Paytm subsidiary gets IRDAI’s brokerage licence to offer insurance products

Indian digital payments platform Paytm’s subsidiary, Paytm Insurance Broking, has received the brokerage licence from the Insurance Regulatory and Authority of India (IRDAI). Paytm will now offer insurance in various categories namely automotive, health and life. In addition to this, Paytm customers can also get policy management and claim settlement at select merchant points.

Paytm Insurance Broking aims to support its 16 Million merchant partners to sell its innovative insurance products all over India. Also, it aims to expand the outreach of its products in a hassle-free manner and empower the merchant by providing an alternate income source. Paytm has already partnered with 20 insurance companies and is now planning to get an additional 30 companies in future.

Important takeaways for all competitive exams:

• The parent organization of Paytm: One97 Communications.
• Headquarters of Paytm: Noida, Uttar Pradesh.
• President of Paytm: Amit Nayyar.

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