How to Set Up UPI Autopay on Paytm for Insurance Payments?

Keeping track of insurance payments can be painful, especially when life gets busy. But with Paytm’s UPI Autopay feature, it becomes super easy to manage your premiums. Once you set it up, your payments are automatically deducted from your bank account on the due date—no need to worry about missing a payment. In this blog, we’ll walk you through the simple steps to set up UPI Autopay on Paytm for your insurance payments, so you can handle it all with zero stress.

What is Paytm Autopay for Insurance Payments?

Paytm Autopay for insurance payments is a feature that streamlines the process of paying insurance premiums. By linking your insurance policies to your Paytm account, you can set up automatic deductions, allowing the platform to withdraw the premium amount directly from your chosen payment source, such as a bank account or debit card, on scheduled dates. This automation eliminates the need for manual payments, ensuring that your premiums are paid on time and helping you avoid lapses in coverage.

Additionally, Paytm sends timely reminders before the deduction occurs, allowing you to maintain sufficient funds in your account. This not only saves you time and effort but also guarantees continuous coverage, preventing missed payments.

Set Up UPI Autopay for Insurance Payments on Paytm

By following the given steps, you can easily set up autopay for insurance payments on Paytm. 

Step 1: Open the Paytm app and tap the profile icon located in the upper left corner to access your profile.

Step 2: From the menu options, select UPI & Payment Settings.

Step 3: Click on UPI Settings, then choose UPI Automatic Payments.

Step 4: You’ll see a list of your existing UPI automatic payments. To add a new one, tap the three dots (…) or the menu icon in the upper right corner.

Step 5: Select Setup New and tap on it again to initiate the setup process.

Step 6: Choose Recharges/Bill Payments, then select LIC/Insurance from the available options.

Step 7:  Enter the required details for your insurance policy and click Proceed to continue.

Step 8: Decide how frequently you want the payment to be made (daily, weekly, monthly, etc.).

Step 9: Choose the bank account from which the payment will be automatically deducted.

Step 10: Finally, enter your UPI PIN to complete the setup for your UPI Autopay service.

You can simply scan the provided QR code and you will be directed straight to the page where you can select your insurer and effortlessly follow the two on-screen steps to automate your insurance premium policy payments. This process saves you time and effort, making it incredibly convenient to ensure timely payments and hassle-free insurance management. 

Benefits of Paying Insurance Premiums via Paytm UPI Autopay

1. Automatic Payments: With UPI Autopay, your insurance premiums are automatically deducted from your selected bank account on the due date, ensuring you never miss a payment.
2. Timely Reminders: Paytm sends you reminders before deducting the premium amount, helping you keep track of your finances and maintain sufficient funds.
3. Convenience: You can set up and manage your insurance payments directly from the Paytm app, making the entire process simple and hassle-free.
4. Continuous Coverage: Automatic payments help prevent lapses in your insurance coverage, ensuring that your policy remains active without interruptions.
5. Flexible Payment Options: You can choose the frequency of payments (monthly, quarterly, annually), allowing you to align your payments with your financial planning.
6. Easy Management: You can easily track and manage your insurance payments through the Paytm app, providing better oversight of your financial commitments.

Setting up autopay for insurance payments on Paytm is a smart and convenient way to manage your insurance premiums. With just a few simple steps, you can ensure that your premiums are paid on time, eliminating the need for manual interventions and avoiding any potential late fees or policy lapses. Take advantage of Paytm’s autopay feature today and experience the convenience and peace of mind it brings. Simplify your insurance payments and stay on top of your financial commitments with Paytm’s reliable autopay functionality.