How to pay your insurance premium using Paytm
What's the story
Paytm has a UPI autopay feature, aimed at making the task of paying insurance premiums easier.
The tool lets users connect their insurance policies with their Paytm account, so that they can get the premium deducted automatically from a designated payment source like a bank account.
It will withdraw the premium amount on scheduled dates, saving you from manual and late premium payments.
Let's see how to use it.
Benefits
The feature ensures continuous coverage
The UPI autopay feature on Paytm sends timely reminders before each deduction, ensuring you keep enough money in your account.
This proactive approach not only saves time and effort but also ensures uninterrupted coverage by preventing missed payments.
The system is designed to be user-friendly, with a straightforward setup process that can be completed in just a few steps.
Method
Step-by-step guide to set up UPI autopay
To set up autopay for insurance payments, users first have to open the Paytm app and tap on their profile icon.
From there, they select 'UPI & Payment Settings' followed by 'UPI Settings' and then 'UPI Automatic Payments.'
A list of existing UPI automatic payments will be shown.
To add a new one, users have to tap the three dots or menu icon in the upper right corner and select 'Setup New.'
Final steps
Completing the setup process
After tapping on 'Setup New,' users have to click on 'Recharges/Bill Payments' and then 'LIC/Insurance' from the list of options.
Then enter the required details of their insurance policy and tap on 'Proceed.'
Next, users choose how often they want the payments to be made (daily, weekly, monthly) and select the bank account from which payment will be automatically debited.
The setup is completed by entering their UPI PIN.