Customers of ICICI Prudential Life Insurance will now be able to use the Unified Payments Interface (UPI) AUTOPAY service thanks to a partnership with the National Payments Corporation of India (NPCI). Customers would be able to purchase insurance plans and pay premiums anytime and from anywhere. "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," according to the media report of the insurance provider issued on 3rd August 2021.
"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 emandate 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," ICICI Prudential Life Insurance Company Ltd said in its press release.
The media report has further added that "To address safety issues arising from Covid-19, the Company has been regularly leveraging technology to empower customers. This tie-up is another step in the Company's digitalisation journey which provides customers with a hassle-free and seamless experience across the policy lifecycle."
"Customers can enable the UPI AUTOPAY feature on their favoured 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 have the flexibility to select their preferred frequency for making premium payments - one-time, monthly, quarterly, half-yearly, and yearly," according to the press statement.
"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," said Mr. Ashish Rao, Chief - Customer Experience and Operations, ICICI Prudential Life Insurance.
"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," said Mr. Kunal Kalawatia, Chief of Products, National Payments Corporation of India.
"ICICI Prudential Life has been a pioneer in leveraging the country's digital ecosystem and integrating technology on its platforms to deliver a superior and hassle-free experience to customers. The Company's 13th month persistency stood at 87.6% in Q1-FY2022, one of the highest in the life insurance industry, and it views this as a measure of the customer's trust and its ability to provide convenient and safe digital payment options" according to its official announcement.