Need guidance in paying one term insurance premium payment of Rs. 2,25,000

[butterfly]

Dear Friends, My apologies if I have posted this query in the wrong thread or forum, as I am new to TF and still familiarizing myself with the platform. I realize this may not be the appropriate section for posting such questions.
I have a term insurance payment of Rs. 2,25,000 due on March 31, 2025, and I would greatly appreciate any guidance from the experts here regarding the best mode of payment to have max rewards for this. Your advice would be immensely helpful, and I would be grateful for your assistance.

I have Amex platinum travel card ( I have met the target of 4 + laks already), Amex gold charge card, infinia metal, SBI PRIME, SCB ULTIMATE, YES MAQUE, TATA NEU INFINITY, Axis rewards ( formerlay Citibank rewards) , IDFC Wealth, Amazon Pay ICICI, Axis flipKart, kotal indian oil, Union Bank select, BOB ETERNA, ICICI Saphiro, ICICI Rubyx, Axis MyZOne and Axis Indian oil, Induind Pinnacle.

Thank you in advance for your time and support.🙏

 

[iamdhamo]

Do they allow advance partial payment? If yes then u can pay using infinia for 150000 in first month and remaining in 2nd month to get max 5000 points without additional surcharge.

Looking for others opinion too as I too have a insurance payment next year for 3L.

 

[tachniki]

Do they allow advance partial payment? If yes then u can pay using infinia for 150000 in first month and remaining in 2nd month to get max 5000 points without additional surcharge.

Is 5000 rp restriction for insurance per day or per month?

 

[iamdhamo]

Is 5000 rp restriction for insurance per day or per month?

It's per day only. Sry I got confused.

Checked the reward points program . 5th point in the screen shot

 

[nrj1007]

if the insurer is available on Amazon pay, Explore the option to pay monthly instead of Yearly. (For next year)



I pay my term insurance monthly installments using Amazon pay gv.

 

[iamdhamo]

if the insurer is available on Amazon pay, Explore the option to pay monthly instead of Yearly. (For next year)



I pay my term insurance monthly installments using Amazon pay gv.

The premium increases if u choose monthly and I suppose it's not changeable. For me I choose monthly and now I m not able to change it to quarterly or other frequency

 

[Dr.Anand456Dr.Anand456 is verified member.]

Dear Friends, My apologies if I have posted this query in the wrong thread or forum, as I am new to TF and still familiarizing myself with the platform. I realize this may not be the appropriate section for posting such questions.
I have a term insurance payment of Rs. 2,25,000 due on March 31, 2025, and I would greatly appreciate any guidance from the experts here regarding the best mode of payment to have max rewards for this. Your advice would be immensely helpful, and I would be grateful for your assistance.

I have Amex platinum travel card ( I have met the target of 4 + laks already), Amex gold charge card, infinia metal, SBI PRIME, SCB ULTIMATE, YES MAQUE, TATA NEU INFINITY, Axis rewards ( formerlay Citibank rewards) , IDFC Wealth, Amazon Pay ICICI, Axis flipKart, kotal indian oil, Union Bank select, BOB ETERNA, ICICI Saphiro, ICICI Rubyx, Axis MyZOne and Axis Indian oil, Induind Pinnacle.

Thank you in advance for your time and support.🙏

You can use Amex cards and Amazon Pay. With Amazon Pay, you'll earn 1% unlimited rewards, guaranteed. On Amex, you'll earn reward points. For other cards, either no rewards are offered on insurance payments, or there are significant restrictions.

 

[butterfly]

Do they allow advance partial payment? If yes then u can pay using infinia for 150000 in first month and remaining in 2nd month to get max 5000 points without additional surcharge.

Looking for others opinion too as I too have a insurance payment next year for 3L.

From my understanding, ICICI Pru Life does not allow partial premium payments. They typically require the full annual premium to be paid before the due date, though monthly, quarterly, or semi-annual options may be available during policy setup.

While it's possible to pay the full annual premium in advance, splitting it into two payments over two months doesn't seem to be an option. I'll call customer care tomorrow and provide an update on splitting option.

 

[butterfly]

You can use Amex cards and Amazon Pay. With Amazon Pay, you'll earn 1% unlimited rewards, guaranteed. On Amex, you'll earn reward points. For other cards, either no rewards are offered on insurance payments, or there are significant restrictions.

I have the Amex Platinum Travel and Gold Charge cards. I've already hit the 4L milestone on the Platinum Travel card, so no further benefits for spending. As I understand, the Amex Gold Charge card doesn't earn rewards on insurance spends. The Amazon Pay ICICI card might be a last resort, but I think the Infinia Metal is better with a 5000 RP cap, while Amazon Pay offers just 2250 (1%). Any suggestions?

 

[tachniki]

From my understanding, ICICI Pru Life does not allow partial premium payments. They typically require the full annual premium to be paid before the due date, though monthly, quarterly, or semi-annual options may be available during policy setup.

While it's possible to pay the full annual premium in advance, splitting it into two payments over two months doesn't seem to be an option. I'll call customer care tomorrow and provide an update on splitting option.

Tell them that you need to pay via UPI. And your bank doesn't allow more than 1 L per day. So, can you divide in transaction in three parts to be paid in three days?

 

[butterfly]

Tell them that you need to pay via UPI. And your bank doesn't more than 1 L per day. So, can you divide in transaction in three parts paid in three days?

Great idea! Thank you.. I'll give this a try and update here if it works. The due date is March 31, 2025, so I'll wait until mid-March 2025 to test it out. Hopefully, by then, you or any other experts here might have better or alternative suggestions. If he sends 3 UPI QR codes to scan, I'm in trouble! 🙂

 

[butterfly]

if the insurer is available on Amazon pay, Explore the option to pay monthly instead of Yearly. (For next year)



I pay my term insurance monthly installments using Amazon pay gv.

Thanks for the info. For insurance, the premium frequency can only be selected at the time of purchase; can't be altered later. So this won't work.

 

[butterfly]

One thing I found now in a post here says below as a summary.. Anyone who is an expert could also shed more light on this...