LIC ties up with Paytm to deal with digital funds

State-run Life Insurance Corporation of India (LIC) has appointed homegrown funds participant Paytm to facilitate its digital funds. Following a tie-up with one other fee gateway earlier, the nation’s largest life insurer has sought a brand new deal as the vast majority of its funds have moved to digital modes.

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The new settlement requires a straightforward fee course of, a broader vary of fee choices, and extra gamers (wallets, banks, and so forth) in fee channels. LIC has witnessed an upsurge in e-payments following the COVID-19 pandemic. The PSU insurer collects premiums value Rs 60,000 crore by way of digital mode, which doesn’t comprise funds made by means of banks.

Important takeaways for all aggressive exams:

  • LIC Chairperson: M R Kumar;
  • LIC Headquarters: Mumbai;
  • LIC Founded: 1 September 1956;
  • Paytm HQ: Noida, Uttar Pradesh;
  • Paytm Founder & CEO: Vijay Shekhar Sharma;
  • Paytm Founded: 2009.

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