To facilitate digital payment, LIC has appointed Paytm. The Mumbai-based insurance company is going to shift to digital payments modes. There will be wider variety of payment options and options in the payment channels.
In total, 17 payment platforms bid for this partnership, according to sources. Other platforms were dominant is specific segments but Paytm, having the ability to offere multiple payment services, had an edge over them.
Because of Covid pandemic, there has been a significant increase in the number of online payment by the LIC customers. From digital modes alone, it collects about 60,000 crore of premium from 8 crore digital transactions.
LIC doesn’t just plan on providing solutions for premium payment but for many other types of collections and remittance of collections too. Automation of some processes involved in it.