Managing insurance premium payments can often feel like a hassle, especially if you have multiple policies or due dates to remember. Missing a payment could even result in policy lapses or late charges. To make things easier, Paytm now offers a UPI Autopay feature for insurance. With this, your insurance premium is automatically paid on time directly from your bank account via UPI.
In this blog, we’ll walk you through how to set up UPI Autopay on Paytm for insurance, the process to follow, and the benefits of using this feature.
What is UPI Autopay for Insurance on Paytm?
UPI Autopay is a secure digital mandate system powered by UPI that allows automatic recurring payments. With Paytm UPI Autopay insurance payments, you can authorize Paytm to deduct your premium amount on the due date, ensuring seamless insurance management.
Whether it’s life insurance, health, or other policies, this feature ensures you never miss a due date.
How to Do UPI Autopay Setup for Insurance on Paytm?
Setting up automatic insurance payment via UPI on Paytm is straightforward. Follow this detailed process:
Step 1: Access Your Paytm Profile
- Open the Paytm app on your smartphone
- Navigate to the top left corner of the app where your profile is located
- Tap on your profile to access account settings
Step 2: Navigate to Automatic Payments
- On the profile screen, look for the “Automatic Payments” option
- Click on “Automatic Payments” to view your current autopay settings
- Select “Setup New” to create a new automatic payment
Step 3: Choose Insurance Category
- On the next screen, tap on “LIC/Insurance” from the available categories
- Browse through the list of available insurance providers
- Choose your specific insurer from the comprehensive list of options
Step 4: Enter Policy Details
To complete the UPI Autopay setup for insurance on Paytm, you’ll need to provide:
- Policy Number: Enter your exact policy number as mentioned in your documents
- Email ID: Provide the email address registered with your insurance policy
- Date of Birth: Enter your date of birth as per policy records
- Click “Proceed” to continue
Step 5: Review and Configure Payment Amount
- A preview of your LIC/insurance policy will be displayed
- Review the policy details carefully for accuracy
- Choose the payment amount from the dropdown menu (premium amount options)
- Once satisfied with the details, tap on “Setup Automatic Payment”
Step 6: Select Payment Method
- Choose your preferred mode of payment from the available options:
Step 7: Confirm Setup
- Click on “Pay Rs.1 & Setup Automatic”
- This Rs.1 charge is a confirmation fee to validate the setup
- Complete the payment authentication process
- Your UPI Autopay for insurance is now active
Benefits of Using UPI Autopay for Insurance Premiums
Opting for insurance bill payment with Paytm UPI Autopay comes with several advantages:
- No Missed Due Dates – Ensures your insurance remains active with timely payments.
- Hassle-Free Payments – No need to log in every month to pay manually.
- Secure Transactions – Payments are processed through the trusted UPI framework.
- Flexibility – Works for multiple insurers, including UPI Autopay for life insurance premium.
- Peace of Mind – Eliminates the stress of remembering due dates or penalties.
Why Choose Paytm for Insurance Payments?
- Official IRDAI-approved insurance partners on Paytm.
- Simple, quick, and transparent setup.
- Automatic reminders and easy policy tracking in-app.
Managing Your UPI Autopay Settings
Once you’ve set up Paytm UPI Autopay insurance payments, you can:
Monitor Payments
- View payment history in the “Automatic Payments” section
- Receive notifications before each deduction
- Track successful and failed transactions
Modify Settings
- Change payment amount if premium changes
- Update payment method
- Modify deduction date (if supported by insurer)
Cancel or Pause
- Temporarily pause autopay if needed
- Cancel autopay setup completely
- Reactivate paused services
Troubleshooting Common Issues
Payment Failures
If your automatic insurance payment via UPI on Paytm fails:
- Ensure sufficient balance in your account
- Check if your UPI PIN is correct
- Verify bank account status
- Contact Paytm customer support
Policy Not Found
- Double-check policy number accuracy
- Ensure the insurer is supported on Paytm
- Verify personal details match policy records
Transaction Disputes
- Check transaction history in Paytm
- Contact insurance company for payment confirmation
- Raise dispute through Paytm if necessary
Best Practices for UPI Autopay Insurance Payments
Before Setting Up
- Verify policy details thoroughly
- Ensure sufficient balance maintenance
- Keep backup payment methods ready
- Understand cancellation policies
After Setup
- Monitor monthly statements
- Keep insurance documents updated
- Maintain adequate account balance
- Review autopay settings periodically
For Multiple Policies
- Consider consolidating with one insurer if beneficial
- Stagger payment dates to avoid cash flow issues
- Set up separate notifications for each policy
- Maintain a payment calendar
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