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 co_crm@licindia.com

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
1st to 7th of the month
8th to 15th of the month
16th to 31st of the month

ECS debit date

7th of same month
15th of same 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
th
5/4/2009
ECS7 April
15th April
Monthly
20/4/2009

ECS- yearly

28th April

28/4/2009

ECSQuarterly

28th April

Since 28th April will be after

days of grace , this ECS date
is not allowed.
7th or 15th Since 28th May will be after
days of grace , this ECS date
May
will not be allowed.
7th, 15th, or Since all new ECS dates are
28th of May
within days of grace, hence
allowed.

.2..

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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, Halfyearly 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)

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