Wednesday, September 3, 2008

LIC to launch its credit card in October

The senior divisional manager Bhausaheb Gujar in a press meet at Nagpur told the reporters in October Life Insurance Corporation of India (LIC) will be launching its credit card.

Speaking at the occasion of LIC’s 52nd anniversary Gujar said that LIC is working on the plans of finalizing the partner and there is possibility it would be introduced in the next month. However he declined to disclose the name of the partner.

Earlier there were reports that LIC is thinking of launching the card in association with GE Money.

He stated, ''We were in negotiations with a firm, but the deal could not be finalized for some reason. We are now negotiating with another partner, and the talks are in final stages. In all likelihood, LIC's credit card will be launched in October 2008''.

Gujar informed by the next year LIC, will start accepting premium through credit cards and currently it is procedure of completing formalities.

''Hopefully, premium payment will start by the next financial year,'' he said.

Meanwhile the insurance giant has authorized Corporation bank and Axis Bank to accept premiums from those who are having account in their banks.

He told that policyholders can use internet, electronic clearing g service, automatic teller machines (ATMs) of Corporation Bank and Axis Bank, online collection at Axis Bank branches and LIC's portal for paying their premiums.

He informed LIC recently has introduced the SMS facility for payment of premium, at present this facility is available for account holders of Corporation Bank only.

Recently LIC has added 375.90 lakh new policies, which collectively assure the sum of Rs2,75,457 crore during the financial year 2007-2008. He added the first premium income attained during the period was Rs43,812 crore.

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