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  • ICICI Prudential Life Insurance

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Started in the year 2001, ICICI Prudential is one of the largest private players in the Indian insurance scenario. The company, which is a joint venture between ICICI Bank Ltd. and Prudential Corporation Holdings Ltd., a UK-based MNC, has an in-force sum assured of over 3 trillion rupees as on June 2016. ICICI Prudential, with its 5 guiding principles—integrity, boundary less, customer first, passion, and humility—has been offering quality services to its vast, ever-growing customer base.

    Highlights of ICICI Life Insurance Updated on 21 Aug 2018

    Percentage of Grievances Solved 99.96%
    Claim Settlement Ratio 96.68%
    Group Death Claims 99.16%
    Percentage of Claims Rejected -0.11%
    Solvency Ratio 2.81 (for the quarter ended March 2017)
    icici prudential life insurance
    ICICI Prudential Life Insurance

    Products and Services offered by ICICI Prudential Life Insurance Company:

    ICICI Prudential has a wide array of insurance products across different niches ranging from investments and protection to savings, all of which cater to the needs and goals of different individuals. Listed below are all the products offered by the company under different categories:

    ICICI Term Insurance Plans ULIP Plans Traditional Savings/Money Back Plans Retirement Plans Group Plans Rural Plans
    ICICI Pru iProtect Smart ICICI Pru Wealth Builder II ICICI Pru Cash Advantage ICICI Pru Easy Retirement ICICI Pru Loan Protect ICICI Pru Sarv Jana Suraksha
    ICICI Prudential Smart Health Cover ICICI Pru Guaranteed Wealth Protector ICICI Pru Savings Suraksha ICICI Pru Immediate Annuity ICICI Pru Loan Protect Plus ICICI Pru Anmol Bachat
    ICICI Pru iCare II ICICI Pru Smart Life ICICI Pru Assured Savings Plan   ICICI Pru Group Term Plus  
    ICICI Pru Life Raksha ICICI Pru Elite Wealth II ICICI Pru Future Perfect   Group Gratuity Plan  
      ICICI Pru Elite Life II     Group Superannuation  
      ICICI Prudential Smart Kid Solution     Group Leave Encashment  
            Group Immediate Annuity Plan  

     

    ICICI Term Insurance Plans:

    Term insurance plans, also known as protection plans, are insurance policies which offer coverage for a person assured for a particular term specified in a policy document. These plans, among other things, usually offer payouts to a person assured’s family (nominees) in case he/she meets an untimely death. There are also plans under this category which come with survival and tax benefits among others. Here’s a list of all the term plans offered by ICICI Prudential Life Insurance Company:

    • ICICI Pru iProtect Smart
    • ICICI Prudential Smart Health Cover
    • ICICI Pru iCare II
    • ICICI Pru Life Raksha

    ICICI Prudential ULIP Plans:

    Unit Linked Insurance Plans, often called ULIPs, are plans which offer returns based on the stock market. The way ULIPs works can be explained in simple terms. Premiums the company receives will be invested in debt and equity funds to gather higher returns. These investments are done by fund managers who carefully analyse the best-selling stocks and their profit/loss patterns before committing money to such funds. ULIPs are basically the best option available if an individual is looking to increase their wealth. The list of ULIPs offered by ICICI Prudential is as follows:

    • ICICI Pru Wealth Builder II
    • ICICI Pru Guaranteed Wealth Protector
    • ICICI Pru Smart Life
    • ICICI Pru Elite Wealth II
    • ICICI Pru Elite Life II
    • ICICI Prudential Smart Kid Solution

    ICICI Traditional Savings/Money Back Plans:

    These are insurance plans which offer the benefit of savings, meaning the premiums an individual pays will be returned to them with interest. With these plans, individuals can also choose the frequency and the amount they want to receive at a particular time. ICICI Prudential’s list of savings/money back plans are as follows:

    • ICICI Pru Cash Advantage
    • ICICI Pru Savings Suraksha
    • ICICI Pru Assured Savings Plan
    • ICICI Pru Future Perfect
    benefits of icici prudential life insurance
    Benefits of ICICI Prudential Life Insurance

    ICICI Pru Retirement Plans:

