The partnership enables NSDL Payments Bank customers to access ICICI Prudential Life's insurance products in protection and savings category


ICICI Prudential Life partners with NSDL Payments Bank. (Credit: bertholdbrodersen from Pixabay.)

ICICI Prudential Life Insurance has signed a corporate agency agreement with NSDL Payments Bank, a subsidiary of India-based large-scale depository NSDL.

Under the partnership, ICICI Prudential Life will offer its advanced insurance products in the protection and savings category to NSDL Payments Bank customers.

Also, the partnership is said to be a part of ICICI Prudential Life Insurance’s efforts to reach the uninsured population in India to provide its advanced life insurance POS products on NSDL Payment Bank’s point of sale (POS) network.

POS life insurance products can be easily understood and purchased by customers. Its iProtect Smart is a term plan that offers protection and ICICI Pru ASIP is a unique savings product that guarantees maturity benefits.

ICICI Prudential Life Insurance MD and CEO N S Kannan 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.”

ICICI Prudential is promoted by ICICI Bank and Prudential Corporation Holdings

Promoted by ICICI Bank and Prudential Corporation Holdings, ICICI Prudential Life began its operations in 2001.

The company said that its digital platform offers a paperless onboarding experience to customers, enabling them to conduct an assortment of self-service transactions, make digital payments for purchasing and renewal of premiums, and offer an easy claims settlement process.

NSDL Payments Bank CEO Ashutosh Singh said: “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.”