India Post Postal Life Insurance - Premium payment suggestion

[R@J]

Hi All,

This might be a bit offbeat question/topic.

I have an upcoming annual premium payment of 1 Lakh+ for my family member. The provider is India Post's Postal Life Insurance (yes, something like this exists 😄 ) - hence, most of the bill pay platforms/ options are already out (as it is not available at those platforms). Only option known to me is their own website, which levies ~1% charge for Credit Card payment.

1. I wanted to ask if anyone who has paid it through their India Post PLI website - knows the MCC code or category? I'm not sure if it will fall under Utility/Insurance (by nature of payment) or Govt Transaction(nature of service provider). Since, it is a govt entity, the accuracy and compliance wrt MCC tagging is also not guaranteed.

2. I wanted to use this opportunity to collect some reward points and also compensate the 1% charge. Available card options to use: Magnus, Vistara Infinite, Atlas, DCB, SBI CB.
As of now, Atlas seems like the safest option. Any suggestions? [Magnus's monthly milestone for Aug is already done]

@TechnoFino @Subhankar @anirban.choudhury @4uziaul @TheMentalist @adigk @Walter White @VISHESH_BANSAL

 

[TechnoFinoTechnoFino is verified member.]

No idea about the MCC, it's a real problem.
Yea... Atlas is better

 

[ak93]

Hi All,

This might be a bit offbeat question/topic.

I have an upcoming annual premium payment of 1 Lakh+ for my family member. The provider is India Post's Postal Life Insurance (yes, something like this exists 😄 ) - hence, most of the bill pay platforms/ options are already out (as it is not available at those platforms). Only option known to me is their own website, which levies ~1% charge for Credit Card payment.

1. I wanted to ask if anyone who has paid it through their India Post PLI website - knows the MCC code or category? I'm not sure if it will fall under Utility/Insurance (by nature of payment) or Govt Transaction(nature of service provider). Since, it is a govt entity, the accuracy and compliance wrt MCC tagging is also not guaranteed.

2. I wanted to use this opportunity to collect some reward points and also compensate the 1% charge. Available card options to use: Magnus, Vistara Infinite, Atlas, DCB, SBI CB.
As of now, Atlas seems like the safest option. Any suggestions? [Magnus's monthly milestone for Aug is already done]

@TechnoFino @Subhankar @anirban.choudhury @4uziaul @TheMentalist @adigk @Walter White @VISHESH_BANSAL

I paid using Magnus in March. It shows as Govt Services in my statement. Don't have the exact MCC though. If you can, pay before 31st to get RPs using Magnus.

 

[SpiesCan'tCatchMe]

How do we check for mcc, i pay premium every month using rupay credit card tata neu infinity. It is counted as govt payment so no neu coins on that transaction.

 

[R@J]

No idea about the MCC, it's a real problem.
Yea... Atlas is better

Thanks for the suggestion @TechnoFino dada! 🙂

Thanks @adigk , @Niketan: The info about Govt Payment is really useful. I'll select the card accordingly.

@adigk: yes, I can pay before 31st. Just that I'm not sure if my Burgundy salary is TRUE burgundy or FALSE burgundy (Axis terminology...lol). In case I do not get 5:4, then net reward (airmiles) will be 2.4%, whereas for Atlas it will be 4%. hence, thinking of Atlas.

 

[ak93]

@

Thanks for the suggestion @TechnoFino dada! 🙂

Thanks @adigk , @Niketan: The info about Govt Payment is really useful. I'll select the card accordingly.

@adigk: yes, I can pay before 31st. Just that I'm not sure if my Burgundy salary is TRUE burgundy or FALSE burgundy (Axis terminology...lol). In case I do not get 5:4, then net reward (airmiles) will be 2.4%, whereas for Atlas it will be 4%. hence, thinking of Atlas.

Go for atlas then 👍

 

[starstruck]

Vistara Infinite can be an option too. You will be completing the milestone plus CV points at 8% + 3% returns.

 

[R@J]

Vistara Infinite can be an option too. You will be completing the milestone plus CV points at 8% + 3% returns.

Yes, for a safe side I looked up the last years smaller entries for same payment, and mailed CustCare for the MCC codes. Axis replied 9399 Govt Services for transaction in Feb 2023.
Waiting for HDFC's response for txn of Aug 2022 - because I had received points under Insurance for HDFC DCB then..... so, will just check if its Govt Services or Insurance for HDFC.

btw, is it possible that same merchant (and same payment gateway) will have different MCC codes for different banks? Or might be, they have update the MCC over time.

 

[RajMahadik]

Hi All,

This might be a bit offbeat question/topic.

I have an upcoming annual premium payment of 1 Lakh+ for my family member. The provider is India Post's Postal Life Insurance (yes, something like this exists 😄 ) - hence, most of the bill pay platforms/ options are already out (as it is not available at those platforms). Only option known to me is their own website, which levies ~1% charge for Credit Card payment.

