ICICI Prudential Life enables premium payments via NBBL Banking Connect

ICICI Prudential Life Insurance Company

ICICI Prudential Life Insurance has become the first life insurer in India to allow premium payments through the NCPI Bharat BillPay Limited (NBBL) Banking Connect platform.

The feature allows policyholders to make premium payments directly through their preferred mobile banking app in a secure and seamless manner, without having to log in separately using internet banking credentials, the insurer said in a press release on October 28. By integrating with NBBL's launched interoperable payment rail, customers can use any participating bank’s app, bringing greater flexibility and convenience.

Banking Connect was introduced during the Global Fintech Fest (GFF) 2025, and ICICI Prudential Life is the first life insurance company to roll out this functionality for a closed user group. The initiative embeds the premium payment process within the existing mobile banking journey, enabling customers to complete payments with a single authentication step.

“The introduction of this mobile-first payment option aligns with our focus on enhancing customer experience and simplifying insurance journeys. By embedding premium payment within the customer’s preferred banking app, we are making the process simple and intuitive, ” ICICI Prudential Life Insurance chief operations officer Amish Banker said.

The company said the interoperable structure of Banking Connect ensures that customers are not tied to one bank or interface, offering consistent experience across multiple banking partners and payment aggregators.

As adoption grows, the company plans to expand the functionality by introducing additional in-app service features, allowing customers to manage their policy requirements and access real-time updates through their banking apps, the insurer said in a release.