Noida, Uttar Pradesh India (PressExposure) November 06, 2008 -- LIC is all geared up to explore a whole new spectrum by the end of this year. Yes, at the end of the year 2008, Life Insurance Corporation will be embarking into a whole new business of credit cards. LIC which manages a fund base of worth Rs Six lakh crore will also be seen introducing the concept of Electronic Data Management System which will escalate them to reach a unique pinnacle of the present existing business modalities, enabling them to change to paperless policies functionality.
LIC which will be venturing into this new business prospect will be sharing the stage with Corporation Bank with whom they inked the deal in recent times. D K Mehrotra who is LIC's Managing Director affirmed the news. He said, " LIC, in association with the Corporation Bank is foraying into credit card business by the end of this year we will be launching credit cards." He also declared that a separate business organ under the absolute control of the LIC only will handle the functionality of this business. Mr Mehrotra also declared that this credit card would be one of its kind. A white-label credit card to be precise, it will be serving to the needs of LIC's present customer base by helping them in discharging payment of premiums via the credit card channel.
Mr D K Mehrotra later on clarified the air on Electronic Data Management System whose induction will play an integral role in imparting the much needed pace to the basic functionality module of LIC as an organisation, thus, enabling the customers to disburse their premium from any remote corner of the country.