Kerala-based South Indian Bank ties up with ING Life to collect the renewal payments of the latter's insurance policies.

As per the tie-up, customers of ING Life can make the payment of their policy renewal premiums at any of the bank's branches spread across the nation.

The announcement regarding the launch of this service was made jointly by the SIB Executive Director M Valsan and ING Life Chief Operation Officer Ashwin.

The service will be available at all 530 branches of SIB. Initially payments for deposit premium would be accepted in cash and later payment options through cheques and drafts will be considered.

"Our customers will now find it convenient to pay their renewal premiums. It is the first service tie-up in Kerala, which is a very important market for us," said Ashwin.

Currently the bank has 298 branches in Kerala and two more are likely to set up in the coming time.

ING Life has been able to do a business of nearly Rs 38 crore in Kerala market through the first premium income. "We will have to see how the market unfolds in the coming months. There has been 40 percent increase in the premium income compared to last year, but market is uncertain now,"said Valsan.

ING Life is a part of the ING group.