Airtel Payments Bank partners with ICICI Prudential Life to offer insurance products

Airtel Payments Bank partners with ICICI Prudential Life to offer insurance products

One of the primary objectives of digital revolution is to bring convenience and ease of operation for the end consumer. Buying protection in the form of life insurance has become much easier now. ICICI Prudential Life Insurance has entered into a corporate agency agreement with Airtel Payments Bank to offer digital access to life insurance and savings plans to the customers of the latter.

To begin with, on the protection platform, ICICI Pru iProtect Smart and on the savings platform, ICICI Pru Anmol Bachat will be available in phases to Airtel Payments Bank customers. ICICI Pru Anmol Bachat plan is a unique micro-insurance product offering dual benefits of savings and protection in small value sachets, designed for the underinsured while ICICI Pru iProtect Smart is a term plan that offers protection. The products will be available at over 60,000 Airtel Payments Bank – Banking Points across India. It will be a paperless process for Airtel Payments Bank customers to purchase life insurance products.

Mr. N S Kannan, Managing Director & CEO, ICICI Prudential Life Insurance said, “We are delighted to partner with Airtel Payments Bank. This partnership has paved the way for the Bank’s account holders to expeditiously purchase life insurance and offer a financial safety-net to their families. Bridging the protection gap in the country is an imperative and the need of the hour is to offer affordable & simple products and leverage technology to smoothen the purchase experience. This association will enable the Bank to offer a long term savings product and enable customers to achieve their financial goals and simultaneously facilitate increasing our presence in underserved customer segments.”

Mr. Anubrata Biswas, Managing Director and Chief Executive Officer, Airtel Payments Bank said, “We are delighted to partner with ICICI Prudential Life Insurance as part of our endeavor to offer a bouquet of well-designed and innovative insurance products to millions of underinsured and uninsured Indians through our extensive distribution network and digital reach. This association is one more step taken by us to contribute towards the Government of India’s vision of creating a financially inclusive society.”

Source-FinancialExpress

Date-04-10-2019

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