Export Credit Guarantee Corporation of India Special Insurance Schemes
Export Credit Guarantee Corporation of India limited is a government of India enterprise which provides export credit insurance facilities to exporters and banks in India. It functions under the administrative control of ministry of commerce and industry. It is managed by board of directors comprising representatives of the government, Reserve Bank of India, banking, and insurance and exporting community. Export Credit Guarantee Corporation of India provides various credit risk insurance products to suit the requirements of Indian exporters and commercial banks.
Various special insurance schemes provided by the organization are described below:
- Factoring: It is available for micro small & medium enterprises. It is a package of financial products which consist of working capital financing, credit risk protection, maintenance of sales ledger and export receivables from the buyer located abroad.
- Buyer Credit Cover Policy: Buyer's credit is a credit extended by a bank in India to an overseas buyer enabling the buyer to pay for machinery and equipment that he may be importing from India for a specific project. This policy is designed to protect the lending banks from certain risks of non-payment.
- Lines of credit cover: A Line of Credit is a credit extended by a bank in India to an overseas bank, institution or government for the purpose of facilitating import of a variety of listed goods from India to overseas countries. A number of importers in the overseas country may be importing goods under one Line of Credit and this scheme is meant to protect lending banks from certain risks of non-payment.
- National Export Insurance Account (NEIA): It has been set up by the Indian government to facilitate medium and long-term exports, which are also commercially viable.
- Overseas investment Insurance: This policy is meant to provide protection to the Indian investments abroad. The investment may be either in cash or in the form of export of Indian capital goods and services. The cover would be available for original investment together with annual dividends or interest receivable. The risks of war, expropriation and restriction on remittances are covered under the scheme.
- Customer specific insurance cover policy: In order to cater to the specific needs for export credit insurance cover of reputed large value exporters which otherwise could not be fully addressed under any one of standard products, customer specific policies have been introduced and are issued to large exporters on a selective basis on the merits respective requests for such cover.
One can study various credit insurance policies issued by Export Credit Guarantee Corporation of India in order to understand types of policies offered. Further, one can make comparison between different available policies before choosing the particular policy.
Export Credit Guarantee Corporation of India Special Insurance Schemes - FAQs
1. How to pay a premium? What are the modes of payment available?
The Export Credit Guarantee Corporation of India Ltd offers different policies for short term and long term that supports the exporters again various risks of exporting the articles. It covers them against various commercial as well as political risks.
2. How can I check policy status for Export credit guarantee corporation of india special insurance schemes?
You can contact the nearest branch or call on the customer care it helps the banks to protect against risks of providing guarantees to various small, medium and large exporters.
3. What is the policy renewal process for Export credit guarantee corporation of india special insurance schemes?
You can visit the branch personally or ask support from the customer care. The customer care officer will help and guide you for the same.
4. What is the company’s process to settle claim for Export credit guarantee corporation of india special insurance schemes?
You need to intimate the company on the toll free number or write the company on the customer care mail id that is webmasters@ecgc[dot]in.
5. What is the policy cancellation process for Export credit guarantee corporation of india special insurance schemes?
For the cancellation of the policy, just visit the nearest branch. Or you can call on toll free number. The customer care executive will help you.
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Export Credit Guarantee Corporation of India Special Insurance Schemes Reviews
My export credit guarantee corporation of india special insurance schemes is fantastic. The policy plan is very nice with low premiums. The policy coverage is ~89% and claims are good. Perfect policy for future investments and the policy saves taxes also. The behaviour of the executives and staff members are good. Daily updates are mailed to me time to time.