ICICI Pru plans nationwide tie-up with postal dept

HYDERABAD: ICICI Prudential Life which entered into a tie-up with India Post's Andhra circle is planning to go for a nationwide partnership with Postal Department to push its insurance products in rural markets.

Anup Rau, senior vice-president and head of Sales of the company said he had already tied up with Gujarat, Uttar Pradesh and Karnataka Postal circles.

"It would take a month or so to have a pan Indian tie-up with India Post. The arrangement will help the company penetrate into the rural areas as 90 per cent of the post offices are located in rural areas", Rau told reporters here.

K V Sunder Rajan, chief post master general, AP, said the department would get 10 to 25 per cent commission on sales from ICICI. He said the state postal circle had already entered into tie-up with other companies to sell their products.

The department earlier entered into an agreement with Reliance Money to sell gold coins. The circle sold various products worth Rs 227 crore in the last fiscal, he said.

Under the partnership with ICICI Prudential Life, it would sell its products in over 16,000 post offices across Andhra Pradesh. Over 1,160 postal department officials were trained in raising referrals by ICICI prudential.

Policy holders in the State can also make their premium payments at any of the 529 e-payment enabled post offices across the State.