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i. What are the various premium payment options available to a MetLife India policy holder?
One can conveniently pay the renewal premium through any of the methods below.
Further details for any of these payment options can be gathered from any of the MetLife offices or by calling us Toll Free on 1-800-425-6969 any day of the week
• Pay online
o Credit card
o Payment Gateways
o Prepaid Cards
o Net banking
• Pay Via Electronic Clearing Service
o ECS
o Auto Debit through Axis Bank (for Axis Bank Accountholders only)
o Standing Instructions on Credit Cards
• Pay in person
o MetLife Branches
o Easy Bill outlets
o Skypak Drop Boxes
• Payment at Axis Bank
o Axis Bank Branch & ATM Drop Boxes (All customers)
o Axis Bank ATM Machine (Axis Bank Accountholders only)
o Iconnect – the Axis Bank net Banking Facility (Axis Bank Accountholders only)
ii. What will happen if I do not pay the renewal premium by the due date?
There is a grace period provision of 30 days (15 days for monthly mode / all Met Health Care policies) after the due date for payment of your renewal premium. If the renewal premium is not received within grace period, the policy may lapse or be subject to non-forfeiture options. To bring a lapsed policy back in force, the policy owner will need to complete the reinstatement requirements which may include certain documents, medical tests and additional charges to be paid.
iii. What are the different modes of direct debit payments offered by MetLife?
Direct Debit payments can be made through
• ECS
• Auto Debit through Axis Bank for (axis Bank account holders)
• By setting up a standing instruction on your credit card.
You can refer to the following FAQs to get details about ECS as a payment mode.
iv. What is ECS (Electronic Clearance System)?
Electronic Clearing System (ECS) is a mode of electronic funds transfer from one bank account to another bank account using the services of a Clearing House. This can be used both for making payments which are recurring in nature like distribution of dividend, interest, salary, pension, insurance premium, etc.
v. When can a customer opt for ECS as a premium payment mode?
ECS as a renewal premium mode can be opted at the time of new business application or can also be opted during the tenure of the policy. If opted during the tenure of the policy, the ECS mandate should be submitted at the nearest MetLife Branch a minimum of 30 days prior to the next premium due date. The ECS mandate is available in ‘Download’ section of the website
vi. How does ECS work?
As per the premium due date, an intimation is sent to the designated bank to debit the policy holders bank account with the exact amount of the premium payable. The amount debited thereafter is remitted to MetLife and applied as policy’s renewal premium thereafter.
vii. Can I cancel ECS facility once availed?
Yes. You can choose to withdraw the ECS mandate at any time, but we must receive the request for cancellation at least 45 working days prior to the due date.
viii. What are the requirements to avail an ECS facility?
• Duly signed ECS mandate
• A cancelled cheque
ix. What are the benefits of ECS?
• Auto payment of your premium as per the premium due date.
• No need to issue cheques or prepare demand drafts.
• Regular visits to your branch location to pay your premium can be avoided.
• Reduced probability of your policy getting lapsed due to omission in making timely payments
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