Aviva Life ties up with India Post for premium collections
06 Oct 2009
Hyderabad: Life insurer Aviva and India Post today announced a nation-wide tie up to enable Aviva policy holders pay their insurance policy premiums at post offices.
Through this 'national premium payment service' Aviva customers can pay their premium dues at any of India Post's 8,294 computerised post offices across the country without any additional cost. The post offices will also issue receipts after crediting the payments.
The premium amount collected by the post offices will be transferred to Aviva through e-payment system of India Post. This service is available with immediate effect.
Speaking on the occasion, T R Ramachandran, CEO and MD Aviva India said, ''The tie-up with India Post is part of our customer centric initiatives to make it convenient for customers to pay their renewal premiums on time ensuring that the policy continues and the objective of protection or savings is met. This will result in higher persistency and lower lapse rates.''
Ramachandran added, ''The industry is increasingly focusing on strengthening the renewal premium mechanism and this is the key to the profitable growth of an insurance company. At Aviva, we have increased our focus on renewal premiums, resulting in an over 50 per cent growth, year-on-year. We hope to further accentuate this growth with the tie-up with India Post.''
John Samuel, general manager, business development, department of posts, ''With 155,000 post offices, India Post has the largest network in the world. Now India Post has been providing e-payment services to customers and this facilitates the bill collection, especially insurance premium collection. With good technology support, e-payment services of India Post will process the insurance premium payments instantly and the payment will be made to Aviva at a centralised location.''
Aviva customers can simply visit any of the post offices with their renewal premium notices. Receipts would be issued by the post office staff after crediting the payment.
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