- Direct Debit is a hassle-free and convenient facility for paying your life insurance premium
- This facility authorizes your insurer to automatically debit your bank account on a specific date for pre-determined premium
- Setting up Direct Debit for payment of premium is an easy and one-time process
Every day, you leverage technology to do things faster. Direct Debit is one such customer-friendly facility to automate recurring payments, like life insurance premiums. When you sign up for Direct Debit, you authorize your life insurer to debit the premium from your chosen bank account, on a date chosen by you.
How Does Direct Debit Benefit?
Direct Debit benefits you in many ways:
- No More Fretting About Missed Due Dates
As Direct Debit involves automatic payment of premium towards your life insurance policy, it eliminates the need to remember due dates. It negates the very possibility of failure in paying the premium at the right time, as it would be debited from your bank account without any recurring effort from your end.
- Easy To Set Up
Setting up Direct Debit for premium payment is an easy one-time process. If you are an existing Exide Life Insurance customer you can sign up for it online - https://www.exidelife.in/direct-debit-sign-up
- Saves time and effort
Once set, Direct Debit enables automatic debit of the premium amount due towards your life insurance policy, from your bank account. It is processed on the Preferred Debit Date that you choose. In case the preferred date opted is beyond 14 days from the premium due date, Exide Life Insurance would set the debit date to the next available preferred date.
Thus, Direct Debit saves you time and effort in making manual payment of your premium. It eliminates the hassle that some customers face, of visiting the nearest branch of their life insurance company and making the payment. With automatic debit, payment of premium on time will no longer be your worry. You only need to ensure that the required funds are available in your bank account.
- Keeps Your Loved Ones Protected At All Times
You know that if you miss paying a premium within the grace period, your life insurance policy lapses. Thereafter, you are required to revive your policy, which might involve inconvenience, paperwork, cost, medical tests, etc. More importantly, during this period, your policy is not in force and your dependents or nominees are not covered, should anything happen to you – thereby defeating the key purpose of life insurance!
Direct Debit, being an automatic mode of premium payment, removes the possibility of missed due dates and hence you are always assured that the policy is in force and your loved ones are protected at all times.
- Reliable and Secure
Direct Debit is an extremely safe and reliable way of having your premiums paid timely. The debit request from your bank account is processed only after the bank’s verification and your authentication. You can even set the maximum limits and receive SMS notifications about the payments.
Certainly, Direct Debit is a smarter mode of premium payment. An automatic and safe process, it gives you sheer peace of mind and allows you to avail the best out of your life insurance policy. Sign up for Direct Debit today and make your premium payment easy and hassle free.