LIC contributes to a cash-less economy and the digital payment system

Life Insurance Corporation (LIC)  

Head of the organization 
M R Kumar (Chairman)

Website 
www.licindia.in

LIC continues to be the dominant life insurer even in the liberalized Indian insurance scenario 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 2015.

In a big push to the digital payment drive, LIC 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 number would ramp up in future from the current 1.5 lakh agents.

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.