Clients can activate the UPI AUTOPAY e-mandate themselves on their smartphonesICICI Prudential Life Insurance has actually partnered with the federal government payments corporation - National Payments Corporation of India or NPCI to provide the Unified Payments User Interface (UPI) AUTOPAY center to clients.
The effort will allow consumers to buy insurance policies and make exceptional payments digitally, from their homes - a facility that presumes importance in the middle of the COVID-19 pandemic.With this tie-up, ICICI Prudential Life has become the very first such life insurance coverage company to offer the UPI AUTOPAY facility to its clients to streamline the payments processes, according to a declaration shared by the firm.
The UPI AUTOPAY center will provide an instantaneous premium paying mechanism.To obtain the center, customers can connect their checking account with UPI AUTOPAY and make superior payments, at the time of buying a life insurance policy.Customers can trigger the UPI AUTOPAY e-mandate themselves on their smartphones to make the regular renewal premium payments in a digital, paperless format.
The facility will also make sure that the premium payments are done on time.
With this, consumers can reap the advantages of their policies with no interruption.Customers can make it possible for the UPI AUTOPAY feature on any of their preferred UPI apps such as Paytm, BHIM, among others, according to the declaration.
This center can likewise be enabled for the ICICI Bank and other leading banks through an e-mandate.
Customers also have the flexibility to choose their preferred frequency for making exceptional payments - such as one-time, monthly, quarterly, half-yearly, or annual.
At a time when social distancing is the order of the day, the UPI payment mode is quick becoming a favored route of payments due to the contactless and smooth experience it provides.Customers can set-up the e-mandate facility to make their regular renewal premium payments and make sure financial security for self and their families, said Mr.
Ashish Rao, Chief-- Customer Experience and Operations, ICICI Prudential Life Insurance.On Wednesday, August 4, shares of ICICI Prudential Life Insurance coverage settled 2.76 percent greater at Rs 669.15 each on the BSE.