After a huge success, payments company Paytm now has entered into an agreement with LIC to provide seamless insurance payment services via its platform.
The partnership enables the company to become the country's largest online insurance premium payments platform. Also, in addition it serves more than 30 insurers that include LIC, Reliance Life, SBI Life, ICICI Prudential Life, HDFC Life, Max Life Insurance, Canara HSBC Life Insurance, TATA AIA, Aditya Birla Sun Life, Star Health and Shri Ram Life, among others.
While, it has already become as the preferred payment route for several insurance customers, the rate is likely to take a further northward trend by the end of the ongoing financial year.
"At Paytm, we want our customers to have a seamless payments experience. Our partnership with LIC and other leading insurance companies will introduce millions of users to a simpler and faster method of renewing their insurance policies online, using their preferred mode of payment on the Paytm app in the most seamless manner. We will continue to educate customers on the benefits of using online payments, and introduce them to a host of benefits provided by our platform", Kiran Vasireddy, COO, Paytm, is quoted as saying in one of the financial dailies.
And, using the platform, LIC customer will be able to pay premiums towards existing policies in a minute's time.