ICICI Prudential Life Insurance has partnered with the government payments corporation - National Payments Corporation of India or NPCI to provide the Unified Payments Interface (UPI) AUTOPAY facility to customers. The initiative will allow customers to buy insurance policies and make premium payments digitally, from their homes - a facility that assumes relevance amid the COVID-19 pandemic.
With this tie-up, ICICI Prudential Life has become the first such life insurance company to provide the UPI AUTOPAY facility to its customers to simplify the payments processes, according to a statement shared by the firm. The UPI AUTOPAY facility will provide an instant premium paying mechanism.
To avail the facility, customers can link their bank accounts with UPI AUTOPAY and make premium payments, at the time of purchasing a life insurance policy.
Customers can activate the UPI AUTOPAY e-mandate themselves on their smartphones to make the regular renewal premium payments in a digital, paperless format. The facility will also ensure that the premium payments are done on time. With this, customers can reap the benefits of their policies without any interruption.
Customers can enable the UPI AUTOPAY feature on any of their preferred UPI apps such as Paytm, BHIM, among others, according to the statement. This facility can also be enabled for the ICICI Bank and other leading banks through an e-mandate. Customers also have the flexibility to select their preferred frequency for making premium payments - such as one-time, monthly, quarterly, half-yearly, or yearly.
''At a time when social distancing is the order of the day, the UPI payment mode is fast becoming a preferred route of payments due to the contactless and frictionless experience it provides.
Customers can set-up the e-mandate facility to make their regular renewal premium payments and ensure financial security for self and their families,'' said 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 higher at Rs 669.15 apiece on the BSE.