Excelsior Correspondent
JAMMU, Dec 2: As a fillip to ongoing support for digital transactions Life Insurance Corporation of India announced waiver of convenience fee on Credit Card transactions initiated by policy holders for payment of renewal premium, advance premium, repayment of loan and loan interest with effect from December 01, 2019.
Henceforth, all digital collections will be free of charges for customers. With this initiative, LIC’s valued policy holders can transact online seamlessly, free of charges.
This facility of free transactions using credit card shall be applicable to customers and implemented across all collecting systems (Card less payment and card dip / swipe on Point of Sale machines). LIC customers are also requested to download the MYLIC App and avail seamless online services, an LIC official said.
LIC which entered 64th year of its incorporation in September this year has played a significant role in spreading the message of life insurance among the masses and mobilization of people’s money for people’s welfare.
The company continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. In its 63 years of existence, LIC has grown from strength to strength be its customer base, agency network, branch office network and new business premium.
Starting with an initial capital of Rs 5 crore in 1956, today LIC has assets of over Rs 31,11,847.28 crore with Life Fund to the tune of Rs 28.28,320.12 crore. LIC started with 168 offices in 1956 and today with over 4851 offices, has over one lakh employees, 11.79 lakh agents, 29.09 crore plus policies in force.
LIC has already revamped its portal system with latest technological platforms to enhance digital experience and provide online services. It has more than 1.13 crore registered users with an average daily login count in excess of one lakh users.
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