Question

According to IRDA regulations, what are the approved methods for premium payment?

a.

Cash only

b.

Cheque or demand draft only

c.

Any recognised banking negotiable instrument, cash, postal money order, credit/debit card, cash deposit, bank guarantee, direct credits, online fund transfer, or any other methods approved by IRDA

d.

Only online fund transfer from the bank account through the internet

Answer: (c).Any recognised banking negotiable instrument, cash, postal money order, credit/debit card, cash deposit, bank guarantee, direct credits, online fund transfer, or any other methods approved by IRDA Explanation:According to IRDA regulations, premium payment to an insurer may be made by any recognised banking negotiable instrument, cash, postal money order, credit/debit card, cash deposit, bank guarantee, direct credits, online fund transfer, or any other methods approved by IRDA. These methods provide flexibility and convenience to policyholders for paying their premiums.

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Q. According to IRDA regulations, what are the approved methods for premium payment?

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