Private insurance major ICICI Prudential Life Insurance has entered into an agreement with public sector lending major – Punjab National Bank (PNB) – to facilitate premium payments through the bank.
This is the first of its kind tie-up between a private sector insurer and a state-run bank.
As per the deal, the customers of ICICI Prudential can make their premium payments in cash, cheque, demand draft or direct debit through over 10,000 touch points of PNB across India.
Initially the service will be offered in five states of Punjab, Uttar Pradesh, Uttarakhand, Haryana and West Bengal and would be extended to the other states later.
PNB had recently entered into a bancassurance agreement with insurance major Life Insurance Corporation (LIC) wherein the lender would sell insurance LIC policies through its branches.