Here's How It Is Useful

ICICI Prudential Life Insurance has partnered with the federal government funds company - National Payments Corporation of India or NPCI to supply the Unified Payments Interface (UPI) AUTOPAY facility to prospects. The initiative will permit prospects to purchase insurance coverage insurance policies and make premium funds digitally, from their properties - a facility that assumes relevance amid the COVID-19 pandemic.

With this tie-up, ICICI Prudential Life has turn into the primary such life insurance coverage firm to supply the UPI AUTOPAY facility to its prospects to simplify the funds processes, in response to a press release shared by the agency. The UPI AUTOPAY facility will present an immediate premium paying mechanism.

To avail the power, prospects can {link} their financial institution accounts with UPI AUTOPAY and make premium funds, on the time of buying a life insurance coverage coverage.

Customers can activate the UPI AUTOPAY e-mandate themselves on their smartphones to make the common renewal premium funds in a digital, paperless format. The facility can even guarantee that the premium funds are accomplished on time. With this, prospects can reap the advantages of their insurance policies with none interruption.

On Wednesday, August 4, shares of ICICI Prudential Life Insurance settled 2.76 per cent larger at Rs 669.15 apiece on the BSE.