Tata AIG ties up with Citibank for Premium

August 6th, 2009 - 7:43 pm ICT by IBNS  

Kolkata, Aug 6 (IBNS) Tata AIG Life Insurance Company Limited (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 customized 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.

M Suresh, Managing Director, Tata AIG Life Insurance Company Limited 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 realization 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 endeavor and will help us to service our customers better.”

V Dinesh, Product Head of Treasury and Trade Solutions, Global Transaction Services, Citi India said, “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”.

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