    Retirement plans are those that help individuals pay a premium so as to secure their finances post their employment phase. These plans usually offer various different payout options and a policyholder can choose between any of the options proffered to them. Here’s a list of all the ICICI Prudential retirement plans:

    • ICICI Pru Easy Retirement
    • ICICI Pru Immediate Annuity

    ICICI Pru Group Plans:

    Group plans are plans which are specifically made available for small and large business corporations that are required to provide their employees with a number of benefits. These benefits include annuity, leave encashment, term insurance, health insurance, and the like. ICICI Prudential has a few dedicated group plans in its portfolio. These include:

    • ICICI Pru Loan Protect
    • ICICI Pru Loan Protect Plus
    • ICICI Pru Group Term Plus
    • Group Gratuity Plan
    • Group Superannuation
    • Group Leave Encashment
    • Group Immediate Annuity Plan

    ICICI Pru Rural plans:

    Rural plans are those which cater to the savings and insurance needs of rural populace. ICICI Prudential has a few rural plans under its portfolio. They are as follows:

    • ICICI Pru Sarv Jana Suraksha
    • ICICI Pru Anmol Bachat

    Company Offices - Where you can find ICICI Prudential Life Insurance:

    ICICI Prudential has a customer care number, which prospective policy buyers and existing customers can contact to have their queries resolved. This number is as follows:

    1860 266 7766

    Note: This number is only valid for Indian customers and contacting through it incurs standard call charges. Also, it is available for six days a week from Monday to Saturday, except national holidays and sundays.

    Awards Won by ICICI Prudential Life Insurance:

    Since the inception of the company a little over one and a half decade ago, ICICI Prudential has won plenty of awards for its contribution to the Indian insurance sector. The list of accolades the company has collected include:

    • Product of the Year by Nielsen survey for iProtect Smart Life Cover plan for its innovation.
    • Ranked among the best brands in BFSI sector for two years in a row (2014 and 2015) by Millward Brown.
    • First prize for innovation at Qimpro Awards 2014.
    • Silver Effie award for its Acche Bandeh brand campaign in 2013.
    • Winner of Shared Service in India - Insurance Domain Category in 2012.
    • Winner of Insurance Company of the Year and Company of the Year awards in 2011 for Life Insurance category.
    • Winner of Best Leading Private Player Life Insurance at CNBC Best Bank and Financial Institution Award for 2011.

    ICICI Prudential Life Insurance - Board of Directors and Shareholding Pattern:

    ICICI Prudential is run by a number of highly skilled people, who at the helm, have been affecting all the positive growth the company has been responsible for. Here’s all the board of directors listed out for you:

    • Chanda D. Kocchar - Chairperson
    • N.S. Kannan - Director
    • Adrian O’Connor - Director
    • Prof. Marti G. Subrahmanyam - Independent Director
    • Rama Bijapurkar - Independent Director
    • Vinod Kumar Dhall - Independent Director
    • V.Sridhar - Independent Director
    • M.S. Ramachandran - Independent Director
    • Dilip Karnik - Independent Director
    • Sandeep Bakhshi - Managing Director and CEO
    • Puneet Nanda - Executive Director
    • Sandeep Batra - Executive Director

    Shareholding Pattern of ICICI Prudential Life Insurance:

    As of data released by the company on June 30, 2015, shareholding pattern of the company is as mentioned in the table below:

    Shareholder No. of Shares Percentage of shares owned
    ICICI Bank Limited 1,055,310,907 73.70%
    Prudential Corporation Holdings Limited 370,774,884 25.90%
    Others 5,738,490 0.40%
    Total 1,431,834,281 100.00%

    Claim Settlement Ratio

    In terms of settling claims, ICICI Prudential ranks among the top 10 insurance companies in the country. Here’s a table that lists out the claim settlement ratio of the company for 2016-17.

    No. of claims received No. of claims approved Claim settlement ratio Time Taken (average)
    10,901 10,539 96.68% 20

    Below is the claim settlement ratio trend for the company from 2009-2017

    Year 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
    Settlement ratio 90% 95% 96% 97% 94% 94% 96% 97%

    How to Settle a Life Insurance Claim with ICICI Prudential Life Insurance?

