ICICI Prudential Life climbs after tieup with NSDL Payments Bank

ICICI Prudential Life Insurance Company rose 2.53% to Rs 445.40 after the company partnered with NSDL Payments Bank to offer insurance products.

ICICI Prudential Life Insurance has entered into a corporate agency agreement with NSDL Payments Bank, a subsidiary of NSDL, the largest depository of India. Under the agreement, ICICI Prudential Life will provide its protection and savings products to customers of NSDL Payments Bank.

The partnership will help ICICI Prudential Life Insurance to increase presence on new-age distribution touch-points. The digital platform offers paperless, secure and hassle-free purchase of life insurance by NSDL Payments Bank customers. The announcement was made during market hours today, 10 September 2020.

 

NSDL Payments Bank is predominantly a digital bank and is offering end to end digital banking products through self-service and assisted channels to customers of various segments.

ICICI Prudential Life Insurance Company's consolidated net profit rose 0.8% to Rs 286.86 crore on 123.7% surge in total income to Rs 19,185.68 cror in Q1 June 2020 over Q1 June 2019.

ICICI Prudential Life Insurance Company is promoted by ICICI Bank and Prudential Corporation Holdings, headquartered in United Kingdom. The company offers and array of products in the protection and savings category which match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long term financial goals.

The scrip has surged 100.68% from its 52-week low of Rs 221.95 hit on 24 April 2020. On the technical front, the stock's RSI (relative strength index) stood at 51.488. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 444.85 and its 200-day moving average (DMA) placed at 432.15.

Powered by Capital Market - Live News