MUMBAI: State-owned Life Insurance Corporation of India on Monday forayed into the credit cards business with the launch of its white-labelled cards and said it would first target its existing policy-holders.
The insurance giant, that launched its white-labelled credit cards, has tied-up with Karnataka-based Corporation Bank which would be the card-issuer.
"We have launched our credit card today. The card would be like other credit cards but we will also offer value-added services like payment of premiums for our policy-holders," LIC Managing Director D K Mehrotra told PTI.
"Initially, we will be offering cards to our policy- holders which will enable them to pay their premiums using the card," Mehrotra said.
Policy-holders can pay their premiums from outstation also through the card which would reduce their bank charges, he said.
LIC has formed a separate company - LIC Credit Cards Services - to manage its new business.
The company would be headed by its Director and Chief Executive Hemant Bhargav.
Source:E-T
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