ING Life, part of the ING Group, today announced its tie-up with South Indian Bank (SIB), one of the leading banks in south India, to collect insurance policy renewal payments.
Speaking on the occasion, ING Group Chief Operating Officer Ashwin B said customers of the ING Life could now pay their renewal premium at any of the 530 SIB branches spread across the country.
The facility would provide an impetus to the company, specially in Kerala, where its customers would now have access to 332 branches to deposit their renewal premiums, he added.
Initially the tie-up would allow ING Life customers to deposit their renewal premium in cash and later the payments would be accepted in cheque and demand draft.
SIB Executive Director M Valsan said '' with all our branches connected under the robust 'core banking' technology, the bank is geared up to offer various cash management services to our partners and customers.''