    ICICI Prudential follow a very simple 3-step procedure to settle claims submitted before them. Here’s how the process works:

    • Step 1: Reporting the claim

      To get a claim settled, a claimant must first report the claim to the company. It can be done in any number of ways. For instance, a claimant can submit their claim online, call the Claimcare helpline, visit branch, email/SMS claim, and direct mail. Once the report is done, a claimant needs to submit a written settlement request with the Claims Cell Office for the claim to be registered formally.

    • Step 2: Reviewing the claim

      Once a claim is submitted with the company, a dedicated Claimcare team will access the claim details. If they feel that the documents provided aren’t up to the mark, they will raise a request for additional documentation within 8 calendar days. Also, this team will assist a claimant in case he/she faces any difficulty during the settlement period.

    • Step 3: Settlement

      After the first two steps are successfully done with, the company will settle the claim within the corresponding 12-day period. Also, the company only uses e-transfers to settle the amount in order to reduce documentation.

    News about ICICI Prudential Life Insurance

    • GST impact on insurance policyholders

      The current tax rate for financial services sector is 15%. GST council has suggested 18% tax rate this year. This could have a direct impact on the premiums paid by the insurance policyholders across the country. Though GST is considered to have a positive effect on the economy, according to Sandeep Batra, the Executive Director of ICICI Prudential Life, the additional 3% tax rate will be borne by the policyholders. GST could result in the financial sector contributing to an increasing share in the national income across organised and unorganised sectors.

      24 May 2017

    • ICICI Prudential Life Insurance Acquires 33.23 Lakh Shares Of DB Corp

      Amansa Holdings Private Limited, a Singapore-based fund management firm recently sold a total of 3,772,562 shares of DB Corp (Dainik Bhaskar Group) at the price of Rs 350.07 per share on the Bombay Stock Exchange. Out of this, over 33 lakh of Dainik Bhaskar Corp. were purchased by ICICI Prudential Life Insurance Company Limited, who bought exactly 3,323,619 shares at the price of Rs. 350 per share. After the sale, Dainik Bhaskar Corp. closed at Rs 375.65, which was a 1.54% or Rs.5.70 increase from its previous stock price. The company’s share price reached a 52-week high at Rs 447.85 and 52-week low Rs 326.30 on 20 October, 2016 and 20 May, 2016, respectively.

      6 May 2017

    • ICICI Bank Makes Three-Fold Profits In Quarter4, Bad Loans Rises By 26%

      One of the leading private sector lender, ICICI Bank stated that their fourth quarter standalone profit increased by 188.4% this year. Simultaneously, bad loans increased sharply due to one account in cement sector. Deposits at the end of March quarter stood at Rs 4.9 lakh crore, a growth of 16.3 percent compared with same quarter last year. On the other hand, the stock price of ICICI Bank, which announced earnings after market hours, closed down 1.16% at Rs 272.75 on the BSE.

      4 May 2017

    • ICICI Pru Life Aims To Grow Its Protection & Savings Business

      India’s leading private life insurer ICICI Prudential Life recently announced that it is looking to grow their savings and protection business. In FY17, ICICI Prudential witnessed an 87.1% growth in their protection business which went up to Rs.260 crore. The insurance company enjoys an overall market share of 12% and a 22.3% share in the private sector market, on the basis of retail weighted received premium (RWRP) for FY17. Mr. Sandeep Batra, Executive Director, ICICI Prudential Life mentioned that retail protection made up for Rs 209 crore of the total business in FY17, as compared to Rs.94 crore in FY16. He also added that ICICI’s customer-centric philosophy has helped the insurer achieve modest sales good which have led to higher persistency. The 13th month persistency was recorded at 86% as compared to 82.4% in FY16.

      27 April 2017

    • ICICI Prudential’s net profit soared to Rs.408 crores in Q4 of 2016

      ICICI Prudential has reported an increase in its net profit at Rs.408.2 crores for the last quarter of fiscal year 206-17. A similar rise in net profit was reported even in the last quarter of the previous fiscal year. The Value of New Business (VNB) rose by 61.7% when as compared to the previous year’s VNB figures. This increase in VNB is attributed to the enhancement of protection business by the company. The Embedded Value (EV) of ICICI Prudential as on 31 March, 2017 is Rs.16,184 crores.

