Clients can activate the UPI AUTOPAY e-mandate themselves on their smartphones
ICICI Prudential Life Insurance coverage has partnered with the federal government funds company – Nationwide Funds Company of India or NPCI to supply the Unified Funds Interface (UPI) AUTOPAY facility to clients. The initiative will permit clients to purchase insurance coverage insurance policies and make premium funds digitally, from their houses – a facility that assumes relevance amid the COVID-19 pandemic.
With this tie-up, ICICI Prudential Life has turn out to be the primary such life insurance coverage firm to supply the UPI AUTOPAY facility to its clients to simplify the funds processes, based on a press release shared by the agency. The UPI AUTOPAY facility will present an immediate premium paying mechanism.
To avail the ability, clients can hyperlink their financial institution accounts with UPI AUTOPAY and make premium funds, on the time of buying a life insurance coverage coverage.
Clients can activate the UPI AUTOPAY e-mandate themselves on their smartphones to make the common renewal premium funds in a digital, paperless format. The ability can even guarantee that the premium funds are completed on time. With this, clients can reap the advantages of their insurance policies with none interruption.
Clients can allow the UPI AUTOPAY function on any of their most well-liked UPI apps comparable to Paytm, BHIM, amongst others, based on the assertion. This facility will also be enabled for the ICICI Financial institution and different main banks via an e-mandate. Clients even have the flexibleness to pick their most well-liked frequency for making premium funds – comparable to one-time, month-to-month, quarterly, half-yearly, or yearly.
”At a time when social distancing is the order of the day, the UPI cost mode is quick turning into a most well-liked route of funds because of the contactless and frictionless expertise it offers.
Clients can set-up the e-mandate facility to make their common renewal premium funds and guarantee monetary safety for self and their households,” stated Mr. Ashish Rao, Chief – Buyer Expertise and Operations, ICICI Prudential Life Insurance coverage.
On Wednesday, August 4, shares of ICICI Prudential Life Insurance coverage settled 2.76 per cent larger at Rs 669.15 apiece on the BSE.
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