Paytm has partnered with country's leading insurance provider LIC for seamless online premium payments. With this partership, Paytm says that it has becomes India’s largest online insurance premium payments platform. Paytm, which enables online premium payments for over 30 insurance companies, aims to achieve a run rate of 30-40 million policies by end of year.
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Expanding its insurance premium payment services portfolio, One97 Communications Limited, that owns the brand Paytm, India’s largest digital payments company has announced a strategic partnership with the country’s largest insurance firm – Life Insurance Corporation of India (LIC). With this association, customers can now make LIC insurance premium payments seamlessly on the platform in under a minute.
Kiran Vasireddy – COO, Paytm said, “Insurance premiums are mostly paid through offline mode in our country. At Paytm, we want our customers to have a seamless payments experience. Our partnership with LIC & other leading insurance providers will introduce millions of users to a simpler and faster method of renewing their insurance policy 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.”