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

ICICI Prudential Life Insurance has entered into a corporate agency agreement with NSDL Payments Bank, a subsidiary of National Securities Depository Ltd (NSDL).

Under the agreement, ICICI Prudential Life will provide its customer-centric protection and savings products to customers of NSDL Payments Bank.

N S Kannan, the Managing Director and CEO of ICICI Prudential Life Insurance, said the key objective of both partners is to leverage technology to provide a hassle-free and immersive experience to customers.

"We believe our customer-centric protection and long-term savings products will enable NSDL Payments Bank customers to provide financial security to their loved ones and help them achieve their financial goals," he said in a statement on Thursday.

"This partnership is also a step towards fulfilling our commitment to address the huge protection gap in the country," added Kannan.

Ashutosh Singh, CEO of NSDL Payments Bank, said the COVID-19 pandemic has emphasised the importance of having the right insurance plans and adequate insurance covers.

"As over 70 per cent of our customer base is under the age of 30, we are very excited to help shape the right attitude and approach towards insurance and investment for this segment from an early age so that they and their families can reap the rewards later and tide over eventualities such as these with little or no financial damage," he said.