Home >Insurance >News >ICICI Prudential Life Insurance joins hands with NSDL Payments Bank to offer insurance products
ICICI Prudential Life Insurance has had a volatile APE growth in the last one year and also underperformed peers. Photo: Reuters
ICICI Prudential Life Insurance has had a volatile APE growth in the last one year and also underperformed peers. Photo: Reuters

ICICI Prudential Life Insurance joins hands with NSDL Payments Bank to offer insurance products

  • Customers of NSDL Payments Banks can buy POS life insurance product in an easy and hassle-free way from
  • This partnership will help the bank’s customers leverage our digital platform to conveniently purchase life insurance products,

ICICI Prudential Life Insurance joined hands with NSDL Payments Bank to provide its products to customers of payments bank. It must be noted that NSDL Payments Bank is a subsidiary of NSDL, the largest depository of India. "These insurance products will enable NSDL Payments Bank customers to provide financial security to their families and help them achieve their financial goals," the company said in a statement.

Under this agreement, the private insurer will be able 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"

Customers of NSDL Payments Bankscan buy POS life insurance product in an easy and hassle-free way. "iProtect Smart, a term plan that offers protection and ‘ICICI Pru ASIP’, a unique savings product offering guaranteed maturity benefits, will be provided to buyers for now, the isnurane company said.

Commenting on the partnership, N S Kannan, MD & CEO, ICICI Prudential Life Insurance, said, "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".

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