ICICI Prudential Life ties up with NPCI for UPI Autopay

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.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

About this facility:

• 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.
• 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.
• Customers can enable the UPI Auotpay feature on their UPI apps. Alternatively, it can be enabled for banks through an e-mandate.

Important takeaways for all competitive exams: