Appended below is the quote from Mr Karni Singh Arha, Chief Financial Officer, Aviva Life Insurance on the one year of demonetization impact on the insurance sector.
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“Life insurance premiums are sourced in three ways: cash, cheque and online payment. Of course soon after demonetization the industry witnessed a sharp spike in cash payment of premiums but over time we have seen even households from Tier-2 cities that preferred cash getting comfortable with NEFT and ECS mandate. This huge behaviour change has significantly improved contactibility and will reduce unclaimed funds.” Says Mr. Karni Singh Arha, Chief Financial Officer, Aviva Life Insurance.
