Through the partnership, RBL Bank will distribute ICICI Prudential Life’s products through a network of 398 branches spread across 28 states in India
RBL Bank, an Indian private bank, has entered into a bancassurance partnership with ICICI Prudential Life Insurance to offer a range of life insurance products to its customers.
Through the partnership, the bank has agreed to distribute ICICI Prudential Life’s products through a network of 398 branches spread across 28 states in India along with its internet and mobile banking touch-points.
More than 8.7 million of RBL Bank’s customers can now access and seamlessly buy protection and long-term savings products for future financial security from the insurer.
According to the insurer, the partnership with RBL Bank will further deepen and reinforce its multi-channel distribution network.
ICICI Prudential Life Insurance managing director and CEO N S Kannan said: “We are delighted to partner with RBL Bank, and this mutually beneficial tie up will further deepen our multi-channel distribution footprint in the country.
“Besides the common philosophy of customer-centricity, both partners have been leveraging technology to provide customers a seamless digital fulfilment journey and superior customer experience.
“There is a growing awareness among consumers about protection and the need to financially secure self and family following the pandemic. We believe our array of protection and long-term savings products will complement RBL Bank’s offerings and enable their customers to develop a robust financial plan.”
ICIC Prudential Life said that it will offer its entire range of insurance plans on protection and savings platform to the bank customers.
The diverse range of long-term savings products can help RBL’s customers in achieving their financial goals such as wealth creation, retirement planning or higher education of children.
RBL Bank managing director and CEO Vishwavir Ahuja said: “We are happy to partner with ICICI Prudential Life and are confident that this strategic alliance will accelerate value creation for both our organisations.
“As a bank, we are constantly focused on serving the evolving needs of our customers and ensuring that they have a holistic service experience.
“This collaboration empowers our customers to choose from a comprehensive suite of products and plan for a financially secure future. With our strong distribution reach and digital platforms, we will be able to offer these products instantly to all our customer segments across India.”