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Kochi, Feb. 25 ING Life on Wednesday announced a tie-up with South Indian Bank to collect insurance policy renewal payments for ING Life customers. The service was jointly announced by Mr M.Valsan, Executive Director of South Indian Bank, and Mr Ashwin B., Chief Operating Officer, ING Life.

Mr Ashwin said that the company’s customers would now find it extremely convenient to pay their renewal premiums thus providing them with an easier experience. Initially, the tie up will allow ING Life customers to deposit their renewal premium in cash. Later, the payments will also be accepted in the form of cheque and demand draft. Customers will be issued a deposit receipt over the counter. The extensive branch network of South Indian Bank will make it very convenient for customers to deposit renewal premium, he said. Mr Valsan said that with all the branches connected under the core banking technology, the bank is geared to offer various cash management services to partners and customers. The bank would like to extend the facility to Internet customers shortly.

Referring the insurance market in Kerala, Mr Ashwin said that the company had collected Rs 38 crore as first premium income in the current fiscal as the customer base is growing in the State.

(This article was published in the Business Line print edition dated February 26, 2009)
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