online payments major paytm plans to apply for a licence to operate as a life and general insurer people aware of the matter said paytm which has set up two separate entities named paytm life insurance and paytm general insurance will file an application with irdai paytms move to aggressively chase the overall consumer finance sector is aimed at accelerating growth in its nonpayments business ecommerce major amazon and flipkart are also gunning to get a slice of this market toi had reported that amazon was in talks to invest in an onlineonly insurance startup acko the deal if it goes through will see amazon cocreate financial products with acko besides being its distributor backed by japans softbank paytm will have to go through multiple levels of regulatory checks which may take another year before it starts offering its own insurance schemes people familiar with the matter said at present paytm runs as a corporate agent for group insurances on its platforms in partnerships with insurers if granted a licence paytm will be able to underwrite the risks of a policy on its own while the regulatory framework requires a minimum of rs 100 crore to start an insurance company paytm is expected to double down on its capital requirements for the insurance business as it is places an aggressive bet on this business this is part of the broader strategy of looking to be a onestop shop for financial services needs of consumers the online payments firm recently launched a wealth management business as well the focus initially will be more on general insurance right now there is discussion on how these products will integrate within the paytm ecosystem said a person aware of the plan paytm svp shankar nath is looking after the group insurance offerings for all products on paytm by digbijay mishra tnn published on feb 26 2018 at 1151 am ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etretail app get realtime updates save your favourite articles scan to download app amazon paytm general insurance japan paytm acko softbank paytm homenewspaytm looks for insurance licence in growth push