Softbank-backed, digital payments service provider, Paytm (One 97 Communications Limited) has partnered with the Life Insurance Corporation of India (LIC) to offer online insurance premium payments on its platform.
. Paytm now has 30 insurance companies on its platform including LIC, ICICI Prudential Life, Reliance Life, Max Life Insurance, HDFC Life, TATA AIA, SBI Life, Aditya Birla Sun Life, Canara HSBC Life Insurance, Shri Ram Life and Star Health among others.
Key points:
i. A simpler and faster method of premium payments will be offered through the Paytm app with the freedom of paying premium through debit card, credit card, net banking and Paytm Wallet, besides availing the benefit of several deals and offers.
ii. Life insurance sector in India is the biggest in the world in terms of policy count with about 360 million policies. It is expected to increase at a Compound Annual Growth Rate (CAGR) of 12-15 % over the next five years. The insurance market is also expected to quadruple over the next decade from its current size of US$ 50 billion.
About Paytm and LIC
♦ Paytm Chief Executive Officer: Vijay Shekhar Sharma
♦ Paytm Headquarter: Noida
♦ Life Insurance Corporation Chairman: V.K. Sharma
♦ Life Insurance Corporation Headquarters: Mumbai