Following its tie-up with LIC, Paytm claims to have become India’s largest online insurance premium payments platform.
Good news for the LIC customers. You can now pay the premium of your LIC policies through Paytm too. Paytm has, in fact, joined its hands with the Life Corporation of India, the nation’s largest insurance provider, for seamless online premium payments within a minute, One97 Communications Ltd, that owns the brand Paytm, has announced.
Following this tie-up, Paytm claims to have become India’s largest online insurance premium payments platform. According to the company, the platform provides easy online insurance premium payment solutions for over 30 insurance companies, including 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.
The company says that Paytm is fast becoming the preferred platform to make online insurance premium payments among users and is projected to achieve a run rate of 30-40 million policies by the year-end.
Talking about this tie-up, Kiran Vasireddy, COO, Paytm, said that in India insurance premiums are mostly paid through the offline mode. “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.”
It may be noted that India’s life insurance sector is the biggest in the world in terms of policy count with about 360 million policies. It is expected to increase at a CAGR of 12-15% over the next 5 years. The insurance market is also expected to quadruple over the next decade from its current size of $50 billion.