ICICI Prudential Life Insurance and Ujjivan SmallFinance Bank forge Bancassurance Partnership
Telugu super news, Mumbai, December 18, 2023:ICICI Prudential Life Insurance and Ujjivan Small Finance Bank (Ujjivan SFB), a leading small finance bank, have entered into a bancassurance partnership for the distribution of life insurance products.
Under the partnership, Ujjivan SFB, will offer the entire suite of ICICI Prudential Life’s customer-
friendly protection, long-term savings and retirement products to its customers through its
extensive network of 700+ branches across 26states and Union Territories.Life insurance is a
critical component of any financial plan and therefore ICICI Prudential Life has developed a
suite of products to suit the various life-stage requirements of customers.
The protection products can act as income replacement in case of loss of the primary
breadwinner. Long-term savings products will aid customers in building a savings pool or
creating a supplementary source of income and achieving financial goals. Retirement planning
products will ensure customers receive guaranteed life-long income to lead financially
independent retired lives.
On the pure protection platform, ICICI PruiProtect Smart and ICICI PruiProtectReturn of
Premium will be available, whereas customers will be able to conveniently purchase ICICI Pru
GIFT Pro, ICICI Pru Gold and ICICI Pru Signatureto name a few,are products which enable
building a savings pool over the long-term.Besides, ICICI Pru Guaranteed Pension Plan Flexi
will aid Ujjivan SFB customers to systematically plan for their retirement.
Mr.Ittira Davis, MD & CEO, Ujjivan Small Finance Bank,said, “We are delighted to announce our
partnership with ICICI Prudential Life, a leading life insurance company in India. Our aim is to
increase access to insurance solutions for the aspiring middle-class, enabling them to secure
their financial future. Our wide network, combined with the comprehensive solutions of ICICI
Prudential Life will help in bridging the demand gap for insurance services, and further
strengthen our position in offering insurance solutions for our customers.”
Mr. Anup Bagchi, Managing Director & CEO, ICICI Prudential Life Insurance said, “We are
delighted to partner with Ujjivan Small Finance Bank, and this partnership will help us fulfil the
life insurance needs of the bank’s customers. Our suite of customer-friendly products
complements Ujjivan Small Finance Bank’s offerings and will enable its customers to achieve
their long-term financial goals.
Life insurance plays a vital role in society by providing financial security to families. To achieve
our goal of right product to the right customer at the right price we have introduced the ICICI Pru Stack, a suite of digital capabilities. This enables our distribution partners with customer
segmentation, lead generation, better understanding of customer needs, appropriate product
propositionsand offers a delightful end-to-end digital fulfilment journey leading to increased
efficiency and productivity.
The ICICI Pru Stack enables sharp customer segmentation and has made it possible for us to
extend Term By Invite (term insurance products) and Insurance By Invite (long-term saving
products) offers to customers. Significantly, the stack provides customers with a virtually
paperless buying journey, and we can now issue policies on the same day for the saving line of
Small finance banks, such as UjjivanSmall Finance Bank,play an important role in increasing
the penetration of life insurance in the country.By expanding the availability of life insurance
products small finance banks can empower individuals and families with financial security.”