Visa Debit and Credit card holders will now be able to pay their insurance premiums in a much easy way. As many as 20 insurance companies have tied up with Visa so as to allow premium payment for both life insurance and general insurance policies.
The companies participating in this tie up are Aegon Religare, Bajaj Allianz Life Insurance, Bajaj Allianz General, Bharti AXA Insurance, Birla Sunlife, Future Generali, HDFC Ergo, ICICI Lombard, ICICI Prudential Life Insurance, IDBI Fortis, ING Vysya, Kotak Life Insurance, Max New York Life, Metlife, Reliance General, Reliance Life, Royal Sundaram, SBI Life, Tata AIG General and Tata AIG Life Insurance.
Visa said. Customers having policies with these companies can now pay their premiums online using during the website www.visabillpay.in or the participating insurance company websites.
Previously the modes of premium payment available were check pick up, cash/ cheque etc.
Other than the internet there are other facilities too that are covered in the process. Customers can make payments over the phone through the call centers of their insurance companies or can teach their banks to make regular payment of their premiums through their Visa cards.
The insurance companies will be benefited as their operational good organization would increase due to timely receiving of insurance premiums. The other benefits that would be achieved by the insurance companies are reduced managing costs due to automated payment process. Thus the customer service would be increased and so would his observation.
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