LIC waives off charges on credit card payments to promote digital transactions; effective from 1 December

  • The Corporation said any credit-card originated payments towards renewal premium, new premium, or repayment of loan and interest on loans against the policies will not attract any additional charges or convenience fee its parlance, from 1 December

  • Customers can download the Mylic App to for online transactions

  • LIC controls over 70 percent of the life insurance market

Mumbai: To promote digital transactions, Life Insurance Corporation has waived off the convenience fee on all payments to the national insurer, effective 1 December.

The Corporation said any credit-card originated payments towards renewal premium, new premium, or repayment of loan and interest on loans against the policies will not attract any additional charges or convenience fee its parlance, from 1 December.

"This facility of free transactions using credit cards shall be applicable to and implemented across all collecting systems—card less payment and card dip/ swipe on point of sale machines," LIC, which control over 70 percent of the life insurance market, said in a statement on Monday.

The customers can download the Mylic App to for online transactions, it added.

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Updated Date: Dec 03, 2019 10:22:05 IST