Life Insurance Corporation of India, which manages funds worth Rs 6,00,000 crore, will soon launch credit cards and introduce Electronic Data Management System that would enable the Corporation to switch over to paperless policies.
"LIC, in association with the Corporation Bank is foraying into credit card business...By the end of this year we will be launching credit cards," LIC's Managing Director D K Mehrotra told PTI.
"We have a separate company for this purpose which will be wholly-owned by the LIC," he said, adding "it will be white-label credit card and will target our existing clientele so that they can use it for payment of premiums."
LIC also has an ambitious project for Electronic Data Management System through which all LIC policies would be converted into digital format, he said.
Through this system, the entire networking of LIC would be electronic, which would help customers to make payment of premiums anywhere in the country and also receive the payment anywhere in the country which was not the case at present.