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Business EconomyPosted at: Sep 10 2020 7:49PM


ICICI Prudential Life partners with NSDL Payments Bank to offer insurance products

Kolkata, Sep 10 (UNI) ICICI Prudential Life Insurance has entered into a corporate agency
agreement with NSDL Payments Bank, a subsidiary of NSDL, the largest depository of India.
Under the agreement, ICICI Prudential Life will provide its customer-centric protection and
savings products to customers of NSDL Payments Bank.
These insurance products will enable NSDL Payments Bank customers to provide financial
security to their families and help them achieve their financial goals.
This is also an effort by ICICI Prudential Life Insurance to cover the uninsured population
of the country by offering its innovative and easy to understand life insurance POS products
on NSDL Payment Bank's exhaustive point of sale (POS) network, across the country.
POS life insurance products are very easy to understand and can be purchased in a
completely hassle-free manner. To start with, ‘iProtect Smart’, a term plan that offers
protection and ‘ICICI Pru ASIP’, a unique savings product offering guaranteed maturity
benefits, will be provided.
N S Kannan, MD & CEO, ICICI Prudential Life Insurance, said, "We are delighted to
partner with NSDL Payments Bank. The key objective of both the partners is to leverage
technology to provide a hassle-free and immersive experience to customers. This
partnership will help the bank’s customers leverage our digital platform to conveniently
purchase life insurance products."
"We believe our customer-centric protection and long-term savings products will enable
NSDL Payments Bank customers to provide financial security to their loved ones and help
them achieve their financial goals. This partnership is also a step towards fulfilling our
commitment to address the huge protection gap in the country."
Ashutosh Singh, CEO, NSDL Payments Bank said on this occasion, "We are looking at
offering the whole suite of products to our customers either by building them out ourselves
or through partnerships. The partnership with ICICI Prudential Life Insurance is a significant
one as it will allow our customers the opportunity to discover some of the most relevant
products for their lifestyle and income levels."
"COVID-19 has only just emphasized the importance of having the right insurance plans
and adequate insurance covers, both of which we want to address through this partnership.
Also, as over 70% of our customer base is under the age of 30, given our thrust on digital
and CLICK-CLICK fulfillment journeys, we are very excited to help shape the right attitude
and approach towards insurance and investment for this segment from an early age so that
they and their families can reap the rewards later and tide over eventualities such as these
with little or no financial damage," Mr Singh added.
UNI SJC BM
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