ICICI Prudential Life Insurance joins hands with Paytm on offering term cover


ICICI Prudential Life Insurance has connected with Paytm to distribute its popular term insurance plan ICICI Pru iProtect Smart. ICICI Pru iProtect Smart is a term insurance policy with added benefits of personal accident covers and critical illness. The insurance also provides health cover against 34 critical illnesses.  

The life insurer said in a statement that, ICICI Pru iProtect Smart provides the customer with coverage till the age of 85 and they also have an option to get whole life cover till age 99. ICICI Prudential Life Insurance said that the customers do not need to provide any hospital bill to claim the cover but a photocopy of the customer’s diagnosis report is needed. 

Paytm users are now able to buy the ICICI Pru iProtect Smart plan within a matter of a few minutes from the app. The customers who have completed their KYC authentication are eligible for this in-app purchase. Apart from purchasing the insurance product, the users can also make the renewal premium payments via the Paytm app. Paytm also offers a struggle-free claims settlement process on its app. 

Amit Nayyar (President, Paytm) said that they are completely focused on offering customized and innovative insurance solutions to millions of customers through a seamless journey from purchase to claim. 

Puneet Nanda (Deputy Managing Director, ICICI Prudential Life Insurance) said in an official release that the term insurance is an important component in any customer’s portfolio. The tie-up with Paytm would provide a convenient way for the Paytm users to quickly purchase life insurance and fulfill their responsibility of providing financial security to their families. The company will continue to make use of technology to simplify and provide easy access to purchase life insurance.

ICICI Prudential is indulged in asset management and life insurance business. The company offers long term life insurance plans and has its headquarters in Mumbai. In 2016, the company became the first insurance firm in India to be listed in the domestic stock exchanges. ICICI Prudential had started its operations in 2001. The life insurance arm was started as a joint venture between Prudential Corporation Holdings Limited and ICICI Bank. Narayanan Srinivasa Kannan is the current managing director of ICICI Prudential Life Insurance. 


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