LIC Forays into Credit Cards Business

by CXOtoday Staff    Mar 31, 2009

State-owned Life Insurance Corporation of India has launched white-labeled credit cards. LIC has tied-up with Karnataka-based Corporation Bank who will be the card-issuer.

State-owned Life Insurance Corporation of India has launched white-labeled credit cards. LIC has tied-up with Karnataka-based Corporation Bank who will be the card-issuer. 

A white label is a product or service produced by one company that other companies rebrand and market under their name.

K Mehrotra, MD of LIC, said initially the card cards will be offered to policy-holders. The card will enable them to pay their premiums using the card and will also benefit out-station payment charges.

ECS, a wholly owned subsidiary of Opus Software Solutions will empower LIC’s payment solution.  The support will consist of ecommerce gateway, switching solutions and other services to include complete management of card and accounts, transactions, billing, statements, payments, dispute resolution, and general ledger, said an official press release.

The credit cards services will be operated under a newly formed company and would be headed by Hemant Bhargav as the director and chief executive.

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