LIC and Corporation Bank have announced their alliance with PayMate to enable SMS-based insurance premium payments for their customers in an easy, efficient and secure way. Corporation Bank customers with LIC insurance policies can avail this service by getting registered with PayMate.

The payment can then be executed in two simple steps as described below: SMS LIC (space) policy number to 5667711. Following this, the customer instantly receives a reply confirming the premium amount due and asking for payment authorisation by replying with the PayMate PIN (given at the time of registration for the service). Once the customer texts the PIN, he/ she gets a payment confirmation within a few seconds via SMS, which completes the transaction.

Bhatt, a spokesperson from Corporation Bank, said, "This partnership has created a win-win situation for us as well as our customers. It has been our constant endeavour 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."

Ajay Adiseshann, founder and managing director, PayMate said, "This alliance of PayMate with Corporation Bank and LIC to provide their customers with a trouble-free and convenient way of making insurance premium payments via SMS will be beneficial to all parties involved. This new development will enable Corporation Bank and LIC customers to utilise mobile technology to ease the burden of making regular payments."