State-run Life Insurance Corporation of India (LIC) has appointed homegrown payments player Paytm to facilitate its digital payments. Following a tie-up with another payment gateway earlier, 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 requires 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 pandemic. The PSU insurer collects premiums worth Rs 60,000 crore via digital mode, which doesn’t comprise payments made through banks.
Important takeaways for all competitive exams:
- LIC Chairperson: M R Kumar;
- LIC Headquarters: Mumbai;
- LIC Founded: 1 September 1956;
- Paytm HQ: Noida, Uttar Pradesh;
- Paytm Founder & CEO: Vijay Shekhar Sharma;
- Paytm Founded: 2009.