FAQs { ECS } -ING - Life Insurance

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This is the place where all of your questions on Life Insurance get answered! Pick a relevant topic from the list below and get your queries answered:

The FAQs are meant for general reading only and should not be construed as legal advice. The answers provided would vary depending on the specifics of each case. FAQ contents may be subject to change from time to time on account of changes in laws and are not updated frequently. Please contact the company for specific information.

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Question related to ECS
1	What is ECS Electronic clearance System?
2	What are the benefits of ECS?
3	How is the facility of ECS availed?
4	Why a Cancelled Cheque?
5	How does ECS Work?
6	What does this service cost me?
7	How many days will it take to get the ECS to get activated?
8	When will the premium amount get debited?
9	What happens if your ECS transaction gets dishonored?
10	Do I get the receipt for my auto premium payments?
11	Can I cancel this facility if once availed?

1. What is ECS Electronic clearance System?
An extremely convenient, time saving and hassle free service that enables automatic premium payments directly from any of your bank account.

2. 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.

3. How is the facility of ECS availed?
Activating the ECS facility is a one-time activity. The policyholder should fill up the ECS Mandate Form and get it verified and certified by the Bank where the Bank Account is maintained.
The Mandate form should be sent to the nearest ING Life Insurance branch with an original cancelled cheque.

4. Why a Cancelled Cheque?
We ask for Cancelled Cheque because the bank will cross verify with the mandate.

5. How does ECS Work?
Whenever a premium falls due, we intimate our designated bankers, who arrange to debit the Policyholders bank account of the premium payable & credit our account of the same. The entire Transaction is routed through RBI.

6. What does this service cost me?
It costs nothing. This service is free of charge.

7. How many days will it take to get the ECS to get activated?
It will take 21 working days for the first time.

8. When will the premium amount get debited?
Premium amount will get debited on the premium due date. If the premium due date falls on a holiday the same will get debited a day or two after the date.

9. What happens if your ECS transaction gets dishonored?
ECS can get dishonored mainly for 2 reasons:

Insufficient Fund: You have to immediately go to the nearest IVL Branch and make the premium payment in Cash or DD and intimate the Branch or IVL Contact Centre to represent the ECS for the next premiums.
Account Closed: You have to fill, sign the ECS mandate and get the same verified and certified by the Bank where your New Bank Account is maintained.

10. Do I get the receipt for my auto premium payments?
Yes. We will send the official receipt, after realizing the premium amount from the respective Bank Account.

11. Can I cancel this facility if once availed?
Yes. You can cancel this facility at any time but we must receive the request for cancellation two weeks prior to the due date.

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Insurance is the subject matter of solicitation | ING Vysya Life Insurance Company Limited. IRDA Registration No. 114

Registered & Corporate Office: ING Vysya House, 5th Floor, # 22 Mahatma Gandhi Road, Bangalore 560001, India





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