Cheque Payment Process


Payment via cheque – This payment method involves check as method of premium payment.

No – instances where customer does not agree to cheque payment; POS will suggest the following.

Follow policy issuance process for online & cash – POS will intimate online or cash payment for the issuance of the policy.

Yes – Customer agrees for cheque payment.

Customer inserts cheque details & OTP in the review page – Customer will be required to insert the check details such as cheque number , issuance date on the proposal review page.

Second OTP & cheque details sent to customer for reconfirmation – post successful review page submission customer will again be sent OTP for reconfirmation of the cheque details. Second OTP will confirm the cheque details provided by the customer.

Customer enters OTP and creates proposal – Post satisfactory review; customer enters the second OTP provided and creates the proposal.

POS updates system to acknowledge the cheque receipt – POS is required to confirm whether it has received the physical copy of the cheque in the system.

Deposit slip- The system in-turn triggers deposit slip & policy (Downloaded at POS’s system and sent to customer via email).

POS deposits the cheque in the bank along with deposit slip – POS is required to deposit the cheque in the bank along with the deposit slip provided while POS updated the physical custody of the cheque.

Cheque Deposited ? – This step confirms whether cheque has been deposited in the system or not?

No – This step outlines the result of the non submission of the cheque provided by the customer for the policy issuance.

Insurer cancels the policy & intimates SMC with cancelled policy data – Non deposition of the cheques by the POS will result in the cancellation by the insurer.

Yes – Check has been deposited in the insurers account.

Cheque Cleared ? – This step is to confirm the credit of the premium in the insurers account.

No – in case of cheque has been dishonoured by the bank.

Insurer cancels the policy & intimates SMC with cancelled policy data – Non receipt of the premium via cheques will result in the cancellation of policy by the insurer.

SMC operations updates data & informed POS of cancellation – in case cheque has not been honoured by the bank , SMC operations team will update the MIS & update the POS about the status of the policy.

SMC Ops updates systems & intimates POS – SMC operation team will update the policy status in the system and intimate the POS on the failed policy payments.

Cheque Cleared ?– confirm the status of the cheque.

Yes– if cheque has been cleared and premium deposited in the insurer’s account, following steps will ensue.

Insurer update data with SMC operations – Insurance company will update the SMC operations about the status of the active policies. MIS report of policy issuance / cancellation will be shared with the SMC operations team regularly by the insurance company.

Welcome email sent by SMC to the customer – Post successful policy issuance; SMC system shall send welcome mail to the customer will policy details.

STOP- Process ends for check payment