Aviva Life Insurance and India Post today announced a nation-wide strategic partnership for National Premium Payment Service. Now, Aviva customers can make premium payments at any of the 8,294 computerized post offices across the country without any additional cost. 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, TR 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.
“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% growth, year-on-year. We hope to further accentuate this growth with the tie-up with India Post.”
On the occasion of the launch of this service, John Samuel, general manager – business development, department of Posts, said: “With 155,000 post offices, India Post has the largest network in the world. Now India Post has been providing e-Payment services to the customers and this facilitates the bill collection, especially insurance premium collection. With a 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 centralized 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.
