"Insurance premiums are mostly paid through offline mode in our country. At Paytm, we want our customers to have a seamless payments experience," Kiran Vasireddy, Chief Operating Officer at Paytm, said in a statement.

"We will continue to educate customers on the benefits of using online payments and introduce them to a host of benefits provided by our platform," Vasireddy added.

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India's life insurance sector, which is expected to quadruple over the next decade from its current size of $50 billion, is the biggest in the world in terms of policy count with about 360 million policies, the statement added.

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