One step more towards the ‘Digital India Movement’, the Life Insurance Corporation of India (LIC) has joined hands with Paytm. Now, its customers will be able to avail the services of digital payment.
The insurance giant has now introduced a fresh contract as it is providing its customers more and more payment services in digital mode.
Well, the new contract mentions a smoother payment process, a wider variety of payment options are now geared up to knock on your doors as well as a wider scope of facilities such as banks, wallets, etc in the payment channels.
Well, according to a report of TOI, there were 17 payment platforms bidding to go with the LIC. But as Paytm deals in a plethora of payment services, this feature indeed worked in the most apposite favor while other platforms predominantly deal in some specific segments like UPI or cards.
The point to be noted is that the LIC has been witnessing a magnanimous change since the outbreak of the Corona pandemic. The company now receives up to Rs 60,000 crore of premium collection from the digital mode excluding the payments made through banks.
It deals in approximately 8 crore digital transactions, which is even being anticipated to rise sharply.
LIC has also stepped towards the automation of some processes.
