ICICI Lombard General Insurance has started offering the facility of renewing health policies online. Now the customer has the option of changing the tenure of the health policy, the sum insured, to add or remove insured members. The premium can be paid through the net banking account, credit card, debit card or cash card. Once the customer completes the process of online renewal, the insurance company will mail a soft copy of the new policy certificate along with a transaction confirmation SMS; health card; 80 D tax certificate and a free health check-up coupon, the insurance company said in a statement. A hard copy of the renewed policy is dispatched within seven days to the customer's mailing.
As the name suggests, it's an electronic process through which money can be transferred from one bank account to another. According to RBI, this mode is usually used for regular payments and receipts, like distribution of dividend, interest, salary, pension etc. This mode is also used for collection of bills for telephone, electricity, water, various types of taxes, payment of EMIs , investments in mutual funds , payment of insurance premium etc. There are two types of ECS , like most other banking transactions, ECS credit and ECS debit. An ECS credit is used by a bank account holder , usually a large company or an institution for services like payment of dividend, in terest, salary, pension etc. If your mutual fund pays you dividend to your bank account, of all probability it is being paid through ECS credit.ECS debit, on the other hand, is used when a company or an institution is getting money from a large number of people. For example if you are investing in a mutual fund sc...
