Mobile payments app Paytm has become very popular in India since demonetization in 2016. It’s being widely accepted as a mode of payment across the country. With Paytm, you can not only send and receive money from your friends, but can also buy products, pay bills, and do recharges. But, you can now use Paytm for one more thing – paying LIC Premium.
Paytm has announced its partnership with LIC (Life Insurance Corporation) to let its users pay for their LIC Premiums right from within the app. Paying for your LIC Premium is pretty easy: Just select the ‘LIC’ option from the home screen of the app, select your policy, enter the amount, select payment method, and you are done.
You can use Net Banking, Debit/Credit Cards, UPI, or Paytm Wallet to pay for your LIC Premium using Paytm.
In addition to LIC, you can also pay your insurance premium for more than 30 companies using Paytm, some of which are listed below:
- ICICI Prudential Life
- Reliance Life
- MAX Life
- HDFC Life
- SBI Life
- Aditya Birla Sun Life
- HDFC Ergo General
- Canara HSBC OBC
- Aegon Life
“Insurance premiums are mostly paid through offline mode in our country. At Paytm, we want our customers to have a seamless payments experience. Our partnership with LIC & other leading insurance providers will introduce millions of users to a simpler and faster method of renewing their insurance policy 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.” said Kiran Vasireddy, COO, Paytm.