      26 April 2017

    ICICI prudential Life Insurance Reviews

    • ICICI Prudential Life Insurance
      "Everyone must have this policy"
      0.5 5.0/5 "Blown Away!"
      I have bought this term insurance policy 5 months back. I have done the payment of Rs. 1852. They have offered me a sum assured amount of Rs. 75 lakhs. I have to pay the premium of 30 years. I have called the customer care service to know about the policy details and they have given a proper details to me.
      Was this review helpful? 1
      , tirupur
      Reviewed on Aug 17, 2018
    • ICICI Prudential Life Insurance
      "Good policy for some people who just want to money after few"
      0.5 5.0/5 "Blown Away!"
      I have bought a money back policy with ICICI prudential in the year of 2008. This was a traditional plan and i withdrawn the money before the maturity due to other plan. The death plan was available but they are not providing more sum assured amount for death benefits. The premium was around Rs. 6000 per annum. Total tenure period of the policy is 20 years.
      Was this review helpful? 2
      , kanpur
      Reviewed on Aug 16, 2018
    • ICICI Prudential Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have not experienced the ICICI customer care. They used to co-operate very nicely in the branch. They used to send a notification regarding the due date in messages as well as the mails. I used to pay the premium amount of Rs. 1151. I will get a sum assured amount of Rs. 25 lakhs. Life time payment options. I can avail the benefits after my death.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 16, 2018
    • ICICI Prudential Life Insurance
      "Best policy"
      0.5 4.0/5 "Great!"
      I have purchased this term insurance policy 5 months back. I have paid the premium amount of Rs. 743 per month. I have chosen the every month payment mode. I will do money transfer to make the payment. I have got a sum assured amount of Rs. 50 lakhs. I have chosen the tenure period of 40 years.Illness cover, Risk coverage, Disabled coverage is available.
      Was this review helpful? 1
      , rajahmundry
      Reviewed on Aug 16, 2018
    • ICICI Prudential Life Insurance
      "Good and better policy"
      0.5 4.0/5 "Great!"
      I have purchased this term insurance policy last 4 months back. I have paid the premium of around Rs. 700. I have chosen the monthly payment mode. I have got a sum assured amount of Rs. 50 lakhs and i just want to increase the same. I will make the payment through Internet banking. As of now i don't face any issue with the policy
      Was this review helpful? 1
      , mumbai
      Reviewed on Aug 16, 2018
    • ICICI Prudential Life Insurance
      "GOOD"
      0.5 3.0/5 "Satisfactory"
      The reason behind taking the policy of life insurance from ICICI PRUDENTIAL i have no particular reason i want an policy so i have taken it. The documents that i have submitted through online also the premium that i pay 421 rupees through net banking. The tenuity period of this policy is for 40 years and also this policy covers my wife also.
      Was this review helpful? 1
      , new delhi
      Reviewed on Aug 16, 2018
    • ICICI Prudential Life Insurance
      "BEST"
      0.5 4.0/5 "Great!"
      I am using my life insurance from last 10 years and it is for my kid. I have been using my policy from ICICI PRUDENTIAL and i have been using my policy from last few years i am paying my premium from my salary through the bank. I have done my documentation through online.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 16, 2018
    • ICICI Prudential Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I am using my life insurance from ICICI PRUDENTIAL and i am using it since last few months The tenuity period is for the 10 years plan and i have taken this for my kid. The documents that i have taken it through online with hassle free process. The customer service is very good and i am happy with the insurance.
      Was this review helpful? 1
      , mumbai
      Reviewed on Aug 16, 2018
    • ICICI Prudential Life Insurance
      "EXCELLENT"
      0.5 3.0/5 "Satisfactory"
      I have taken my life insurance from ICICI PRUDENTIAL the reason behind taking the policy is with no such particular reason but my friend suggested. I have applied my documents through online and it is a hassle free process. The tenuity period of my policy id for the 35 years and also the premium that i am paying it through online on monthly basis. This policy covers me and my wife.
      Was this review helpful? 1
      , kanpur
      Reviewed on Aug 16, 2018
    • ICICI Prudential Life Insurance
      "GOOD"
      0.5 3.0/5 "Satisfactory"
