ECGC Health Insurance

ECGC Health Insurance

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ECGC Health Insurance Company

ECGC Limited, formerly known as Export Credit Guarantee Corporation of India was founded on the 30th of July, 1957. It is one of the oldest initiatives of the Government of India. The idea was initiated under the expertise of Mr. T.S Kapur, the finance minister of India in the cabinet of Pt. Jawaharlal Nehru. The first policy was issued on 14th October, 1957. The initial name was changed to Export Credit Guarantee Corporation of India Ltd. in the year 1983. It was in the year 2014 in August, that it was renamed as ECGC Ltd.

Apart from setting a base in providing credit Insurance support to Indian exporters, this company has also ventured into various other financial services. It started with the aim of covering the risk of exporting on credit to strengthen export promotion. Today, it stands as the seventh largest company in the world in terms of the export credit insurance market.

ECGC Health Insurance: Achievements

ECGC Health Insurance takes pride in being the seventh largest company in the world for export credit insurance. The company also has various other achievements added to its merit. In a span of 50+ years, it has achieved various notable records. It held a record of largest policy provided for short term which amounted to Rs. 450 Crores. Some of the other notable accolades include the largest database of buyers which added up to 8 lakhs, Largest credit limit (80 crores) , largest claim period (8 years) and quickest claim period of 2 day amongst many others. In the present day, ECGC has two branches in the Southern region and is spread in the Northern, Eastern and Western Regions as well.

ECGC Online Insurance Payment

As we are proceeding towards a digital age, ECGC has also always walked ahead with the times. It has evolved along with the changing needs of the consumers at every step. With the online payment option, it facilitates the convenience to many policy holders. The consumers do not need to stand in long lines for payment and renewals.

Since most of the users and policy holders are not as digitally advanced as the newer generations, the company has made it a point to keep its portal easy to use and extremely user friendly. There are various options available online for the functionalities of the ECGC Online Insurance Payment. Firstly, there is a recharge option available. Tracking the policies have also become very easy, thanks to the portal. The most integral function of the portal is that it provides various payment options, keeping in lieu with the convenience of the consumers. The details of all the policies are also elaborated upon on the portal and as a consumer; you can open a plethora of options with just a click.

The consumers can download proposal forms, credit limit application forms, and there are different sections for exporters and bankers. The portal is used by various consumers on a daily basis and it has become of the best features of the company to take benefit from.

ECGC Health Insurance Plans

ECGC has ventures into various sectors since its inception. The priority of the company is the convenience of their customers. The company is known to offer the best of services and products to its consumers.

We provide services that are divided on various different criterions. One category short term and turnover based, under which we have the SCR, SEP, SRC, ETP, CSA, and BWP. Another category covers Export Credit Insurance for Exporter and is short term as well as exposure based, under which there are policies ranging from SBEP, SITES, SME and SPP. There are many other services that you can take a look at below:

ECIE Short Term - Turnover Based

Shipments Comprehensive Risks Policy - (SCR)

The duration of this policy is of twelve months and it is eligible for exporters who have a yearly export revenue of 500 crores. The percentage of cover in this particular policy is 90%.

Small Exporters Policy - (SEP)

The duration of this policy is of twelve months and it is issued for exporters who have an annual export turnover of 5 crores. The premium which is payable will be calculated on the basis of projected exports with a minimum premium of Rs. 5000/- for the policy period.

Specific Shipment Policy-(SSP)

These policies can be availed by exporters who are not in current possession of a standard policy or a wholeturner policy.

Services Policy - (SRC)

These policies are eligible for Indian companies that draw contracts with foreign entities in return of professional or technical services.

Export Turnover Policy - (ETP)

Export Turnover Policy is for the advantage of large exporters who contribute a minimum of Rs. 10 Lakhs per annum towards a premium based policy.

Exports (Specific Buyers) Policy (BWP)

This policy provides cover for shipments which are offered to a particular buyer or on LC buying for openers.

Consignment Exports Policy (Stockholding Agent) - (CSA)

This is a one of a kind policy for Indian exporters which have an agreement with separate and independent entities

Buyer Exposure Policy (SBEP)

The Buyer Exposure Policy is for exporters who need insurance against political and commercial risks.

IT-Enabled Services Policy-Single Customer (SITES)

There is one policy available for one buyer and is issued for a period of twelve months.

Small And Medium Enterprise - (SME)

This policy was introduced by ECGC keeping in mind the SME sectors in the year 2008.

Software Project Policy (SPP)

The period of policy for SPP depends on the period of the contract and covers Commericial, Political as well as L/C Opening Bank Risks.

Construction Works Policy-(CWP)

This policy is for an Indian citizen who renders civil services abroad.

Specific Policy for Supply Contract

The Standard Policy does not exceed a period of 180 days. It covers Political, Commercial, LC Opening Bank Risks and the loss coverage is of 90%.

Specific Shipment Policy-(SSP)

This is eligible for exporters who secure contracts for supply of contract goods on the basis of deferred terms of payment.

Specific Services Policy-(SRC)

Under Specific Services Policy, ECGC offers a Comprehensive Risks policy as well as Political Risks Policy.

