UPI Auto-Pay introduced to enhance customer convenience
Barailly- ICICI Prudential Life Insurance has tied up with National Payments Corporation of India (NPCI) to offer Unified Payments Interface (UPI) auto-pay facility to its customers. With this, customers will now be able to buy insurance policies and pay premiums from the comfort of their homes.
ICICI Prudential Life has become the first life insurance company to offer UPI Auto-Pay facility to its customers.
While buying a life insurance policy, customers can link their bank accounts with UPI Auto-Pay and pay premiums with ease. The UPI Auto-Pay e-Mandate can be activated by the customers themselves using their smartphones to make regular renewal premium payments in a paperless format. Also, it ensures that premium payments are on time and customers can avail their policy without any hiccups.
The company is regularly leveraging technology to empower its customers in view of the safety issues arising out of COVID-19. This association is another step in the company’s digitization journey to provide customers with a hassle-free and seamless experience throughout the policy lifecycle.
Customers can implement the UPI Autopay facility on their preferred UPI apps like Paytm, BHIM etc. This facility can also be applied for ICICI Bank and other leading banks through e-mandate. Additionally, customers also have the flexibility to select their preferred frequency for making premium payments – lump sum, monthly, quarterly, half-yearly and yearly.
Mr. Ashish Rao, Chief – Customer Experience & Operations, ICICI Prudential Life Insurance said, “We are delighted to partner with NPCI to offer our customers the UPI Autopay payment facility to pay premiums on their life insurance policies instantly. Huh. We take utmost care to meet the long term savings needs of our customers as well as their safety and in line with this vision we are leveraging technology and partnerships to provide a superior and hassle free experience to our customers. Our customer service architecture is built on the foundation of the philosophy of ‘customer first’. At a time when social distancing has become imperative, the UPI payment mode is fast becoming the preferred mode of payment, as it provides a contactless and hassle-free experience. NPCI provides customers a secure and reliable platform for making payments from the comfort of their homes. Customers can set up the facility of e-mandate to make their regular renewal premium payments and ensure financial security for themselves and their families.
Kunal Kalavatia, Chief of Products, National Payments Corporation of India, said, “We are delighted to associate with ICICI Prudential Life Insurance and see UPI Auto-Pay foray into the insurance space. We are confident that our association will transform the way customers pay premiums for their policies. We constantly strive to provide comfort and convenience to all our customers for their recurring expenses and UPI Autopay is another important step in the same direction. We are confident that this integration will foster favorable customer sentiment about seamless and automatic recurring payments.”
ICICI Prudential Life has been a pioneer in integrating technology on its platform to leverage the country’s digital ecosystem and deliver a seamless and hassle-free customer experience. The company’s 13th month consistency in Q1-FY2222 stood at 87.6 per cent, the highest in the life insurance industry, and reflects the customer’s confidence in the company and the company’s ability to provide convenient and secure digital payment options.
