Tata AIG Life Insurance Company (Tata AIG Life), on Thursday became the first life insurance company in India to launch the National Electronic Funds Transfer (NEFT) mode for payment of renewal premiums by tying up with Citibank to offer this payment option.
Citibank's customised offering will allow Tata AIG Life policy-holders to pay their renewal premium through the net banking facility directly from their bank account held with any NEFT-enabled bank branch in India, a press release issued here said.
Tata AIG Life's Managing Director, N Suresh, said that "the service is yet another initiative taken by Tata AIG Life to provide value-added services to its customers."
Citi India's Product head of Treasury and Trade Solutions, Global Transaction Services, V Dinesh, said that "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."