LIC encouraging India towards digital payment system Life Insurance Corporation (LIC)

LIC is a common name in every household of India. It is one of the leading life insurer and is moving fast on a new growth trajectory. LIC has issued over one crore policies during the current year and has crossed the milestone of issuing 1, 01, 32,955 new policies in the year 2005.

To order to attract the millennial of the country LIC has upgraded its online platform where customers can pay online, raise a demand for policy loan, and change address. Not only this, the PSU also pushes for digital payment drive. It is planning to provide Point of Sale (PoS) machines to its lakhs of agents who collect around Rs 1.5 lakh crore premium annually. As part of the strategy for the cash-less economy, LIC is gearing up for premium collection to be done in digitally.

The state-owned insurance behemoth is also looking at initiating Aadhaar-linked digital transactions that will help policy holders in the rural areas to avoid payment of premium in cash and cash handling burden of agents would come down significantly.

Head of the organization – M R Kumar (Chairman), T.C. Suseel Kumar (Managing Director)

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