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Guide
(022) 4230 3600
insurancehelpdesk@angeltrade.com
 
Methods of payment FAQs
General FAQs
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Financial FAQs
Non-Financial FAQs
Methods of Payment FAQs
  Revival, Other Payment Methods And Ecs Processing
   
Direct Bill (DB)
1. What are the different methods and modes of premium payment?
Electronic Clearing Service (ECS)
1. What is ECS and how do you avail of this service?
2. What are the documents required to activate ECS?
3. What are the documents required for changing mode of payment?
4. Do I get any acknowledgement or receipt for payment of premium through ECS and Salary deduction?
5. What are the documents required incase I wish to change my bank account from where ECS is extracted?
6. Can a company pay on behalf of the employee in employer employee policies?
7. What happens in case my ECS gets dishonoured?
8. Who else can pay premium on behalf of the policy owner?
9. At which locations ECS is available?
Standing Instructions (SI)
1. What are the documents required to avail this method?
Salary Deduction
1. Who is eligible to opt this method?
2. In which manner the payment should be made?
3. Can I discontinue this method of premium payment? What is the procedure?
4. What are the documents and details required to activate this scheme?
Direct Debit through Credit Card
1. What are the documents required to avail this method?
Change in Billing Frequency
1. Is change in Billing Frequency allowed?
 
Direct Bill (DB): DB is a process where the client can pay his premium by way of cash or cheque.
 

1. What are the different methods and modes of premium payment?

Methods of premium payment Modes available
Direct Bill Quarterly, Semi-Annual and Annual
Electronic Clearing Service Monthly, Quarterly, Semi-Annual and Annual
Standing Instructions Monthly, Quarterly, Semi-Annual and Annual
Salary Deduction Monthly
Direct Debit through Credit Card Monthly, Quarterly, Semi-Annual and Annual
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Standing Instructions (SI): SI activation is an agreement between the client (Policy holder) and the Citi bank. This facility is offered to all the customers holding the Citi bank saving account or the Citi bank credit card account.
 

1. What are the documents required to avail this method?

ECS (Electronic Clearing Service) is an easy way to pay premiums, electronically.

  • It will relieve the client from remembering premium payment due dates and from periodically writing / depositing cheques.
  • It will also prevent a possible lapse of the policy due to non-payment of premiums.

Availing the facility

  • To avail of this service the client needs to send us the completed ECS mandate form along with a blank cheque duly cancelled. We will arrange to get the verification stamp & authorization from his bank on the mandate form.
 

2. What are the documents required to activate ECS?

  1. Original ECS Mandate form.
  2. Cancelled cheque.

3. What are the documents required for changing mode of payment?

ECS Mandate form / Policy service request form /letter / email from a registered ID.
 

4. Do I get any acknowledgement or receipt for payment of premium through ECS and Salary deduction?

To clients who have opted for ECS, a provisional statement is sent in the month of January, which in addition to reflecting the actual premium payments, also reflects the anticipated premium amounts till March 2007.
 

5. What are the documents required incase I wish to change my bank account from where ECS is extracted?

Request should be sent 1 month in advance of the next due date along with the following documents.

  1. Original ECS Mandate form.
  2. Cancelled cheque.
 

6. What happens in case my ECS gets dishonoured?

In case of a single dishonour a letter stating the same is dispatched and in the event of 2 consecutive dishonour your ECS get cancelled and the billing mode will be changed to Direct Bill.

 

7. Who else can pay premium on behalf of the policy owner?

Incase the account holder is different from the policyholder then the relationship with the policyholder should be mentioned. Only relationship of Father, Mother and Spouse is accepted.

 

8. At which locations ECS is available?

ECS Locations MICR Code ECS Locations MICR Code
Agra 282 Jammu 180
Ahmedabad 380 Jamshedpur 831
Allahabad 211 Jodhpur 342
Amritsar 143 Kanpur 208
Aurangabad 431 Kolhapur 416
Bangalore 560 Kolkatta 700
Baroda 390 Lucknow 226
Bhilwara 311 Ludhiana 141
Bhopal 462 Mangalore 575
Bhubaneswar 751 Mumbai 400
Calicut 673 Mysore 570
Chandigarh 160 Nagpur 440
Chennai 600 Panjim 403
Cochin 682 Patna 800
Coimbatore 641 Pune 411
Dehradun 248 Raipur 492
Delhi 110 Rajkot 360
Gorakhpur 273 Salem 636
Guwahati 781 Sholapur 413
Gwalior 474 Surat 395
Hubli 580 Thirupur 614
Hyderabad 500 Trichur 680
Indore 452 Trivendrum 695
Jabalpur 482 Udaipur 313
Jaipur 302 Varanasi 221
Jalandhar 144 Vijayawada 520
    Vizag 530

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Standing Instructions (SI): SI activation is an agreement between the client (Policy holder) and the Citi bank. This facility is offered to all the customers holding the Citi bank saving account or the Citi bank credit card account.
 

1. What are the documents required to avail this method?

The clients opting for this method of payment will have to fill up the form at Citi bank.
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Salary Deduction: “Salary Deduction” as a method of payment to its clients whereby an arrangement will be made with the employer to deduct the premiums in a monthly manner from the employee’s salary and remit it to Birla Sun Life Insurance Company Limited (BSLI).
 

1. Who is eligible to opt this method?

This method of payment can be introduced in any organization where in the total number of employees initially opting for the scheme is minimum 5 in one office.

 

2. In which manner the payment should be made?

The payments should be made through cheque/draft payable at Mumbai.

 

3. Can I discontinue this method of premium payment? What is the procedure?

The right to discontinue this scheme is vested both in the Employer and BSLI by giving a notice of 90 days. (Employee can do so vide a letter to BSLI and the employer).

 

4. What are the documents and details required to activate this scheme?

The Employer certificate signifying consent to the terms and conditions of the scheme should be attached. It should be signed by the Authorized Signatory of the Company and the mandatory fields of Contact Person, Address, Telephone # and e-mail should be available. Employer certificate should contain three email ids (mandatory). (With a minimum of 5 applications per company)

Ps: A minimum of two monthly premiums should have been received for initial premium and for Classic Life six monthly premiums should be received.
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Direct Debit through Credit Card: Direct debit through credit card facility is nothing but the direct debit of the premium payment from the client's credit card account on the due date.
 

1. What are the documents required to avail this method?

We require Credit Card Authorization form along with the photocopy of the front and reverse of the credit card. The Credit Card should be MASTER OR VISA.

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Change in Billing Frequency:
 

1. Is change in Billing Frequency allowed?

Change in Billing Frequency is allowed in a policy any number of times. The client can avail of this facility by sending a duly filled policy service request form to any of our branches. He can also post his request on the website using his CIP/Tpin codes. Alternatively, he can call the call centre and register his request. However changing the billing frequency to 'Single Pay' is not permitted.

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