India's Life Insurance Corporation (LIC) is hoping to produce a co-branded card with Corporation Bank that will allow policyholders to pay their insurance premiums and make other personal finance transactions such as shopping, purchasing airline tickets and making ATM cash withdrawals.
LIC, among India’s largest insurers, is reportedly in talks with global card companies like Mastercard, Visa International and Barclays to develop the proposed card.
The move into the plastic money market is seen as the latest step by the insurer to grow its product base. The company already offers annuities and pensions besides insurance, and the proposed card will expand its portfolio into the retail banking space.
The Hindu Business Line cited LIC chairman AK Shukla as confirming the step but adding, we will take a decision on this by month end.