Life Insurance Corporation of India (LIC) has now made premium payments easier for its customers. LIC has joined hands with Paytm for this. According to media reports, Life Insurance Corporation of India has authorized Paytm for digital payments. The first LIC agreement was with the second payment gateway. Most payments to the company are now received through digital medium.
The company has said that the payment process will be simplified under the new contract. Customers will be given more options for payment. For this, the company will tie up with more banks and wallets for payment channels. According to sources, 17 payment platforms had bid for it, but Paytm won. Paytm has experience in many payment services, which also strengthens its hold in UPI and Cards segment.
Due to Corona virus, the speed of digital payment in LIC has increased rapidly. The company receives Rs 60,000 crore through premium digitization. This does not include the premium through banks. LIC has 8 crore digital transactions.
