In this double displacement reaction, barium sulphate (BaSO$_4$) is the insoluble white precipitate formed, not sodium chloride. Sodium chloride remains soluble in water. Therefore, the Assertion is true about the reaction but it incorrectly says NaCl is the precipitate. The Reason is true in general — an insoluble substance formed in an aqueous reaction is called a precipitate — but it does not correctly explain the wrong Assertion. So, Assertion is true, Reason is false.