Digital Wallet Company Paytm and Life Insurance Corp. have joined hands to allow customers to pay their premiums online. Paytm now has 29 insurance companies on its platform including LIC, ICICI Prudential Life, Reliance Life, Max Life Insurance, HDFC Life, TATA AIA, SBI Life, Aditya Birla Sun Life, Canara HSBC Life Insurance, Shri Ram Life and Star Health among others.
Paytm and its partnership with LIC will offer a simpler and faster method of premium payments for policy holders. While paying insurance premium through the Paytm app, one can also avail the benefit of several deals and offers. Also, Paytm gives the freedom of paying premium through debit card, credit card, net banking and Paytm Wallet.
How to Make LIC Premium Payment Online with Paytm?
To make LIC online payment through Paytm, just follow these short steps.
- Select the insurer as LIC of India
- Enter the policy number
- Your policy details like policy number, name of the policy holder, premium due date, number of the installment due and premium amount will reflect
- Pick insurance offers and promo code of your choice for exclusive Cashback & deals and then proceed for the payment
- Choose payment method of your preference
Online insurance market in India is over Rs 700 crore and is increasing every day. This is estimated to touch Rs 11,000 - 15,000 crore by 2020, which is an increase of nearly 20 times, according to the BCG report.