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FAQs

Frequently Asked Questions

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General Queries

ECS Related FAQs

  • What is ECS - Electronic Clearence System?

    An extremely convenient time saving and hassle free service that enables automatic premium regular payment made to the insurance company to keep the policy in force. Payments directly from any of your bank account.

  • What are the benefits of ECS?

    No more signing of cheques, preparation of demand drafts, visits to branches for payments etc. Premiums on registration will automatically be debited in time from the customers account. Reduced instances of lapsed policies.

  • How is the facility of ECS availed?

    The NACH/ECS/Direct Debit Mandate Instruction Form can be sent to the nearest Max Life Insurance branch with an original cancelled cheque.

  • What does this service cost me?

    It costs nothing. This service is free of charge.

  • How does the ECS work?

    Whenever a premium regular payment made to the insurance company to keep the policy in force. falls due, we intimate our designated bankers, who arrange to debit the policyholders bank account of the premium regular payment made to the insurance company to keep the policy in force. payable and credit our account of the same. The entire transaction is routed through RBI.

  • Do I get a premium reminder?

    We will give you reminder before debiting your account to ensure sufficient balance.

  • Do I get the receipt for my auto premium regular payment made to the insurance company to keep the policy in force payments ?

    Yes, we will send the official receipt, after realizing the premium regular payment made to the insurance company to keep the policy in force.

  • Can I cancel this facility if once availed?

    You can cancel this facility by giving the written request at our nearest branch.

  • Can I change by ECS Draw date (debit date) ?

    Yes, you can change the ECS debit date by giving the written request at our nearest branch ,15 days before your initial debit date to avoid double debit from your account.

 
 
 
 
Did you know

Queries related to error corrections, refunds, surrender of policy, servicing issues are resolved within 7 days.