GENERAL insurance company Cholamandalam MS has announced the introduction of the facility termed Click Easy car insurance to buy and renew motor insurance policies online through its website www.cholainsurance.com. The site also offers other features like live chat interface, branch/agent/garage locator, etc. In the health section, individual policyholders can log on to print their health e-cards, locate hospitals of their preference and also view their claim status. The company will also provide online claim intimation utility.
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...
