ICICI Prudential Life Insurance partners with NSDL Payments Bank

ICICI Prudential Life Insurance (Ipru Life) has entered into a corporate agency agreement with NSDL Payments Bank, a subsidiary of NSDL, the country's largest depository.

Under the agreement, customers of NSDL Payments Bank will have access to ICICI Prudential Life's products. This partnership helps IPru Life to increase presence on new-age distribution touch-points.

This is also an effort by IPru Life to cover the uninsured population of the country by offering its life insurance POS products on NSDL Payment Bank's point of sale (POS) network, across the country.

POS life insurance products are effortless 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 savings product offering guaranteed maturity benefits, will be provided.

N S Kannan, MD & CEO, ICICI Prudential Life Insurance, said, "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 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, the CEO, NSDL Payments Bank, 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 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".