ICICI Prudential Life signs corporate agency pact with NSDL Payments Bank

Under the pact, the insurer will provide its protection and savings products to customers of NSDL Payments Bank, a release 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.," ICICI Prudential Life Insurance managing director and CEO N S Kannan said in the release.

Private life insurer ICICI Prudential Life Insurance on Thursday said it has entered into a corporate agency agreement with NSDL Payments Bank. Under the pact, the insurer will provide its protection and savings products to customers of NSDL Payments Bank, a release 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.," ICICI Prudential Life Insurance managing director and CEO N S Kannan said in the release. He added that this partnership will help the bank's customers leverage ICICI Prudential Life's digital platform to conveniently purchase life insurance products.

The insurer said it will offer its life insurance POS products on the bank's point of sale (POS) network spread across the country. "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," NSDL Payments Bank CEO Ashutosh Singh said.

As on June 30, 2020, ICICI Prudential Life had an asset under management (AUM) of Rs 1,70,006 crore and a total sum assured of around Rs 15.49 lakh crore. NSDL Payments Bank is a subsidiary of NSDL, the first and the largest depository in the country.

The bank is predominantly a digital bank and is offering end-to-end digital banking products through self-service and assisted channels to customers of various segments.