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22-07-2017
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SBI Life partners with AP Online for renewal premium collection

Keywords : SBI Life AP Online Life Insurance Premium 

SBI Life Insurance, a leading new generation life insurer, has partnered with AP Online, a joint venture between TCS and government of Andhra Pradesh. The alliance will enable SBI Life customers to conveniently make renewal premium payment through AP Online̢۪s 1500 franchisees widely spread across the state. The service does not require the customer to go through any lengthy process of registration. The franchisees, penetrated even in rural geographies of the states, are equipped to facilitate cash collections up to Rs. 49,999/- and to deliver the acknowledgement receipt immediately.

The agreement was signed by Shri Anand Pejawar, Executive Director, Marketing, SBI Life and Col .S.S Rao, COO, AP Online Services, Hyderabad. Mr Pejawar commented, The association will add new dimension in the way premiums are collected for SBI Life in the state of Andhra Pradesh. We are confident that the service would benefit our customers for its simplicity and convenience.

SBI Life Online Premium at AP Online

The franchisees of AP Online services, handling voluminous collection transactions of utility payments, have high acceptance amongst the citizens of Andhra Pradesh. The premium collected from SBI Life policy holders by the Franchisee will be remitted to SBI Life within 24 hours through electronic fund transfer mechanism.

Further, SBI Life has a wide range of renewal premium payment options for its policyholder which include Online Payment Facility through SBI Life̢۪s website, Customer Self Service Portal ̢۪Mypolicy̢۪, 16,000 branch network of the State Bank Group, Electronic Clearing Services (ECS), Direct remittance at SBI life Branch, SBI ATMs, Standing Instructions on Credit cards and Skypak drop box.

SBI Life has moved up to 1st rank in YTD FY 11, in new business premium, in the private sector life insurance segment, as per the latest IRDA report September 2010. The company has a market share of 19.03% among private life insurers and a total market share of 5.09%.

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