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 clients. The initiative will permit clients to purchase insurance coverage insurance policies and make premium funds digitally, from their houses – 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 clients to simplify the funds processes, in response to a press release shared by the agency. The UPI AUTOPAY facility will present an instantaneous premium paying mechanism.
To avail the power, clients can hyperlink 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 will even guarantee that the premium funds are accomplished on time. With this, clients can reap the advantages of their insurance policies with none interruption.
Customers can allow the UPI AUTOPAY function on any of their most popular UPI apps equivalent to Paytm, BHIM, amongst others, in response to the assertion. This facility may also be enabled for the ICICI Bank and different main banks by way of an e-mandate. Customers even have the pliability to pick their most popular frequency for making premium funds – equivalent to one-time, month-to-month, quarterly, half-yearly, or yearly.
”At a time when social distancing is the order of the day, the UPI fee mode is quick turning into a most popular route of funds as a result of contactless and frictionless expertise it supplies.
Customers can set-up the e-mandate facility to make their common renewal premium funds and guarantee monetary safety for self and their households,” mentioned Mr. Ashish Rao, Chief – Customer Experience and Operations, ICICI Prudential Life Insurance.
On Wednesday, August 4, shares of ICICI Prudential Life Insurance settled 2.76 per cent greater at Rs 669.15 apiece on the BSE.