Mumbai: Tata AIG Life Insurance Company (Tata AIG Life) today became the first life insurance company to launch NEFT mode for payment of renewal premiums by tying up with Citibank to offer this unique customer-friendly payment option. Citibank’s customised offering will allow Tata AIG Life policyholders to pay their renewal premium through the net banking facility directly from their bank account held with any NEFT-enabled bank branch in India.
Speaking on the occasion, M Suresh, managing director, Tata AIG Life Insurance Company said, “The service is yet another initiative taken by Tata AIG Life to provide value-added services to its customers. The objective of launching NEFT is to facilitate our customers to make hassle-free premium payments from anywhere across the globe instantly. The advantage of NEFT lies in the fact that realisation of funds will be much faster than the other conventional modes of premium collection. We are positive that the initiative will prove to be a fruitful endeavour and will help us to service our customers better.”
Commenting on the development, , V Dinesh, product head of treasury and trade solutions, Global Transaction Services, Citi India said, “We are happy to bring to bear our vast experience in transaction banking services and partner Tata AIG Life in offering a unique solution for making premium payments through the NEFT platform. Our solution enables near time updation of policy holder’s accounts on Tata AIG Life’s billing system. With over 57,000 branches participating on NEFT platform, we see this channel becoming the preferred mode for C2B payments in the coming years”.