HDFC Standard Life Insurance Company Limited is India’s leading life insurer offering various plans categorized under or offered to –

• Protection (Term Plan)
• Health insurance
• Youngsters (Child insurance and education policies)
• Retirement & pension plans
• Savings and investment plans
• Women

All of the above mentioned policies can be purchased online or via any of their branch or authorized agents.

HDFC Life Insurance Premium Payment Options

To make life of their customers convenient, HDFC offers various payment methods. For renewal payments of the policy which is in-force, lapsed, discontinued, and paid-up – HDFC life offers following 22 options to their customers, as shown in the table. Each of these options is also described below the table.

Points to remember when making payment via cheque or demand draft at any branch/bank/dropbox:

• Cheque should be in the name of HDFC Life Policy No. XXXXXXXX. Where X denoted your 8 digit policy number.
• Full name as per the policy document, contact number, and E-mail ID of the insured should be mentioned at the back of cheque/DD. This helps the company to reach you directly in case of any clarifications or details.
• If the cheque/DD is not in the name of the policy holder, then declaration form must be submitted stating the relation with the depositor. You cannot make premium payment if the third party is not one of these – grandparent, father/mother, brother/sister, son/daughter. This means that third party payer cannot be your friend, colleague, and others.
• Deposit cheque before 10 days of renewal date, as processing takes time.
• Make sure you have sufficient balance in the bank against of which cheque is deposited. In case of insufficient balance, additional charges might have to be paid.

Points to remember for auto payment: Following details of the beneficiary would be needed for making renewal payments:

Name: HDFC STANDARD LIFE INSURANCE COMPANY LIMITED
IFSC Code: HDFC0000240
Branch name: Sandoz Branch
Account number: Depending on the type of policy: ULIP or Convential; account number should be prefixed with HSLULP or HSLGEN respectively followed by the policy number. If the policy number is 12345678 then,

• For ULIP: HSLULP12345678
• For Conventional: HSLGEN12345678

Higher premium payment: If the life insurance premium payment is above Rs. 1 Lakh, then policy holder has to submit ID and address proof. For cheque/DD payment, if the amount is above Rs. 50, 000; a copy of PAN card should be submitted.

Cash payment: The maximum cap is Rs. 49, 999.

Visit this link to make HDFC premium payment.

Importance of premium payment receipt:

• During investment proof: Since life policy premium payments can be claimed as deduction from taxable income, premium payment receipt acts as a valid investment proof document.
• Valid legal proof in case of any discrepancy: Many a times there are scenarios when you make a payment but company says that premium is not paid. In such cases acknowledgement receipt will act as a proof.

Benefits of life insurance policy:

• The most important benefit is that life policy offers protection in the form of fixed sum assured to the nominee in an unfortunate event like death/disability of the insured person.
• Under section 80C of the Income tax act, premium payments can be claimed as deduction from taxable income.
• Depending on the policy type, it creates long term savings

Other important details

Late payment charges: Interest rates is determined by the company from time to time
Grace period: 30 days from the due date of the premium
Custome care number: 1860-267-9999
Call back request: SMS SERVICE to 5676727
E-mail: service@hdfclife.com