Insurance companies ICICI Prudential Life, Religare Health, Reliance Life and Reliance General have partnered the Alibaba-backed company to assist consumers in paying their insurance premiums online.
"Our commitment is to provide users with simple and seamless payment experience. I strongly believe that we will be able to increase the renewal rate for the insurance companies," Senior Vice President of Paytm Kiran Vasireddy said.
Paytm is going live with over 15 companies by the end of next quarter and over 100 million registered users of Paytm can now pay their insurance premiums on-the-go. It also plans to offer consumers deals if they opt for this particular medium to pay their renewal premiums.
With this, Paytm aims to be a one-stop shop for all bill payments and recharges. This is part of the larger expansion agenda of the firm, which recently entered into hotel aggregation.
Paytm, has also been granted the in-principle licence for payments banks from Reserve Bank, is looking to invest about Rs. 1,200 crores in payments banks over the next three years, it said.
The company has set out a target of April-May 2016 for rolling this out.
Disclosure: Paytm founder Vijay Shekhar Sharma's One97 is an investor in Gadgets 360.