ICICI Prudential Life Insurance has entered an agreement with the NSDL Payments Bank, which is a subsidiary of the National Securities Depositories Limited, the largest depository of India, to provide insurance products.
The agreement arrived at is a corporate agency agreement under which ICICI Prudential life will provide customer-centric products focusing on protection and savings to customers of the payments bank of National Securities Depositories Limited (NSDL).
According to Mr. N S Kannan, who is the managing director and CEO of ICICI Prudential Life, the key objective of both the partners is to leverage technology to provide a hassle-free and immersive experience to its customers. According to Mr. N S Kannan, the long-term savings and customer-centric products will enable the customers of the Payments Bank of National Securities Depositories Limited to provide much needed financial security to their loved ones and help them achieve their financial goals.
The partnership between the ICICI Prudential Life and NSDL Payments Bank is a step towards fulfilling the commitment of both parties to address the huge protection gap in the country.
According to Mr. Ashutosh Singh, who is the CEO of NSDL Payments Bank, the need for having the right insurance plans and adequate insurance covers is reinforced during the COVID-19 pandemic.
Over 70 percent of the customer base of NSDL Payments Bank is under the age of 30, and the partnership will help shape the right attitude and approach towards insurance and investments for this segment from an early age that can help them and their families reap the rewards later and tide over events like the COVID-19 pandemic with little or no financial damage.
The agreement will enable the private insurer to cover the uninsured population of the country by offering its easy to understand and innovative point of sale (POS) products on NSDL Payment Bank`s exhaustive point of sale (POS) network across the country.
The products offered are iProtect Smart, which is a term plan that offers protection, and ICICI Pru ASIP, which is a unique savings product that offers guaranteed maturity benefits to the customers. The customers of NSDL Payments Bank can buy these products in an easy and hassle-free way.