ING Vysya to tie up with e-suvidha in UP

ING Vysya Life, part of the ING group, has plans to tie up with e-suvidha for the payment mode of its renewable premium payments for life insurance in Uttar Pradesh. The company is in negotiation with the authorities and may implement the project soon.

"Just like electricity/ telephone bills etc, people will be able to deposit their premium checks through e-suvidha counters. This will surely boost the persistency factor of insurance holders and cut down on drop-outs," Syed Sarfaz Ahmed, regional vice-president for Central and East India told Business Standard.

e-suvidha facility (Single Window Clearance facility) is presently available at selected counters in Lucknow, and is likely to be operational in other cities like Allahabad, Gorakhpur and Banaras.

The company also launched its new unit-linked product, the ING Guaranteed Growth Plan. The plan offers 5 per cent guaranteed return on premiums invested with an upside potential of investing in equity markets.

The ING group is planning to open about 20 branches across the central region, out of which, 10 are likely to be in Uttar Pradesh. The openings, to be made in the next 6 months, are likely to be at Farrukabad, Rae Bareily, Faizabad, Sitapur, Aligarh, Agra, Meerut, Mathura and Etawah.