FAQs related to Premium
How do I pay my policy premium?
You can pay your policy premium through any of the below modes:
- Cash/Cheque/DD at nearest Shriram Life Branches
- Online at “Quick Pay” on our website www.shriramlife.com (by Net Banking, Credit Card, Debit Card, UPI, Wallets, NEFT)
- Online at “Quick Pay” on Shrimithra Mobile App (by Net Banking, Credit Card, Debit Card, UPI, Wallets, NEFT)
- Over the counter of ICICI Bank, Axis Bank, Common Service Centers (CSC)
- Bharat Bill Payment System (BBPS) on major UPI digital app (Google Pay, PhonePe , BHIM, Amazon Pay, iMobile, Payzaap, MobiKwik etc) & Cash at BBPS counter
- By registration in Auto debit (NACH & SI on credit card).
Do I lose my insurance if I don’t pay my premium?
A grace period is offered for non-payment on the due date. This grace period is 30 days from the due date in case premium payments are made on a quarterly, half-yearly or yearly basis and 15 days from the due date for monthly payments. During this period the policy remains in full force and no interest is charged. If you fail to pay a premium during the grace period, your policy will lapse but can be revived by paying all unpaid premiums.
How do I revive a lapsed policy?
A lapsed policy can be revived during the lifetime of the assured, but within a period of 2 or 5 years (based on products approval from IRDA) from the due date of the first unpaid premium and before the date of maturity. The revival of a lapsed policy is considered either on non-medical or medical basis depending upon the age of the life assured at the time of revival and the sum to be revived.
How is facility of NACH availed?
You can pay premium via NACH (National Automated Clearing House) by submitting the duly filled NACH mandate form along with a cancelled Cheque at any Shriram Life Insurance Branch or Divisional Offices or hand it over to agent. You can also register NACH mandate online. This facility enables to set up auto-debit instructions on your bank account for regular debit of your premium amounts depending on your premium due date.
What is top-up premium? Can I make a top-up payment?
In ULIP policies, the top-up premium is an additional premium that is paid by the policyholder besides the regular basic premiums specified in the contract. All due premiums must be paid before payment of a top-up.