LIC partners with OSS Retail to facilitate policy holders an alternate channel for premium payment.
05/28/2010

OSS Retails the fastest growing corporate entity globally has alliance with Life Insurance Corporation (LIC) to facilitate existing policy holders an alternate channel for premium payment across India through OSS Retails distribution network.

Online PR News – 28-May-2010 – – OSS Retails the fastest growing corporate entity globally has alliance with Life Insurance Corporation (LIC) to facilitate existing policy holders an alternate channel for premium payment across India through OSS Retails distribution network. OSS Retail outlets database will be connected with LIC's central server to update the collection on a real-time basis using our latest technology.

OSS Group CEO Subhash Jewria stated “We are very excited about the potential tie-up of OSS Retails and LIC which is one of the largest insurance service providers in India. It has huge customer base which holds 51% of market share in insurance industry with a strong focus on rural development and considered to be the trustworthy brand in insurance sector. We further intend to launch a bill payment portal which will allow our consumers to pay electricity bills online without the hassle of waiting in long queues. These services will be provided through our authorized travel operators, local mobile outlets and neighborhood stores.”

Since its inception OSS group established itself as a consumer centric brand which focuses on timely deliverable and has provided a platform to entrepreneur which will help them to foster business profitability at a faster rate.

According to LIC official “In India, most consumers prefer to shop at local stores as they provide household services on cash payment at a single window. We realized that OSS group has a vast distribution network with more than 55,000 business partners at regional level so to strengthen its local business operations have entered into an agreement which will offer our policy holders a secured platform for premium payment“

LIC policy holder need to provide policy details like policy number, premium Amount, name of the policyholder along with contact details at OSS Retail outlet and after verification process our authorized agent will collect premium amount in cash.