ICICI Prudential Life Insurance has begun accepting premium payments through the RBI’s Central Bank Digital Currency, popularly known as digital rupee.
The company will also provide customers the option to make premium payments through WhatsApp.
The insurer has integrated CBDC payments by adopting the UPI Intent feature, which leverages the UPI interoperability of CBDC. This integration enables seamless UPI payments through the Digital Rupee on the company’s payment platforms.
CBDC payments provide users a secure, efficient, and interoperable method of transacting digitally without the need for additional steps or friction. It provides policyholders another mode of making premium payments.
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Meanwhile, the insurer is also the first to offer UPI AutoPay via QR code. Life insurance is a long-term product, requiring regular premium payments to ensure continuity of policy benefits, and missing a payment may lead to policy lapsation and forfeiture of benefits.
The life insurer has collaborated with the National Payments Corporation of India (NPCI) to introduce UPI AutoPay on QR code.
This allows customers to set up auto-debit instructions through UPI applications linked to their bank accounts, ensuring timely premium payments and continued policy benefits. Notably, there are no charges for setting up the UPI AutoPay facility. Within days of its launch, 4,800 policyholders have opted for this innovative solution.
Naresh Jillella, Chief Customer Service & Operations, said the various premium payment options introduced have received an encouraging response from policy-holders.
The insurance company also offers over 24 services through its WhatsApp platform. WhatsApp’s end-to-end encryption ensures transaction security, making the process safe and reliable.