Life Insurance Corporation of India will launch LIC Credit Cards
Life Insurance Corporation of India, India’s largest and oldest life insurance company, is planning to launch its much awaited launch of Credit Cards in the month of October.
The insurance company was earlier in talks with a firm but due to some reason, the deal could not materialize. At present, the company is negotiating with some another firm and is in its final stages. On the 52nd anniversary of LIC, Senior divisional manager Bhausaheb Gujar said:
In all likelihood, LIC’s credit card will be launched in October 2008.
Although, the company has yet not finalized the name of the new company, but might name it as “LIC Credit Cards†or “LIC Card Servicesâ€. LIC offers it policyholders with the service to pay their premium with LIC’s own credit card and will further reduce the transaction cost for LIC.
Earlier LIC was roped in with Corporation bank and Axis bank for taking premiums from those who hold there accounts there. The mode of payment was either through Internet, electronic clearing service, automatic teller machines (ATMs) of Corporation Bank and Axis Bank, online collection at Axis Bank branches or through LIC’s portal.
The LIC premium can be paid through SMS, but currently this service is available to only account holders of Corporation Bank.
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