Private sector insurer Aviva Life Insurance today announced a nation-wide strategic partnership with India Post, which will help it collect its premium through post offices.
Now, Aviva customers can make premium payments at any of the 8,294 computerised post offices across the country without any additional cost, the company said in a statement.
The premium amount collected by the post offices will be transferred to Aviva through e-payment system of India Post, it added.
Speaking on the occasion Aviva India CEO and Managing Director T R Ramachandran said, the tie-up with India Post will make it convenient for customers to pay their renewal premiums on time ensuring that their policy continues.
"The industry is increasingly focusing on strengthening the renewal premium mechanism and this is the key to the profitable growth of a company. At Aviva, we have increased our focus on renewal premiums, resulting in an over 50 per cent growth, year-on-year," he said.
"We hope to further accentuate this growth with the tie-up with India Post."
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Aviva customers can visit any of the post offices with their renewal premium notices. Receipts would be issued by the post office staff after crediting the payment, department of posts GM (Business Development) John Samuel said.
With 155,000 post offices, India Post has the largest network in the world.
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, which will be made to Aviva at a centralised location, Samuel added.