Irda allows e-payment for life insurance customers

Recognising the increasing utility of electronic payments, which also ensure safety and speed of such payments, the insurance regulator, Irda has decided to permit payments for all life insurance policyholders and beneficiaries through electronic payment methods such as Electronic Clearing Service (ECS), National Electronic Funds Transfer (NEFT) systems as approved by the RBI (Reserve Bank of India) in addition to account payee cheques as stipulated in the clause mentioned above. The Irda has modified its earlier order on AML Guidelines dt. 31st March 2006 which among others specifies that all payments should be made after due verification of the bonafide ...

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