ICICI Prudential Life Insurance, one of the largest private sector life insurance companies in India has signed a corporate agency agreement with Airtel Payments Bank, India’s first Payments Bank. Airtel Payments Bank customers will now have easy access to life insurance and savings plans, enabling them to provide financial security to their families and build long term savings.
This partnership aims to leverage Airtel Payments Bank’s deep distribution network and digital reach to offer millions of uninsured Indians with innovative and affordable life insurance products by ICICI Prudential Life Insurance. To begin with, on the protection platform, ICICI Pru iProtect Smart and on the savings platform, ICICI Pru Anmol Bachat will be available in phases to Airtel Payments Bank customers. ICICI Pru Anmol Bachat plan is a unique micro-insurance product offering dual benefits of savings and protection in small value sachets, designed for the underinsured while ICICI Pru iProtect Smart is a term plan that offers protection.
Mr. N S Kannan, Managing Director & CEO, ICICI Prudential Life Insurance said, “We are delightedto partner with Airtel Payments Bank. This partnership has paved the way for the Bank’s account holders to expeditiously purchase life insurance and offer a financial safety-net to their families.Bridging the protection gap in the country is an imperative and the need of the hour is to offer affordable &simple products and leverage technology to smoothen the purchase experience.This association will enable the Bank to offer a long term savings product and enable customers to achieve their financial goals and simultaneously facilitate increasing our presence in underserved customer segments.”
Mr. Anubrata Biswas, Managing Director and Chief Executive Officer, Airtel Payments Bank said, “We are delighted to partner with ICICI Prudential Life Insurance as part of our endeavor to offer a bouquet of well-designed and innovative insurance products to millions of underinsured and uninsured Indians through our extensive distribution network and digital reach. This association is one more step taken by us to contribute towards the Government of India’s vision of creating a financially inclusive society.”