Life Insurance Corp. of India policyholders soon will be able to use their mobile phones to pay their insurance premiums, a spokesperson for the government-owned insurer tells PaymentsSource.
The insurer is in talks with at least two banks to set up the service, which would access their customers' bank accounts, according to the spokesperson. "Currently, we have a facility where accountholders of Corporation Bank Ltd. can use their mobile phones to pay for premiums on a few policies," he adds.
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