HDFC Life Insurance: Premium Receipts, Autopay & Cancellation

Updated On: 2024-04-04

Author : Team Policybachat

Life insurance is a crucial aspect of financial planning, providing protection and financial security to individuals and their families. HDFC Life Insurance stands out as one of the leading providers in the life insurance industry, offering a range of policies tailored to meet diverse needs. However, downloading premium payment receipts, autopay options, and cancellation procedures can sometimes be daunting for policyholders. In this article, we delve into the specifics of HDFC Life Insurance’s premium receipt process, autopay facilities, and cancellation procedures to ensure customers manage their policies effectively.

Why Should You Download Premium Payment Receipts?

Downloading premium payment receipts is important for several reasons:

  1. Keep track of payment history and ensure premiums are up-to-date and the life cover is active.
  2. Serve as proof of payment for future reference or claims.
  3. Facilitate tax planning by documenting insurance expenses.
  4. Enable easy claim procedure for the nominee while filing death claims

How to Download HDFC Life Insurance Premium Receipt

Here are the steps to download HDFC Life Insurance Premium Payment Receipt Online

  • Step 1: Open Google and Search for “HDFC Life My Account”
  • Step 2: Log in to Your Account by using your Policy Number or Client ID, Date of Birth
  • Step 3: Click on the “Proceed” Button to request OTP.  Enter the OTP received to your registered mobile number.
  • Step 4: Once logged in to your account, navigate to the section “My Downloads” and Click on “Past Statements”.
  • Step 5: Download your HDFC Life Insurance Premium Payment Receipt by Selecting your Policy.
  • Step 6: After downloading, verify that all the details on the premium receipt are accurate, including the payment amount, date, policy number, premium period, etc.

If you encounter any difficulties during the process or if premium receipts are not available for download through your online account, you can contact HDFC Life Insurance customer support for assistance. They will be able to guide you on how to obtain your premium receipts or provide alternative options for accessing them.

How to Pay HDFC Life Insurance Premium Online

Paying HDFC Life Insurance premiums online offers policyholders a convenient and efficient way to ensure their coverage remains active.

  • Step 1: To begin, Visit the HDFC Life My Account Page and log in to your account using your credentials such as Client ID, Email ID or Mobile Number and Password. If you’re a new user, you may need to register first and then log in.
  • Step 2: Once logged in, navigate the “Transact Online” drop-down menu, under the menu click on “Online Payments” and then “Policy Renewal”.
  • Step 3:  After that select the policy for which you wish to make a premium payment. Choose your preferred payment method, such as net banking, debit card, or credit card.
  • Step 4: Then review the payment information carefully and proceed to confirm the transaction. Upon successful completion, you’ll receive a confirmation message along with the premium payment receipt, assuring that your policy remains active.

How to Use HDFC Life Insurance Auto Debit Online

Auto Debit refers to a convenient payment option offered to policyholders, where the premium amount due for their insurance policy is automatically deducted from their bank account on the specified due date.

HDFC Life Insurance offers the convenience of auto-debit for premium payments, ensuring timely payments without the need for manual involvement. This service is often set up by the policyholder by providing authorization to HDFC Life Insurance to initiate the premium deduction directly from their designated bank account.

To set up auto-debit for your HDFC Life Insurance premiums online, follow the below procedure:-

  • Log in to your account on the HDFC Life Insurance website.
  • Navigate to the auto-debit section, which is typically found within the premium payment tab.
  • Select the policy for which you wish to enable auto-debit.
  • Follow the prompts to provide authorization for auto-debit from your designated bank account.
  • Ensure that you have sufficient funds available in the specified account on the scheduled payment date.
  • Once set up, your premium payments will be automatically deducted from your bank account on the due date, offering convenience and peace of mind.

How to Cancel HDFC Life Insurance Policy

While HDFC Life Insurance policies offer valuable coverage and financial protection, there may be instances where policyholders need to cancel their policies. Cancelling an HDFC Life Insurance policy involves several steps to ensure a smooth and hassle-free process.

Before diving into how to cancel the life insurance policy let’s know what is free-look period is.

The free-look period is a provision in insurance policies that allows policyholders to review their policy terms and conditions after purchase and cancel the policy if they are not satisfied with it. During this period, which typically lasts between 15 to 30 days depending on the insurance regulations and the insurance company’s policies, the policyholder can cancel the policy without incurring any penalties or charges.

The premium paid during this period is usually refunded to the policyholder after deducting any applicable charges like stamp duty or medical examination expenses. The free-look period ensures that policyholders have an opportunity to thoroughly review their insurance policy, understand its coverage, terms, and conditions, and make an informed decision about whether to continue with the policy or cancel it if it does not meet their needs or expectations.

Here are two ways to cancel an HDFC Life Insurance policy:

HDFC Life Insurance Policy Cancellation Online

Procedure to cancel Life Insurance Policy before Free-Look Period:

  • To cancel your HDFC life insurance policy online, send an email to with the reason for cancellation along with the required policy details and other personal details.
  • Once the cancellation form is submitted to the insurance provider, they will get on to the process of cancelling the policy.
  • The cancellation process may take some time to complete. Wait for confirmation from HDFC Life Insurance that your policy has been successfully cancelled.
  • Once the refund application is approved the refund amount is credited to your bank account.

Procedure to cancel Life Insurance Policy after Free-Look Period:

After the free-look period, the policy can be cancelled through surrender. It can be done at any time. But if you surrender your life insurance policy before maturity, you can only get some portion of the premiums paid, after deducting the charges. This is called the surrender value. This is only applicable to investment life insurance plans such as endowment plans, money-back plans, ULIPs, whole life insurance plans, etc.

To surrender your life insurance policy follow the below steps:

  • Reach out to your HDFC life insurance provider through their email:
  • Then Fill out the necessary forms or provide the required information, such as your policy number, personal details, and reason for cancellation.
  • Review the cancellation request carefully to ensure all information provided is accurate. Confirm that you understand the consequences of cancelling the policy.
  • Once you are certain about cancelling the policy, submit the cancellation request.
  • After submitting the request, you might receive a reply from the insurance company regarding the cancellation process.

Note: If you encounter any difficulties or have specific questions about cancelling your policy, it’s recommended to directly contact the HDFC life insurance company’s customer support for assistance.

HDFC Life Insurance Policy Cancellation Offline

In addition to online options, HDFC Life Insurance policyholders can also cancel their policies through offline channels.

  • To cancel your HDFC Life Insurance policy offline, contact HDFC Life Insurance customer service via phone or visit the nearest branch.
  • A customer service representative will guide you through the policy cancellation process and provide the necessary assistance.
  • Be prepared to provide your policy number, personal information, and reason for cancellation and necessary documents. Follow the instructions provided by the representative to complete the cancellation request.
  • Once the cancellation request is processed, you’ll receive confirmation from HDFC Life Insurance, confirming the cancellation of your policy.

Wrapping Up

HDFC Life Insurance provides a range of convenient services for policyholders, including the ability to access premium receipts online, set up autopay for hassle-free premium payments, and policy cancellation. By offering these services, HDFC Life Insurance aims to enhance customer experience and provide effective solutions to meet the evolving needs of its policyholders.

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