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LIC pact with vendors for online payment scheme
Our Banking Bureau
Mumbai, Feb 12: In A bid to launch an online payment system, the Life Insurance Corporation has signed an agreement with four vendors, including Billjunction.com, Timesmoney.com, HDFC Bank and ICICI Bank. This is aimed at ensuring, besides the payment arrangement, payment gateways too, said Mr A Ramamurthy, LIC managing director. "With the Internet collection centres, the payment of premiums will become hassle-free for policy-holders," he said. The LIC on Monday launched its unit-linked product `Bima Plush' which is expected to mobilise Rs 500 crore during the fiscal.According Mr Ramamurthy, the total income of the institution, combining premium and investment income, is expected to reach over Rs 55,000 crore during the year. Under Bima Plush, a policy-holder will have to invest a minimum of Rs 50,000. Under the single-premium schemes, the minimum can be Rs 20,000. However, the maximum investment by a policy-holder can be Rs 2,00,000. Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
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