India Post ties up with ICICI Prudential for postal insurance

India Post has tied up with ICICI Prudential for collection of insurance premium through post offices as it bids to expand operations. The service will be available at more than 200 post offices in Gujarat, Punjab, Andhra Pradesh, Kerala and Maharashtra Postal Circles, a government release said.

The premium amount realised will be sent to ICICI Prudential through ePayment system of India Post, without any additional cost to the customer, the release said.

The tie-up with ICICI Prudential is a step in the direction to make the Post office a one stop shop for the community. Insurance being one of the fastest growing industries in the service sector, the tie-up will also increase the customer base of the post office.

Besides, India Post will extend gold sales to Uttar Pradesh and Haryana postal circles from next week. The service was taken to post offices in Kerala earlier this week. With this, select Post offices from 14 postal circles will provide this service to the public.

Department of posts began selling 24 carat 'Gold Coins' at 102 post offices in Delhi, Maharashtra, Gujarat and Tamil Nadu from 15 October. Later, the service was extended to Punjab, Andhra Pradesh, Karnataka, Madhya Pradesh, West Bengal and Rajasthan.

Apart from enhancing the revenue of the department, this has enabled India Post to usher in a new image of India Post as a modern and relevant organisation in all areas of life.

India Post has been selling various products, from Darjeeling tea to UPSC and university application forms, under Retail Post category and there is sustained growth in the revenue from these activities, it added.