Payment of LIC premium, now in Paytm

The platform now provides online insurance premium payment solutions for over 30 insurance companies including LIC, ICICI Prudential Life. “Insurance premiums are mostly paid through offline mode in our country. At Paytm, we want our customers to have a seamless payments experience,” Kiran Vasireddy, COO, Paytm, said. India’s life insurance sector, which is expected to quadruple over the next decade from its current size of $50 bn, is the biggest in the world in terms of policy count with about 360 mn policies.