Page 29 - Banking Finance June 2020

ARTICLE

a login password/PIN using their customer relationship the due date, without running the risk of the policy being
number (CRN) or Customer ID mentioned in the bank's lapsed.
passbook/cheque book, card details with card PIN and an
activation SMS. Insurance companies have been encouraging customers to
use digital channels. Some insurers are also offering
In addition, few Banks are even offering WhatsApp banking WhatsApp services. Policyholders can place service requests
services. This facility takes care of basic banking queries and through WhatsApp, mobile apps and via email.
service requests from customers.
If one is looking to buy life, health or motor insurance covers,
Pay utility bills online they can either do so through the respective company's
website or through online aggregators. Premium payments
Irrespective of lockdowns, this is one activity that must be
done through digital channels. can be made using electronic modes such as net banking,
credit and debit cards. Life and health insurers have been
offering their services through their websites, chatbots,
Ideally, one must register for Bill Pay services that bank
mobile apps and also WhatsApp for quite some time now.
offers. Registering billers and your details is a one-time
If one is planning to buy a new health or life insurance policy
affair, after which the facility will ensure that the bill is paid
on the due date, without one having to move a muscle. Most in the wake of Covid-19, it's possible to do so online.
However, whether a policy would be issued online or not
banks allow you to register for bill payment, online. You can
also take the Bharat Bill Payment System (BBPS) route. depends on its value and the past medical history of the
Several banks are present on the network, allowing paying individual.
bill after entering the relevant details.
Apart from policy related information, customers can update
their details such as contact information and nomination.
One can even pay your utility bills (electricity, mobile, gas,
etc.) using mobile wallets and UPI apps such as Paytm, They can conduct transactions such as paying renewal
Phonepe, Amazon Pay, Mobikwik, Freecharge etc. These premiums, setting or changing standing instructions and
fund switching from the comfort of their homes.
apps also allow paying credit card bills. One can load the
amount in your mobile wallets using debit cards, or directly
Most insurers now allow customers to digitally access policy
from Bank account using UPI payments. These bills can even
information update details (contact information and
be paid online using a debit card through the respective
nominee), change standing instructions and so on. Some
service provider's website.
private insurers even allow annuity customers to digitally
verify their existence and continue to get their funds in their
Insurance accounts.
On 23 March, the Insurance Regulatory and Development
Authority of India announced some relaxations for In the case of health insurance, the purchase process is likely
policyholders. The regulator asked life insurance companies to be completely online if there are no medical check-ups
to "enhance" the grace period for policies coming up for involved. A lot of sales processes are already digitized.
renewal by an additional 30 days, if the policyholder makes Renewal, too, has largely been through digital channels. Few
a request. The same will apply for health insurance policies. Companies has launched a tele-medical check-up to facilitate
Insurers have also been directed to settle claims related to purchase of life and health insurance policies since physical
Covid-19 "expeditiously". check-ups will not be possible.

If one have insurance policy premiums to pay, help is at hand. Some companies have, however, taken measures to issue
Life insurance companies have been directed to ensure that even high-value policies without medical tests. One can get
policyholders get an additional grace period - time available up to Rs. 2 crore worth of life insurance from some of the
after the due date - to make their premium payments. One top insurers without medical test, and health insurance up
can now pay health insurance premium up to 30 days after to Rs. 1 crore.

BANKING FINANCE | JUNE | 2020 | 29