ICICI Pru Life ties up with UAE Exchange for premium payment

MUMBAI:
Private sector life insurance company ICICI Prudential Life on Monday entered into an
agreement with Dubai-based UAE Exchange House for collecting first and renewal
premia of NRI clients in the Gulf region. The tie-up would help
customers of ICICI Prudential addition entree to all subdivisions of the exchange spread
across the UAE to do first and renewal premia, ICICI Prudential Life said in
release. The understanding comes
in the background of ICICI Prudential Life allowing its clients to directly
remit money towards coverage insurance premium from their ICICI Depository Financial Institution NRE business relationship into the
life insurer's account. Speaking on the partnership,
ICICI Prudential Life Insurance Executive Vice-President Anita Pai said, "with
this tie-up, our NRI clients can now do their first and renewal payments at
an exchange house closer to them." The agreement would help
serve clients in a better manner and supply them more than insurance premium paying facilities,
she said. ICICI Prudential
Life Insurance Company is a 74:26 per cent articulation venture between ICICI Depository Financial Institution and
the UK-based Prudential plc.

Errant insurance agents to be checked

MUMBAI:
There may be a manner for a client purchasing life coverage to check up on whether the
agent service him have been fired by a company owed to malpractices. Currently,
the Life Insurance Council is collecting and capturing information that have got inside information of
errant agents - agents who have been removed owed to ailments of mis-selling -
from life coverage companies. The data, makes not capture inside information of agents who
are allow spell owed to non-performance or discontinue the company voluntarily. However,
presently, this information can only be accessed by the
companies. So, if a company is
hiring an agent from another life insurer, it can check up on the inside information of that
agent with the Council to see if the agent have any record of malpractice. "The
suggestion that the database be unfastened to clients is a valid 1 especially
since the agents are eventually servicing the customer. At some point the
Council will discourse ways to do such as an chance available to the
customer," states Second Volt Mony, secretary general, Life Insurance Council. At present, even the IRDA has
asked life coverage companies to update inside information of individual agents on their
websites. Such information includes information like the licence number, when it was
issued and the time period of validity.