ICICI Prudential Life Insurance partners with NSDL Payments Bank; stock up by 2.95 per cent

ICICI Prudential Life Insurance informed today that it has entered into a corporate agency agreement with NSDL Payments Bank, a subsidiary of NSDL, the largest depository of India. Post this announcement, the stock of ICICI Prudential Life Insurance was seen trading at Rs 447.20, up by 2.95 per cent at 12.44 pm. 

Under the agreement, ICICI Prudential Life Insurance is set to provide customer-centric protection and savings products to the customers of NSDL Payments Bank. This is also an effort taken by ICICI Prudential Life Insurance to cover the uninsured population of the country by offering its life insurance POS products on NSDL Payment Bank's point of sale (POS) network, across the country. POS life insurance products can be purchased in a completely hassle-free manner.

The life insurance industry in India consists of 24 companies including Life Insurance Corporation of India (LIC) being the largest in its list. LIC’s total asset under management (AUM) is approximately Rs 3,111,847 crore.

Meanwhile, ICICI Prudential Life Insurance is the first private life insurance company to cross the mark of Rs 1 trillion for assets under management (AUM). On June 30, 2020, the company had an AUM of Rs 1,70006 crore and a total sum assured of approximately Rs 15.49 lakh crore. India continues to be an underpenetrated insurance market with a life insurance penetration (premium as per cent of GDP) of 2.7 per cent as compared to a global average of 3.3 per cent. The insurance density (premium per capita) in India also remains very low as compared to the other developed and emerging market economies.