Paytm users, who already have the comfort of paying their phone and electricity bills, shopping, booking movie and flight tickets from their mobile phones have yet another reason to rejoice. The digital wallet company announced that its users will now also be able to make insurance premium payments for more than 30 top insurers, including the country’s largest insurance firm – Life Insurance Corporation of India (LIC).
The Indian e-commerce payment system and digital wallet company, based out of Noida also added that they were now the country’s largest online insurance premium payments platform.
The announcement was made via a blogpost that apart from LIC, some of the other popular insurers users will be able to make premium payments to include ICICI Prudential Life, Reliance Life, MAX Life, HDFC Life, SBI Life, Aditya Birla Sun Life, and so on. Users can make the payments in just five simple steps.
The methods that can be used to make the payments are net banking, debit and credit cards, UPI and Paytm Wallet. The insurance service provider will take two working days to reflect the amount paid in the user’s account. However, the day the payment is made on the platform would be considered as the official premium payment date.
The company also has a Paytm Postpaid service wherein users can get digital credit instantly without any transaction, joining or hidden administration fees. Paytm Postpaid has instant activation: with no hassles of documentation or branch visit for the activation is fully online. However, while the postpaid service can be used to pay for movie tickets, mobile and DTH, electricity bills, online shopping and travel booking, it CANNOT be used as a payment method to make insurance premium payments, says Paytm.