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Aegon Religare Life Insurance (ARLI) has tied up with YES Bank to use the branch distribution network for insurance premium collection from its customers.
The objective of this initiative is to offer customers with another convenient mode to pay their renewal premium and new business premium across the network of YES Bank branches, the company said in a statement today.
Customers can walk in to any of the 130 YES bank branches, which will accept the premium, during the local banking hours and pay their life insurance premium by cash or through a local cheque or demand draft.
Customers need to simply fill in the deposit slip, mention his policy number, name and contact number on the reverse of the instrument. The acknowledgement receipt for the premium payment is received immediately, upon payment across the bank counter.
Yateesh Srivastava, Chief Operating Officer of ARLI, elaborates on the tie-up. “About 130 branches of YES Bank will accept ARLI premium at no extra cost to the customer. The bank accesses real-time data of a particular policy and simply collects the due premium. We’ve ensured that the customer details are secured and do not transfer from or to any of the YES bank branches. Any new branches added by YES Bank will be made available to our customers to make the renewal premium payment,” he said.
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