      I have been using my life insurance from ICICI PRUDENTIAL since few months and i have taken the insurance through online and also the documents i have taken through online. The tenuity period of this policy is 30years. I pay my premium through online via the credit card for monthly once. The premium is higher when compared to the others.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 16, 2018
    • ICICI Prudential Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have purchased this policy before 5 months. I have paid the premium amount of Rs. 700 approximately. I have to pay the premium for every month. They are offering a sum assured amount of Rs. 50 lakhs. Overall, I'm very much delighted to take this policy.
      Was this review helpful? 1
      , new delhi
      Reviewed on Aug 11, 2018
    • ICICI Prudential Life Insurance
      "Very poor experience with ICICI"
      0.5 1.0/5 "Really Bad"
      I'm not satisfied with the facilities they have provided. Before and after purchasing the policy, some complication was there in the terms and conditions. I did not get accurate and proper response from the customer care. This policy not a perfect policy for me because they did not give proper pro's and con's about the policy. I'm not going to continue this policy anymore.
      Was this review helpful? 0
      , pusad
      Reviewed on Aug 07, 2018
    • ICICI Prudential Life Insurance
      "GOOD"
      0.5 4.5/5 "Excellent!"
      I have been used my life insurance from the ICICI from past 80s to 90s and this is a child plan and when my children are nearly 9-10 years i have deposited the 5k per head and latter i have got the 58k for each. Now these plans have been stopped from the ICICI
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 07, 2018
    • ICICI Prudential Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      Since last 12 years i am using the life insurance with many policies more than 3 from the ICICI PRUDENTIAL including the PENSION PLAN. The tenuity period of my insurance is for 18 years and also the premium that i pay for yearly once but i am not sure of the sum amount.
      Was this review helpful? 0
      , vadodara
      Reviewed on Aug 06, 2018
    • ICICI Prudential Life Insurance
      "WORST"
      0.5 1.0/5 "Really Bad"
      Previously i have applied for the life insurance from the ICICI PRUDENTIAL and i have been using this for few months i have invested the money of 1.5laks and after 3months it got reduced and so i have closed the policy i have changed to the FD I stopped that policy.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Aug 04, 2018
    • ICICI Prudential Life Insurance
      "Average policy"
      0.5 4.0/5 "Great!"
      I have purchased this ICICI prudential term insurance policy for 4 months before. I have paid the premium amount of Rs. 800. I have to pay the premium amount for every 3 months. They are providing the sum assured amount of Rs. 25 lakhs. I will make the payment through net banking.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Aug 02, 2018
    • ICICI Prudential Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I will do the payment through my debit card. I have taken the term insurance policy for 1 year before. I will make the payment every year once. I have made the premium amount of Rs. 11000. I have to pay the premium for next 20 years. If any accidental and critical illness, they will give some amount and I'm not exactly sure about it. They are giving the sum assured amount of Rs. 5 lakhs.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Aug 02, 2018
    • ICICI Prudential Life Insurance
      "Average policy "
      0.5 4.0/5 "Great!"
      I have taken this policy in the year of 2017 December. I will get a benefits if its a natural death. They are giving a sum assured amount of Rs. 50 lakhs. I have paid the premium amount of Rs. 800 monthly. I will make the payment through net banking. I have taken a tenure period of 30 years. Accidental benefits are not covered.
      Was this review helpful? 0
      , mandi
      Reviewed on Aug 02, 2018
    • ICICI Prudential Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      ICICI Prudential is good too and I am satisfied with the services. The customer support is good and there are no hassles in the process. I have taken a term insurance policy from them and the issuance of the policy is good. They also do the medicals at the doorstep.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 31, 2018
    • ICICI Prudential Life Insurance
      "VERY GOOD"
      0.5 5.0/5 "Blown Away!"
      It is a term policy that i am using from the ICICI PRUDENTIAL as my life insurance the service is very good and they intimate to pay my premium before a month through my mail. The premium that i pay for monthly once. Documentation i have done through on line.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jul 28, 2018
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