LIC and Corporation Bank enable payment of insurance premium through SMS

LIC, Corporation Bank, PayMate logosLIC has collaborated with Corporation Bank to make the lives of their customers easier. The two banks announced their teaming up with PayMate, in Mumbai, today. Customers can now pay their insurance premium via SMS. To enjoy this facility they have to just register themselves with PayMate.

To make the payments through SMS, customers just need to type in LIC (space) policy number and send it to 5667711.

The customer will then receive a reply giving the unpaid premium amount and asking for the PayMate PIN that is given to the customer while registering with PayMate. After SMSing the PIN number, the customer gets a reply confirming the payment via SMS.

“This partnership has created a win-win situation for us as well as our customers. It is our constant endeavor to provide value-added services to our customers. We are pleased with this association, as almost 2 million Corporation Bank customers with LIC insurance policies will benefit from this initiative,” said Mr. Bhatt, Corporation Bank.

Ajay Adiseshann, Founder & Managing Director, PayMate said, “It has been a great alliance for PayMate with Corporation Bank & LIC to provide their customers with a trouble-free and convenient way of making insurance premium payments via SMS. This will enable Corporation Bank and LIC customers to utilize mobile technology to ease the burden of making regular payments. With such alliances we definitely create win-win situations for all our partners.”

PayMate is a wireless transactions service provider in Mumbai, India’s commercial capital. It is the first-of its-kind transaction platform in India founded by Ajay Adiseshann, an Engineering Graduate from University of Colorado and serial entrepreneur, and co-founded by Probir Roy, a veteran technologist. With the help of PayMate, consumers can enjoy an ‘innovative, easy, secure and convenient way of making payments through mobile phone.’