CRM Department, Central Office.
5th Floor (Link), “Yogakshema”,
Jeevan Bima Marg, P.O.Box No.19953,
Mumbai – 400 021.
Tel : 66598353, Fax : 22825829
E-mail
[email protected] ------------------------------------------------------------------------
Ref: CO/CRM/ 788/23 14th May 2010
To,
All Zonal Managers,
All Regional Managers (CRM)
All Sr/Divisional Managers,
M.D.C., Audit & Inspection
Re: OPTION TO CHANGE DEBIT DATE UNDER EXISTING ECS MODE OF POLICIES
At present, under ECS mode of policies, debit date of premium deduction is decided as per
date of commencement of policy.
Date of commencement of policy ECS debit date
1st to 7th of the month 7th of same month
8th to 15th of the month 15th of same month
16th to 31st of the month 28th of the month.
We have received some representations from our policyholders and field staff that due to the
auto fixing of the ECS date, respective policyholders are not able to take the benefit of days
of grace available under the policy as per mode of payment.
We have reviewed the matter and it has been decided to allow the policyholders to exercise
the option of fixing new date of ECS as above (i.e 7th,15th,28th ) within days of grace of the
policy as per date of commencement. This is explained as follows:-
Date of Mode of Auto ECS New ECS date
commencement payment due date Options
available
5/4/2009 ECS- 7th April 15th April Since 28th April will be after
Monthly days of grace , this ECS date
is not allowed.
20/4/2009 ECS- yearly 28th April 7th or 15th Since 28th May will be after
May days of grace , this ECS date
will not be allowed.
28/4/2009 ECS- 28th April 7th, 15th, or Since all new ECS dates are
Quarterly 28th of May within days of grace, hence
allowed.
………….2…………………..
Other conditions:-
1. Written request from policyholder to change the ECS due date should be
obtained.
2. Change in ECS date should be effected at least 10 days before old ECS due
date.
3. New RFM option no 77 – S.2.1.B.6.3.1.77 is provided.
4. Alteration fee will not be charged. No need to make any endorsement.
5. Days of grace will be counted from original date of commencement and not from
new / old ECS due date.
ALLOWING OF ECS MODE OTHER THAN MONTHLY AT PROPOSAL STAGE
At present, ECS- monthly mode of payment is allowed at NB stage while capturing the
proposal data. Now, it has been decided to introduce other ECS mode like Quarterly, Half-
yearly and Yearly at proposal stage also. All other requirements like ECS mandate form, blank
cancelled cheque leaflet should be obtained. While making the data entry , proper care
should be taken to enter correct information.
The provisions of this circular will come into effect immediately.
EXECUTIVE DIRECTOR( CRM)
HRDesai Sampark
