What is ECS? How does it benefit you?
Electronic Clearing Service (ECS) is an easy premium payment option that minimizes time & effort and maximizes peace of mind & convenience. No Queues, no wastage of time and minimal chance of lapsation.

Availability: - As of now, ECS is available in 86 locations across the country (refer list below) and SBI along with Reserve Bank of India (RBI) is the major promoter and player for this mode of payment.
 
How can one avail of ECS Facility?

What is the time taken for activation?
3-4 weeks from the date of receipt of duly completed application form with all the required documents.
 
What does this service cost me?
There is no transaction cost for premium payment through ECS. However a one time mandate verification fee may be charged by your banker during the mandate verification process.

How does ECS work?
The premium due advice will be sent to our vendor in advance who will arrange to debit the premium due to the policy holders bank account. The amount collected will be subsequently credited to our account. All ECS transactions are routed through RBI.
 
Do I get any Value added services?
Yes. A SMS intimating your premium due will be sent to you prior to the due date. After the actual transaction a SMS intimating the success or failure of the transaction will also be sent to you. To avail this service please provide your Mobile number in the mandate form.
 
Do I get a receipt for my ECS premium payments?
Yes. Subsequent to realization of the premium amount from the respective bankers an official receipt will be sent to you
 
Can I cancel this facility if once availed?
You can cancel this facility by submitting your request for cancellation at least 30 days prior to the due date.