Aviva Life Insurance and India Post, today, announced a nation-wide strategic partnership under which Aviva customers can make payment of premiums 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.
T R Ramachandran, CEO and MD of Aviva said ? The tie-up with India Post will make it convenient for customers to pay their renewal premiums on time ensuring that the policy continues and will result in lower lapse rates.? He said 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 and hope to increase it further with the tie-up with India Post?, he said.
John Samuel, General Manager -Business Development, Department of Post said ?With 1,55,000 post offices, India Post has the largest network in the world. Now India Post has been providing e-payment services to the customers which facilitates bill collection, especially insurance premium collection, he added.