Insurance Regulatory and Development Authority (IRDA) directed all insurance companies to allow policyholders who are paying premium through the Electronic Clearing System (ECS) to discontinue the mode and shift to other form of payments. "As the ECS mode enables collection of premiums without any manual intervention of policyholders, the Life Insurers shall allow the policyholders facility to withdraw from the ECS mode at least fifteen days prior to the due date of ECS submission," IRDA said in a circular
Posted on: Tue, 20 Aug 2013 10:50:03 +0000