ICICI Prudential shares gained 1 per cent on the BSE after after ICICI Prudential Life Insurance entered into a bancassurance partnership with RBL Bank on December 9, under which the bank will offer life insurance products to its customers. The shares of ICICI Prudential touched an intra-day high of Rs 4+91.90, up 1.03 per cent in a weak market on the back of the news developmenty. At 12:05 pm, the shares were trading at Rs 490.60, up 0.7 per cent, on the BSE.
This alliance will enable more than 8.7 million customers of RBL Bank to access and easily purchase the customer-centric protection and long-term savings products of the firm, in order to gain financial security for themselves and their families, ICICI Prudential said in a regulatory filing to the stock exchanges.
RBL Bank will distribute ICICI Prudential Life Insurance’s protection and savings products through its 398 bank branches spread across 28 states, besides its internet and mobile banking touch-points, ICICI Prudential added.
Through this tie-up, the entire bouquet of ICICI Prudential Life’s insurance plans on the protection and savings platform will be available for purchase to customers of RBL Bank.
The BSE Sensex was at 47,780.06, lower by 327.65 points or 0.71 per cent and the NSE Nifty was at 13,426.15, down 103.60 points or 0.78 per cent at the time.