On Thursday, in a stock exchange filing, ICICI Prudential Life Insurance said that it has entered into a corporate agency agreement with NSDL Payments Bank, to sell insurance products to the customers of the latter.
"Under the agreement, ICICI Prudential Life will provide its customer centric protection and savings products to customers of NSDL Payments Bank. These insurance products will enable NSDL Payments Bank customers to provide financial security to their families and help them achieve their financial goals," the statement said.
NSDL Payments Bank is a subsidiary of NSDL (National Securities Depository Limited), the largest depository in India.
ICICI Prudential will offer easy to understand life insurance POS products on NSDL Payment Bank's exhaustive point of sale (POS) network, across the country. To start with, 'iProtect Smart', a term plan that offers protection and 'ICICI Pru ASIP', a unique savings product offering guaranteed maturity benefits, will be provided.
Shares of ICICI Prudential Life Insurance Company Ltd were trading 2.5 percent higher at Rs 445.25 apiece on BSE.