Financial Daily from THE HINDU group of publications
Friday, May 19, 2006
Financial Daily from THE HINDU group of publications Friday, May 19, 2006 |
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Money & Banking
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Life Insurance Industry & Economy - Social Security Marketing - New Products & Services LIC, UTI Bank launch annuity card Our Bureau
FOR PENSIONERS: Mr P.J. Nayak, Chairman & Managing Director, UTI Bank, (left) and Mr T.S. Vijayan, Chairman, LIC, at a press conference in Mumbai on Thursday. — Shashi Ashiwal
Mumbai , 18 May LIC has tied up with UTI bank to launch a pre-paid annuity card for disbursement of pension or annuity to customers of the corporation. The card, currently for pensioners in Mumbai, would be a debit card with validity of 10 years. It would be loaded with the annuity payment whenever it is due. At present, LIC has 4 lakh customers under its group pension scheme and 9 lakh, under individual pension policies. The new card is an international one and can be used at all VISA-enabled and UTI Bank ATMs. It can also be used at VISA-enabled merchant outlets across India and abroad. Customers do not require accounts with UTI Bank to avail the card. The card would be functional as any other debit card with purchasing capability up to the balance available in the account. The bank's centralised database would enable customers to access their accounts. There would be "zero lost card liability" in case of loss, theft or unauthorised usage of card. The bank has plans to introduce annuity cards in other urban and semi-urban towns, in the future, Mr T.S. Vijayan, Chairman, LIC, said at a press briefing here today. "Just as it would lead to a host of benefits to the customers, it would lead to enhanced operational efficiency for LIC," Mr P.J. Nayak, CMD, UTI Bank, said.
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