ICICI Prudential Life Insurance Managing Director and CEO N.S. Kannan said: "This partnership has paved the way for the Bank's account holders to expeditiously purchase life insurance and offer a financial safety-net to their families.
"Bridging the protection gap in the country is an imperative and the need of the hour is to offer affordable and simple products and leverage technology to smoothen the purchase experience. This association will enable the Bank to offer a long term savings product and enable customers to achieve their financial goals and simultaneously facilitate increasing our presence in under-served customer segments."
This partnership aims to leverage Airtel Payments Bank's deep distribution network and digital reach to offer millions of un-insured Ind with innovative and affordable life insurance products by ICICI Prudential Life Insurance, the company said.
Airtel Payments Bank Managing Director and Chief Executive Officer Anubrata Biswas said: "We are delighted to partner with ICICI Prudential Life Insurance as part of our endeavour to offer a bouquet of well-designed and innovative insurance products to millions of under-insured and un-insured Ind through our extensive distribution network and digital reach. This association is one more step taken by us to contribute towards the Government of India's vision of creating a financially inclusive society."
To begin with, on the protection platform, ICICI Pru iProtect Smart and on the savings platform, ICICI Pru Anmol Bachat will be available in phases to Airtel Payments Bank customers. ICICI Pru Anmol Bachat plan is a unique micro-insurance product offering dual benefits of savings and protection in small value sachets, designed for the under-insured while ICICI Pru iProtect Smart is a term plan that offers protection.
( With inputs from IANS )