Visit SBI Mypolicy and create an account. You will be asked the policy number, customer ID and the date of birth. Once you enter those correctly, you can choose your login name and password in the next step. Once that is done, you can login to your account any time to see the due date of your premiums. You can even set an alert on your mobile of the due date.
If you rather want to only make the payment, you can choose to go with the ‘Bullet payment’. Visit the page and enter your policy number, DOB and mobile number to only make the payment quickly. You have the facility of paying your premium 10 days in advance for monthly premium policies and 30 days in advance for non-monthly payments. Also, you can make the payment online up to 11 days after the due date for monthly payments and 25 days after the due date for non-monthly payments. To make a payment through SBI Mypolicy, you need to have either a valid Visa/Master/American Express/Diners credit card or an Online banking account with the bank listed in the website.
Note: If you don’t pay your premium even after the grace period ends, your policy will lapse. Now SBI Life offers you to pay your premium online up to 6 months after the policy lapse date and revive your policy. If you have not paid with in 6 months of policy lapse, then you have to visit the office of SBI life and submit a revival form and pay a fine to revive your policy.
If you use credit cards, be sure to have your Security code ready.
Other ways of making a payment of premium online are:
Through online banking accounts of either SBI or its associates. Login to your online banking account and click on the ‘Bill payments’ tab. Then choose the All India Billers radio button and then select SBI Life Insurance Co Ltd and enter you policy details to make a payment.
You can also make a payment through BillDesk. Just create and account and make a payment using a valid credit card.