ICICI Prudential Life Insurance has joined hands with the National Payments Corporation of India (NPCI) to offer Unified Payments Interface (UPI) AUTOPAY facility to its customers. This will help the customers in buying insurance policies and make premium payments from the safety and comfort of their homes.
ICICI Prudential Life has become the first life insurance company to provide its customers with the UPI AUTOPAY facility as part of its efforts to simplify processes and thereby provide convenience to customers.
At the time of purchasing a life insurance policy customers can link their bank accounts with UPI AUTOPAY and easily make premium payments thereafter. The UPI AUTOPAY e-mandate can be activated by customers themselves by using their smartphones to make regular renewal premium payments in a paperless format. Also, it ensures that premium payments are made on time and customers can enjoy the benefits of their policies without interruption
Ashish Rao, Chief – Customer Experience and Operations, ICICI Prudential Life Insurance, said, “We are delighted to partner with NPCI to offer our customers the UPI AUTOPAY payment facility to instantly make premium payments towards their life insurance policies. Guided by our vision of serving the protection and long-term saving needs of our customers with sensitivity, we have been leveraging technology and partnerships to deliver a superior and hassle-free experience to our customers. Our customer service architecture itself is built on the foundation of a ‘Customer First’ philosophy. 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. NPCI offers customers a safe and secure platform for effecting payments from the comfort of their homes. Customers can set-up the e-mandate facility to make their regular renewal premium payments and ensure financial security for self and their families.”
Kunal Kalawatia, Chief of Products, National Payments Corporation of India, said, “We are glad to associate with ICICI Prudential Life Insurance and witness UPI AUTOPAY venturing into the insurance sector. We believe our collaboration will change the way customers perceive premium payments for their policies. With UPI AUTOPAY, it’s our constant endeavor to provide an extra layer of comfort and convenience to all the customers for their recurring spends. We believe that this integration will drive a favorable customer sentiment about seamless and automated recurring payments”
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