LIC to enter credit card segment

Public sector insurance major Life Insurance Corporation of India (LIC) is all set to foray into the growing credit card market soon.

"Besides foraying into the health insurance sector soon, the company will also launch credit cards at the earliest to tap the growing market," LIC zonal manager RV Rao said on the occasion of celebrating 51st year of LIC.

"The idea behind launching the credit card was the steady flow of cash with the LIC and initially the cards will be issued to the policy holders through which they can also pay insurance premiums, besides using the plastic money as any other credit card," he said.

To celebrate the occasion, the company is observing an "insurance week" from today to further expand its footprints.

He said that despite facing competition from private players, LIC commands a market share of 80% while the remaining 20% is shared by all of them put together.

For providing efficient services to the customers, the company has opened 110 satellite branches where customer can deposit the premiums and get information about the existing policies.

In the central zone comprising Madhya Pradesh- Chhattisgarh, the company will set up 59 satellite offices in the current financial year, he added.