ICICI Prudential ties up with India Post


Bangalore: ICICI Prudential Life Insurance has joined hands with India Post under a referral agreement partnership, to distribute and service its policies. This move will enable consumers to buy ICICI Prudential Life's products from any one of 9,837 post offices in Karnataka. Also existing policy holders can pay their premiums at any one of the 620 e-payment enabled post offices across the state to which another 750 would be added in a month. Under the terms of the agreement, India Post earns 25 for every premium collected and for every successful referral, it would be credited with an earnings of 7.5 percent of the premium amount for the first year and 4.5 percent for the successive years, said M.P. Rajan, Chief Postmaster General, Karnataka Circle, India Post. ICICI Prudential has trained over 930 postal staff in raising referrals. Anup Rau, Senior Vice-President and Head - Sales, ICICI Prudential Life Insurance, said that India Post's extensive network would help the company reach offer its entire range of products and services to its customers. He said that Karnataka was the second state after Gujarat for such a tie-up.