Life Insurance Corporation of India has decided to form a separate wholly owned company “LIC Cards Services Limited” to manage all aspects of its credit card venture. Life Insurance Corporation of India has been permitted by Government of India to form a wholly owned company for this purpose.
In line with the corporate vision to emerge as a trans-nationally competitive financial institution, LIC has been planning to bring out its credit card to leverage its large customer base, strong brand and wide distribution network and to provide value added service to its customers.
LIC has celebrated its 52nd anniversary in September and aims to strengthen its relationship with its vast customer base by providing various value-added services such as credit cards. Through this new Company, LIC aims to offer premium-payment facility to policyholders with their own credit card. Not only will this provide added convenience and service to LIC customers, it will bring down transaction costs for LIC.
LIC Cards Services Limited, the wholly owned subsidiary of LIC, would leverage LIC and Corporation Bank's strong brand and extensive branch, ATM, and sales distribution network.
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