#Virukipolicy | T&C*
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 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.
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 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:
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%.
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.
These policies can be availed by exporters who are not in current possession of a standard policy or a wholeturner policy.
These policies are eligible for Indian companies that draw contracts with foreign entities in return of professional or technical services.
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.
This policy provides cover for shipments which are offered to a particular buyer or on LC buying for openers.
This is a one of a kind policy for Indian exporters which have an agreement with separate and independent entities
The Buyer Exposure Policy is for exporters who need insurance against political and commercial risks.
There is one policy available for one buyer and is issued for a period of twelve months.
This policy was introduced by ECGC keeping in mind the SME sectors in the year 2008.
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.
This policy is for an Indian citizen who renders civil services abroad.
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%.
This is eligible for exporters who secure contracts for supply of contract goods on the basis of deferred terms of payment.
Under Specific Services Policy, ECGC offers a Comprehensive Risks policy as well as Political Risks Policy.
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.
- Buyers Credit cover
- Overseas insurance
- Customer specification covers
- Line of credit cover