WHY PAY PREMIUMS THROUGH ECS?

Since regular payment of premiums is critical for any insurance policy, subscribing to ECS will ensure that there are no defaults, therefore eliminating any possibility of lapsation. It is a hassle-free method that does away with all concerns on the customer’s part to keep a track of premium payments. It is also convenient as it involves no physical transaction nor does it require the customer to go to any bank or office. While many policyholders may be skeptical about using an automated system for monetary transactions, you can rest assured of the safety of your money while using this facility as ECS is tightly regulated by the RBI. The policyholder’s account and policy details too remain confidential, as mandated by the regulator. Also, subscribing to ECS for insurance premium payment is pocket friendly as there is no additional charge levied either by the bank or the insurer for availing this facility.