ICICI Prudential Life Insurance has tied up with the National Payments Corporation of India (NPCI) to provide Unified Payments Interface (UPI) AUTOPAY facility to its customers. This would enable customers to buy insurance policies and make premium payments in a convenient manner.
ICICI Prudential Life is the first life insurer to enable UPI AUTOPAY facility for seamless premium payments, it has tied-up with NPCI.
Customers can enable the UPI AUTOPAY feature on their UPI apps such as Paytm, BHIM, etc. This feature can also be enabled for ICICI Bank and other leading banks through an e-mandate. Additionally, customers will have the flexibility to select their preferred frequency for making premium payments – one-time, monthly, quarterly, half-yearly, and yearly.
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. 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.”
