Now, pay for insurance through a simple SMS

New Delhi: You could be soon buying insurance and other financial services with the touch of a finger. Paying the premium for your life insurance cover is now as simple as typing a text message.
ING Vyasa life insurance has tied up with Paymate India to provide the first of its kind premium payment service through a mobile SMS. The company feels, this mode of payment, will help them reach out to more customers.
"Now you can pay insurance premium via SMS. The entire base of mobile customers is very high in India and is going up rapidly. This will make it easier for customers to pay premium,” said Rahul Agarwal, Vice President - Customer Services, ING Vysya Life.
However this service is currently available only for those who hold an account with Citibank or corporation bank."We already have two banks in the kitty and we are looking forward to adding another 3-4 banks in this quarter. Very soon at least half a dozen bank customers would be able to pay their insurance premiums using the SMS service on their mobile phones,” Ajay Adiseshann, Founder & MD, Paymate said.
And while ING Vysya life insurance has gone ahead to facilitate SMS payment, others are making a start to provide financial advisory on SMS.
Aviva life insurance has tied up with Affle to enable people to get in touch with an Aviva agent, through an SMS. They plan to introduce a host of insurance guidance services over a mobile phone. Just through an SMS you can know how much damage you will do to your pocket by delaying your retirement planning.
No more cutting cheques and standing in queues to pay your premium. and no more appointments with the agent for your financial planning. Life insurance companies are now looking at innovative methods to reach out to a larger younger customer base.
SOURCE: IBNLIVE.com