Streamline Your Insurance Payments with UPI

Edelweiss Tokio Life has always been a customer-centric organization, continually trying to ease the servicing and buying process for the customer. As a continuation of this philosophy, Edelweiss Tokio Life has included UPI as one of the modes for accepting payments. Because, it is said that ‘Sabse Pehle Life Insurance’, i.e., life insurance comes first, then the rest!

UPI or Unified Payment Interface is a platform for all bank account holders where they can transfer money using Virtual Payment Addresses (VPA’s) through their smartphones. This payment can be made with just 2-factor identification. In other words, there is no need to pre-register a payee like in NEFT or fill in the bank account, IFSC details like in IMPS or credit/debit card details for card-based transactions. Also, there is no need to remember the user ID and password for the money transfer. The money transfer is made within a few minutes using just a few steps, and the payee’s phone number or virtual ID. It is one of the safest methods of electronic money transfer.

How can you renew life insurance online on the Edelweiss Tokio Life website with UPI?

You can visit the Edelweiss Tokio Life’s website and renew life insurance online. Here are a few steps-

• On the website, when you reach the payments page, you will see an option stating ‘pay using UPI’.
• You will input your VPA in the space provided.
• As soon as you click ‘proceed’, you will get an authentication message on your app. You input your M-Pin and click ‘submit’.
• The money gets automatically debited from your account and is transferred to Edelweiss Tokio Life.
• You can do this for new policies (online) or even renewal payments.

It’s Not Just About Online Life Insurance Policy Renewal, Here’s How UPI Works!

Most of us have these questions in their minds while paying life insurance premium online.

How does the UPI function?

Let’s take an example. You have an account in a UPI-enabled bank. You open a VPA through an app that is downloadable from Google Play store or Appstore, if you are an iOS user. Following the instructions, you link all your accounts in that bank to this VPA. Using this VPA, you can now make payments to merchants or banks, which also have a UPI enabled interface.

What is VPA?

A VPA or Virtual Payment Address is a mail ID kind of virtual address that is linked to your bank account. So, all the transactions that you make in terms of payments and receipts directly enter your bank accounts through this VPA. So, to give you a simple example, if you send a mail to a particular mail ID, the contents of the mail reach that particular mail ID. Similarly, if you transfer money to a specific VPA, the money reaches that particular VPA.

How can you make payments to merchants?

Using their VPAs, you can make payments to these merchants through your VPA. So, for example, if you go to a shop and buy a mobile, you can pay to the merchant using your UPI if the merchant also has a VPA.

What is two-factor authentication?

To authenticate the transaction, you need two pieces of information with you. One is the correct VPA, and the other is the M-PIN. You will only be asked for your M-PIN when making these transactions.

Can such transactions, once effected, be reversed?

No. These transactions are irreversible. You cannot even put a stop payment request for such transactions.

What happens if my account is debited, but the transaction does not go through?

UPI provides for real-time reversals for technical declines, and the amount would be transferred back to the payer account immediately.

Edelweiss Tokio Life has always aimed at leveraging technology to differentiate its service offerings and thus offer greater convenience to its customers. Other methods of premium payment via our website includes Debit Card, Credit Card, Net Banking.

This is just one more example of how we, as a customer-centric organization is striving towards making life simpler for our customers.

 

Aastha Mestry - Portfolio Manager 

An Author and a Full-Time Portfolio Manager, Aastha has 6 years of experience working in the Insurance Industry with businesses globally. With a profound interest in traveling, Aastha also loves to blog in her free time.