Life insurance reported strong (26-47%) growth in individual annualised pre...
Mr. Vinesh venugopal Nair, Vice President – Global Marketing and Communications, Xpress Money Services Limited, announced that they plan to launch a 30 days life insurance cover to their customers who remit money using the services of their company. This insurance cover will be for Rs. 2 lakhs and will be provided at free of cost as an additional benefit for those who avail their remittance services. They plan to launch it in the Middle East first before taking it to other locations including Europe.
Xpress Money Services Limited, a worldwide currency transfer trade name, which has 20% share in USD 25 million cash to cash transfer of funds market has also stared operation in cash to card remittances wherein customers wanting to remit money into India can now forward it directly into the card. This card can also be used as a debit card and be access to all ATMs
Mr. Nair further added that this scheme is the part of the ‘Corporate Social Responsibility’ (CSR) activities undertaken by their Company, as there are many instances wherein people have lost their life working in complex running environment.
For above, the company has tied up with Union Insurance company to offer the proposal and will first be introduced for customers in Middle East and then gradually move to customers at other parts of the world.
The Company has entered into the agreement with ICICI Bank and Punjab National Bank for cash to card remittance services and is also in talks with other banks offering similar services.