ICICI Prudential Life Insurance has reached a corporate agency agreement with NSDL Payments Bank, a subsidiary of India’s largest depository NSDL.

As part of the agreement, the insurer will offer its protection and savings products to NSDL bank customers utilising the bank’s point of sale (POS) network across the country.

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These include iProtect Smart, a term plan that offers protection and a unique savings product dubbed ICICI Pru ASIP which provides guaranteed maturity benefits.

Furthermore, the partnership will allow the NSDL bank customers to leverage ICICI Prudential Life’s digital platform to purchase life insurance products.

ICICI Prudential Life Insurance managing director and CEO NS Kannan said: “We are delighted to partner with NSDL Payments Bank. The key objective of both the partners is to leverage technology to provide a hassle-free and immersive experience to customers.”

NSDL Payments Bank offers end-to-end digital banking products to customers of various segments utilising its self-service and assisted channels.

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NSDL Payments Bank CEO Ashutosh Singh said: “The partnership with ICICI Prudential Life Insurance is a significant one as it will allow our customers the opportunity to discover some of the most relevant products for their lifestyle and income levels.”

In June this year, the Singapore government reportedly acquired a 1.5% stake or 1,64,30,820 equity shares in  ICICI Prudential Life Insurance for $111.5m.

The shares were purchased by Singapore’s sovereign wealth fund GIC Pte from ICICI Bank, reported Insurance Business Asia.