1. I wanted to ask if anyone who has paid it through their India Post PLI website - knows the MCC code or category? I'm not sure if it will fall under Utility/Insurance (by nature of payment) or Govt Transaction(nature of service provider). Since, it is a govt entity, the accuracy and compliance wrt MCC tagging is also not guaranteed.

2. I wanted to use this opportunity to collect some reward points and also compensate the 1% charge. Available card options to use: Magnus, Vistara Infinite, Atlas, DCB, SBI CB.
As of now, Atlas seems like the safest option. Any suggestions? [Magnus's monthly milestone for Aug is already done]

@TechnoFino @Subhankar @anirban.choudhury @4uziaul @TheMentalist @adigk @Walter White @VISHESH_BANSAL

working with the same dept of post... its payment will be count as govt services category

 

[R@J]

working with the same dept of post... its payment will be count as govt services category

Thanks for the insight @RajMahadik...this is really helpful 🙂

 

[sanju8486]

SBI replied it as 9402

 

[R@J]

To the best of my knowledge and I checked this info 4-5 months ago - The MCC codes used are different for both Payment gateways, but both come under Govt Payments only. - 9399 for Razorpay/billdesk one and 9402 for SBI PG

 

[SpiesCan'tCatchMe]

Yes it counts as a govt transaction i regularly do this transaction and maximum I can get is 1%

 

[SpiesCan'tCatchMe]

I forgot to mention I have taken a new policy this March and for the first installment I managed to get somewhere around 15-16% cashback on the premium

 

[R@J]

I forgot to mention I have taken a new policy this March and for the first installment I managed to get somewhere around 15-16% cashback on the premium

15-16% CB using card or by feature of PLI....?? which card did you use??

 

[SpiesCan'tCatchMe]

15-16% CB using card or by feature of PLI....?? which card did you use??

Not by using any card, just used my brain 😂
I spoke to an agent and applied for PLI via her and she happily passed on her commission to me
I always invest in postal dept via her and she passes on her commission to me
So it's a good deal for me

 

[R@J]

Not by using any card, just used my brain 😂
I spoke to an agent and applied for PLI via her and she happily passed on her commission to me
I always invest in postal dept via her and she passes on her commission to me
So it's a good deal for me

Niiiice...i remember a family friend uncle doing this when he used to get new deposits from my home for Sahara....some 12-15 yrs back.

He would sort of reimburse the commission through some gifts or discounts.

 

[doctoramar]

Hi All,

This might be a bit offbeat question/topic.

I have an upcoming annual premium payment of 1 Lakh+ for my family member. The provider is India Post's Postal Life Insurance (yes, something like this exists 😄 ) - hence, most of the bill pay platforms/ options are already out (as it is not available at those platforms). Only option known to me is their own website, which levies ~1% charge for Credit Card payment.

1. I wanted to ask if anyone who has paid it through their India Post PLI website - knows the MCC code or category? I'm not sure if it will fall under Utility/Insurance (by nature of payment) or Govt Transaction(nature of service provider). Since, it is a govt entity, the accuracy and compliance wrt MCC tagging is also not guaranteed.

2. I wanted to use this opportunity to collect some reward points and also compensate the 1% charge. Available card options to use: Magnus, Vistara Infinite, Atlas, DCB, SBI CB.
As of now, Atlas seems like the safest option. Any suggestions? [Magnus's monthly milestone for Aug is already done]

@TechnoFino @Subhankar @anirban.choudhury @4uziaul @TheMentalist @adigk @Walter White @VISHESH_BANSAL

Hi! Did u find a card for postal life insurance payment? Planning to try paying by upi thru tata neu hdfc credit card.may get 1.5% as neucoins.

 

[R@J]

Hi! Did u find a card for postal life insurance payment? Planning to try paying by upi thru tata neu hdfc credit card.may get 1.5% as neucoins.

Yes, I used Axis Vistara Infinite at the time of this post.... for 2024 premium, I used SBI Vistara before 15th July (premium was due in Aug, but I paid in July due to government spend exclusion on SBI Vistara)...These were 2 large installments in the family.
Will have to see which card to use now for smaller monthly payment.... I have used SBI Vistara through SBI Gateway (as the MCC code used by SBI Gateway 9402 - wasn't mentioned in the govt exclusion mail by SBI)

Not sure on UPI though Tata Neu...maybe can check next month

 

[nikhilesh71]

Yes, I used Axis Vistara Infinite at the time of this post.... for 2024 premium, I used SBI Vistara before 15th July (premium was due in Aug, but I paid in July due to government spend exclusion on SBI Vistara)...These were 2 large installments in the family.
Will have to see which card to use now for smaller monthly payment.... I have used SBI Vistara through SBI Gateway (as the MCC code used by SBI Gateway 9402 - wasn't mentioned in the govt exclusion mail by SBI)

Not sure on UPI though Tata Neu...maybe can check next month

I have also PLI premium payment coming up. How much in advance we can pay the premium? Also is postal website only way to pay premium or other 3rd part apps supports this? Is Amex accepted via website payment gateways?