Mumbai: Life Insurance Corporation of India (LIC) is likely to launch its credit card in October, senior divisional manager Bhausaheb Gujar told reporters at a press meet in Nagpur.

LIC is in the process of finalising the partner and in all probablity it would be introduced next month, Gujar said at the occasion of LIC's 52nd anniversary. He, however, declined to reveal the name of the partner.

It was earlier reported to be mulling launching tbe caed in association with GE Money.

''We were in negotiations with a firm, but the deal could not be finalised for some reason. We are now negotiating with another partner, and the talks are in final stages. In all likelihood, LIC's credit card will be launched in October 2008,'' he said.

LIC, will also start accepting premium through credit cards from next year and is currently in the process of completing formalities, Gujar said.

''Hopefully, premium payment will start by the next financial year,'' he said.

The insurance giant has already authorised Corporation bank and Axis Bank to accept premiums from those holding accounts there.

Policyholders could also pay their premiums through the internet, electronic clearing service, automatic teller machines (ATMs) of Corporation Bank and Axis Bank, online collection at Axis Bank branches and through LIC's portal, he said.

LIC recently introduced the facility for payment of premium through SMS, although it is currently available to account holders of Corporation Bank only, he said.

LIC had added 375.90 lakh new policies, representing a collective sum assured of Rs2,75,457 crore during the financial year 2007-2008. The first premium income during the period was Rs43,812 crore, he added.