LIC eyes to sell half million credit card next year

LIC eyes to sell half million credit card next yearThe LIC Cards has informed that it is targeting to sell half million credit cards in the upcoming year. The LIC Cards is the subsidiary of Life Insurance Corporation of India.

The PSU firm is optimistic to generate an impressive sell of credit cards worth Rs. 5 lakh next year. However, the company has managed to sell 50, 000 cards since it has started its operation in India.

Last year only the LIC arm LIC Cards started selling credit cards to its customers. It is associated with the Mangalore-based Corporation Bank for this credit card business. LIC holds a stake of 26.34% in the Corporation Bank.

LIC will be responsible for the marketing and mobilization of the card while the bank will take care of the management and financial part.

Though the credit card has been sold in the market with LIC's brand name but actually Corporation Bank issues it. LIC has a customer base of more than 22 crore policyholders in India and they are being pushed to take a credit card. They are the indispensable target segment of LIC Cards.