Paytm partners with LIC for insurance premium payments

The insurance market is also expected to quadruple over the next decade from its current size of US$ 50 billion.
Vamsi Athreya

Updated: Nov 23,2018 12:26:24 pm

Paytm partners with LIC for insurance premium payments

23 November 2018 Current Affairs:Softbank-backed, digital payments service provider, Paytm (One 97 Communications Limited) partnered with the Life Insurance Corporation of India (LIC) to offer online insurance premium payments on its platform.
A simpler and faster method of premium payments will be offered through the Paytm app with the freedom of paying premium through debit card, credit card, net banking and Paytm Wallet, besides availing the benefit of several deals and offers.
Life insurance sector in India is the biggest in the world in terms of policy count with about 360 million policies. 
It is expected to increase at a Compound Annual Growth Rate (CAGR) of 12-15 % over the next five years.
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