State-run Life Insurance Corporation of India (LIC) has collaborated with homegrown payments player Paytm to facilitate its digital payments. Following a collaboration with another payment gateway prior, the country’s largest life insurer has sought a new deal as the majority of its payments have moved to digital modes.
The new agreement needs an easy payment process, a broader range of payment options, and more players (wallets, banks, etc) in payment channels.
LIC has witnessed an upsurge in e-payments following the COVID-19 situation. The PSU insurer collects premiums worth Rs 60,000 crore through digital mode, which doesn’t comprise payments made through banks.
