Now, SMS to pay your life insurance premium

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DELHI, 30 July 2007: You could be soon buying insurance and other financial products with a click of a finger. SMS crazy Indians now just need to send a text message to pay the premium for their insurance policy.

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 an SMS. The company feels this mode of payment will help reach out to more customers.

Rahul Agarwal, VP – Customer Services, ING Vysya Life Insurance said, “It will help boost sales and will provide easy solutions to customers.”

However, this service is currently available only for those who hold an account with Citibank or Corporation Bank.

Ajay Adiseshann, Founder & MD, Paymate said, “We will be tying up with other banks.”

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.

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