferred payment mode, enter the requested payment details
  8. Check the details you entered and click on 'PAY NOW’

You will receive a notification from Bajaj Finserv after successful payment.

Steps to pay Bajaj Allianz Life Insurance premium online on the Bajaj Finserv website

Here is how you can your life insurance premium online on the Bajaj Finserv website:

  1. Visit the Bajaj Finserv website or click on https://www.bajajfinserv.in/
  2. Go to the ‘BILLS AND RECHARGES’ under the ‘PAYMENTS’ section
  3. Under ‘FINANCIAL SERVICES AND TAXES,’ select ‘LIC/INSURANCE’
  4. Choose your biller from the drop-down
  5. Enter your loan number and click on ‘FETCH YOUR BILL’
  6. Select a payment method from the list of available payment options such as credit cards, debit cards, and net banking
  7. After choosing your preferred payment mode, enter the requested payment details
  8. Check the details you entered and click on 'PAY NOW’

You will receive a notification from Bajaj Finserv after successful payment.

Bajaj Finserv app for all your financial needs and goals

Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.

You can use the Bajaj Finserv App to:

  • Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
  • Explore and apply for co-branded credit cards online.
  • Invest in fixed deposits and mutual funds on the app.
  • Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
  • Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
  • Apply for Insta EMI Card and get a pre-approved limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on No Cost EMIs.
  • Shop from over 100+ brand partners that offer a diverse range of products and services.
  • Use specialised tools like EMI calculators, SIP Calculators
  • Check your credit score, download loan statements and even get quick customer support—all on the app.

Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.

Do more with the Bajaj Finserv App!

UPI, Wallet, Loans, Investments, Cards, Shopping and more

Frequently asked questions

What is insurance premium payment?

An insurance premium payment is your regular payment to the insurance company for coverage.

What is the payment method of premium?

There are various payment methods for premiums, including debit/credit cards, net banking, Bajaj Pay UPI and Bajaj Pay Wallet. Choose your preferred method.

How premium is charged in insurance?

The premium amount is based on your risk profile, coverage type, and deductible. Higher risk typically means a higher premium.

How do I pay my premium online?

The process for online premium payment varies depending on your insurance company. However, the general steps involve:

Visit your insurance company's website or mobile app.

Log in to your account.

Navigate to the ‘PAYMENTS’ or ‘PREMIUM PAYMENT’ section.

Enter your policy details and choose your preferred payment method. This might include credit card, debit card, net banking, UPI, or e-wallets.

Follow the on-screen instructions and complete the payment.

How can I check the status of my insurance policy?

Similar to paying premiums, you can usually check your policy status online. Follow the same steps as above to log in to your account and look for the ‘POLICY STATUS’ or ‘VIEW POLICY DETAILS’ section.

How do I download insurance online?

Downloading an insurance policy online might not be available for all companies. However, you can usually access your policy documents like policy wordings and schedules through your online account.

How many days before we can pay insurance premium?

Your insurance company sets a due date for your premium payment. It is generally recommended to pay your premium at least a few days before the due date to avoid late payment penalties or policy lapse.

How many times is insurance premium paid?

The frequency of premium payments depends on your chosen insurance plan. Some common options include:

Monthly: Payments are made every month.

Quarterly: Payments are made every three months.

Semi-annually: Payments are made every six months.

Annually: Payment is made once a year.

How is insurance premium paid?

You can pay your insurance premium through various methods, including:

Online: This is increasingly becoming the most convenient option.

Physical payment: In some cases, you might be able to pay your premium in person at an authorised branch or agent.

Does Bajaj Finserv provide recharge services apart from life insurance payment?

Yes, Bajaj Finserv also provides other recharge services such as:

Does Bajaj Finserv provide bill payment services apart from life insurance payment?

Yes, Bajaj Finserv also provides other bill payment services such as:

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