Letter of Credit confirmation Cover

When an Indian bank gives an approval to a foreign letter of credit, then the bank is bound to honour the drafts drawn by the beneficiary of the Letter of Credit without any recourse to him.

ECGC is one of the oldest initiatives in the country. It has succeeded in giving insurance to various exporters on various levels. Depending on the amount of export they do and the turn over their company has, ECGC offers various types of insurances. It also has a very user friendly online portal which helps consumers stay connected to their redemptions and premiums from anywhere in the world.

Special Coverage

- Buyers Credit cover

- Overseas insurance

- Customer specification covers

- Line of credit cover

- Factoring

- NEIA

Contact Address

10th Floor, Express Towers, Nariman Point, Mumbai ? 400021
Tel :022-56590512-515 Fax : 022-56590517 022-56590530

Export Credit Guarantee Corporation Health Insurance News

Linking Of Aadhaar With Insurance Policy Is Mandatory, Says IRDA

On Wednesday, 8th Nov 2017, the Insurance Regulatory And Development Authority Of India (IRDA) said that the linking of Aadhar number with insurance plans is compulsory and asked insurance companies to implement the statutory norms.

 “The Authority clarifies that, linkage of Aadhaar number to insurance policies is mandatory under the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017,” the IRDA said.

In the last June, the government of India had informed about the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017, making Aaadhar and PAN/Form 60 compulsory for getting financial services that include insurance also and asked policyholders and companies for linking the existing policies with the same.

In a discussion with all life and general insurance companies, IRDA said the rules have “statutory force” and they have to implement the rule without waiting for the further instructions.

Right now, there are 24 life insurers and 33 general insurance companies operating in the country.

Although, there are no deadlines that have been given by IRDA for the completion of the process, as per the circular, it has to be done as soon as possible. Some insurance companies also said that this can also result in the delay of payout in a few cases. Aadhaar is now also compulsory for financial transactions of Rs 50,000 and above. Likewise, one has to link one’s Aadhaar number with the mobile number latest by February 6, 2018.

Monday November 13, 2017

25% Policy Lapse Annually is Increasing the Asset Under Management (AUM)

As per the latest statistics by IRDA, almost 25% of people don’t care to renew their policies every year. This is more common with the insurance products that are of a low premium amount. Insurance giant LIC has earned 5,000 crores because of lapse of premium in the fiscal year (FY) of 2016-17. The same year it sold policies worth Rs. 22,178 crores, which is almost 44% of the market share. In the FY of 2017, out of 1.8 crore policies it sold, one third are expected to expire before the end of 2018.

Attribute to this loss goes to the agents who often sell insurance just to meet their targets. In some other policies, there are greater chances of misspelling as well. Agents intent to promote such products to increase their numbers and commission. In the west, such actions by the insurance advisers are managed by the clause of clawback. In countries like India, Insurance Industry is still at a nascent stage.

Policy lapse majorly contributes to increasing the ratio of AUM in the Industry. It’s even faster than the increase in the AUM in mutual fund Industry. Within a span of a decade, the mutual fund has grown ten times. In the case of the insurance sector, the ratio of increase is even higher. It has been growing at a pace of 11-14% every year. Life industries have witnessed exponential growth from Rs. 5.41 lakhs to Rs. 30 lakhs from 2008 to 2018. Reson for such a huge growth is the asset under management. Prime reason for the growth of AUM in insurance niche is the cessation in the policy.

These lapsed policies are a complete loss to the policyholders. If they don’t care to renew the policy within the year of purchase than they bear lose of the entire premium amount. The average rate of renewal every year is approximately 75-76%. All the lapsed policies contributes in increasing the AUM of the Insurance Industries.

Friday September 07, 2018

Insurance Sector Expected To Reach 280 $ USD By FY20

The insurance industry has always been considered an underdog for decades. Many people are not even aware of the benefits of some basic policies. Until 2001 only 2.71% of the market was captured by the Insurance sector. Within a span of sixteen years, it has penetrated to 3.7% in 2017. During the period of six years i.e. 2011 to 2017, there’s a 56% increase in this Industry.

In the Financial Year (FY) of 2017-2018, it has recorded the Gross premium of 72 billion USD.

The launch of revolutionary schemes like Ayushman Bharat has further accelerated this sector.

Pioneer float of such plans commits to cover Rs. 5 lakhs for about 10 crore poor families. This move will also generate lots of jobs for different skills that will improvise the economy and the employment rates.

There has always been needed for different Insurance coverage. Life and health are the most important things in a person’s life that need protection. Many people didn’t even know the wellbeing they can get by investing in the Insurance. By buying good insurance plan at a very low price, many families are already cherishing. This has also resulted in making Insurance more popular. Often neglected people are the poor segment of the society. Because of no coverage in Insurance their condition further deteriorates. However this new Insurance plan, Ayushman Baharat is designed to cover these strata of society.

Growing awareness among people has also contributed to the growth of the Insurance Industry. Other factors like increasing salaries, generation X and the changing ecosystem of self-care has further bestowed Insurance penetration. Ayushman Bharat, a flagship program by the government is the key benefactor for the Insurance sector. With the advent of such plans, Insurance Industry is expected to reach 280 Billion USD in the FY of 2019-2020.

Monday September 10, 2018

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