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Insurance
04-Aug-21
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ICICI Prudential Life Insurance ties up with NPCI for UPI Autopay
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ICICI Prudential Life Insurance has tied up with the National Payments Corporation of India (NPCI) to provide a Unified Payments Interface Autopay facility to its 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,” it said in a statement.
While purchasing a life insurance policy, customers can link their bank accounts with UPI Autopay for payment of premium. The UPI Autopay e-mandate can be activated by customers by using their smartphones to make regular renewal premium payments in a paperless format.
“At a time when social distancing is the order of the day, the UPI payment mode is fast becoming a preferred route of payment due to the contactless and frictionless experience it provides. 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 Ashish Rao, Chief, Customer Experience and Operations, ICICI Prudential Life Insurance.
Customers can enable the UPI Auotpay feature on their UPI apps. Alternatively, it can be enabled for banks through an e-mandate.
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