ICICI Prudential Life Insurance coverage has partnered with the federal government funds company – Nationwide Funds Company of India or NPCI to offer the Unified Funds Interface (UPI) AUTOPAY facility to prospects. The initiative will permit prospects 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 out to be the primary such life insurance coverage firm to offer 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 instantaneous premium paying mechanism.
To avail the power, prospects can hyperlink their financial institution accounts with UPI AUTOPAY and make premium funds, on the time of buying a life insurance coverage coverage.
Clients can activate the UPI AUTOPAY e-mandate themselves on their smartphones to make the common renewal premium funds in a digital, paperless format. The ability will 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 coverage settled 2.76 per cent greater at Rs 669.15 apiece on the BSE.