ICICI Prudential Life Insurance and Ujjivan Small Finance Bank (Ujjivan SFB), a leading small finance bank, formed a bancassurance alliance to provide life insurance products.
Ujjivan SFB will offer the whole suite of ICICI Prudential Life’s customer-friendly protection, long-term savings, and retirement products to its customers through its wide network of 700+ branches across 26 states and Union Territories under the terms of the cooperation. Because life insurance is an essential component of any financial strategy, ICICI Prudential Life has created a portfolio of products to meet the needs of customers at various stages of their lives.
In the event of the major breadwinner’s death, the protection policies can provide income replacement. Long-term savings solutions will assist consumers in constructing a savings pool or a supplemental source of income as well as accomplishing financial goals. Customers will receive assured life-long income from retirement planning solutions, allowing them to live financially independent retired lifestyles.
On the pure protection platform, ICICI Pru iProtect Smart and ICICI Pru iProtect Return of Premium will be available, while customers will be able to conveniently purchase ICICI Pru GIFT Pro, ICICI Pru Gold, and ICICI Pru Signature, to name a few, are products that allow for the long-term accumulation of savings. Furthermore, ICICI Pru Guaranteed Pension Plan Flexi would help Ujjivan SFB customers plan for their retirement in a systematic manner.
Ittira Davis, MD & CEO, Ujjivan Small Finance Bank, said, “We are delighted to announce our partnership with ICICI Prudential Life, a leading life insurance company in India. Our aim is to increase access to insurance solutions for the aspiring middle-class, enabling them to secure their financial future. Our wide network, combined with the comprehensive solutions of ICICI Prudential Life will help in bridging the demand gap for insurance services, and further strengthen our position in offering insurance solutions for our customers.”
Anup Bagchi, Managing Director & CEO, ICICI Prudential Life Insurance said, “We are delighted to partner with Ujjivan Small Finance Bank, and this partnership will help us fulfil the life insurance needs of the bank’s customers. Our suite of customer-friendly products complements Ujjivan Small Finance Bank’s offerings and will enable its customers to achieve their long-term financial goals.
The ICICI Pru Stack enables precise customer segmentation, allowing us to offer consumers Term By Invite (term insurance products) and Insurance By Invite (long-term saving products). Significantly, the stack provides consumers with a virtually paperless purchasing journey, and we can now issue insurance for the saving line of business on the same day.
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