New Delhi: Life Insurance Corporation and Paytm have tied up, offering e-payment facility to the policy holders. Now, LIC policy holders can pay their premium using Paytm. You can pay policy premium or any kind of policy related payment through Paytm.
LIC has appointed Paytm to provide all its digital payment facilities. After the agreement with several other payment gateways, LIC has tied up with Paytm as most of its payments have gone into digital mode.
According to the news published in the Times of India, 17 payment gateways had bid for LIC's digital payment facility, while the deal eventually went to Paytm for the latter's strong presence in multiple payment services. The new agreement will make the payment process easier, more payment options will be available and more players like wallets and banks will be involved in it.
According to the report, LIC saw a sharp jump in digital payments during the COVID epidemic. During this period, LIC collected a premium of Rs 60,000 crore through digital mode, while it does not include the payment made from the bank. These are about 8 crore transactions, which is expected to grow further.
LIC holders will be able to pay premium payments via Paytm. LIC can collect all types of collections in a digital way, including remittance collections from insurance agents.