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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 Oct 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

    • RBI approves appointment of Sandeep Bakshi as the CEO and MD of ICICI Bank

      The Reserve Bank of India has approved the appointment of Sandeep Bakshi as the Chief Executive Officer (CEO) and Managing Director (MD) of ICICI Bank.

      Sandeep Bakshi will take over from Chanda Kochhar and will be the MD and CEO of the Bank for a period of five years till October 2023.

      Bakshi has been part of the ICICI Group for 32 years. He was the CEO and MD of ICICI Prudential Life Insurance Company. Bakshi also successfully spearheaded the insurance company’s Rs.60.6 billion initial public offering (IPO) in September 2016 which was the first instance of an Indian insurance company getting listed.

      16 October 2018

    • Sandeep Bakhshi replaces Chanda Kochhar as CEO of ICICI Bank

      ICICI Bank appointed Sandeep Bakhshi as its new CEO following the early retirement of Chanda Kochhar. Taking over this new role from October 3, Mr.Bakhshi will continue in office for a term of five years.

      Sandeep Bakhshi has been associated with ICICI for over 3 decades, having joined the group in 1986. He has previously led ICICI Prudential Life Insurance and helped make the company public in the year 2016.

      8 October 2018

    • 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
      "High premium"
      0.5 4.0/5 "Great!"
      ICICI Prudential service is prompt, within two weeks of time I could add the nominee. The policy benefits is my choice whatever they offering they are best. I checked the proposal, the premium amt is higher and however the coverage value is good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 15, 2018
    • ICICI Prudential Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I'm paying the premium on monthly basis. Holding this policy is almost 6 months. I have selected ICICI Prudential depends on claim ratio basis. I have not claim anything and i don;t use any such benefits of the policy. Total tenure period of the policy is 30 years. I have chosen the monthly payment mode. They have sent the hard copy of the documents to my address.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 15, 2018
    • ICICI Prudential Life Insurance
      "Good Policy"
      0.5 4.5/5 "Excellent!"
      I have purchased the ICICI Prudential policy in 2007. I will get a concession of 37%. The amount will be depends on the market value. The investment amount will be based on the sensex. I made a one time investment and it was a lumpsum investment. Total tenure period is 10 years. Since its not reliable, i'm just cancelled the policy
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Oct 12, 2018
    • ICICI Prudential Life Insurance
      "Good Beneficial Plan"
      0.5 4.0/5 "Great!"
      Long back I took ICICI Prudential life insurance because the policy benefits are good, the customer support explained all terms and conditions. My plan is for 25 years, I used to make the premium around Rs. 40,000 on yearly basis. After the tenure period I get good matured value, the policy it also includes tax benefits.
      Was this review helpful? 0
      , siliguri
      Reviewed on Oct 11, 2018
    • ICICI Prudential Life Insurance
      "Good Term Plan"
      0.5 4.5/5 "Excellent!"
      I have taken term plan from ICICI prudential, the cost of the policy is good, I make the tenure till the age of 70 age, another 32 years I should make my premium. My monthly premium is around Rs.1400 for the coverage of Rs.1 croce. Their claim settled and grievance resolved ratio is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 09, 2018
    • ICICI Prudential Life Insurance
      "Waste policy"
      0.5 1.0/5 "Really Bad"
      There is no proper response in their customer care in ICICI Prudential. There was a loss in this policy and i will not suggest to anyone. I have bought the Unit Linked Insurance Policy in 2010. I have selected the ICICI because one of my cousin has suggested me to take this policy. I have made a premium amount of Rs. 10000 every half year and i will make the payment manually.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Oct 02, 2018
    • ICICI Prudential Life Insurance
      "Worst plan"
      0.5 1.0/5 "Really Bad"
      This is a one time payment policy. Its covered with risk cover policy. I have made a payment of Rs. 25000 once. The agent has collected the money. When i surrender the policy i have got only 12000. This policy is having a tenure period of 7 years. I'm not interested to continue the policy any more with ICICI Lombard.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 27, 2018
    • ICICI Prudential Life Insurance
      "BETTER"
      0.5 4.0/5 "Great!"
      I have purchased the term insurance policy with ICICI PRUDENTIAL before 2 years and it gives the coverage of 1 crore. The premium is lower and the coverage is is also good when compared to the other policies. Premium i am paying for yearly once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 25, 2018
    • ICICI Prudential Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The reason for taking the life insurance policy with ICICI PRUDENTIAL is because of good service so i have taken this policy and using for 6-7 years and the maturity period for this policy is for 15 years also the premium i pay for yearly once through online.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 22, 2018
    • ICICI Prudential Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      My super classic policy is taken with ICICI prudential. I'm not much sure about the policy benefits and features. Its giving 10 times insurance covered. I used to make the premium amount of Rs. 50000 yearly. I will make the premium through online. Total tenure period of the policy is 10 years and which is having 5 years lockin period. After the policy is matured i can able to withdraw the money.
      Was this review helpful? 0
      , allahabad
      Reviewed on Sep 17, 2018
    • ICICI Prudential Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I'm connect with ICICI prudential for past 10 years. I have purchased my pension policy in the year 2013. I used to pay the premium amount of Rs. 30000 yearly. I will get a benefit of R. 2 lakhs and it will get 2 times of the premium. I have to pay upto 7 years there after i have to leave the policy for 10 years.
      Was this review helpful? 0
      , allahabad
      Reviewed on Sep 17, 2018
    • ICICI Prudential Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      In the month of September my policy is going to matured and i will come to know about the services. In 2009, i have purchased this ICICI. I used to make the payment of 20000. I am not much aware of the plans and benefits. Total tenure period of the policy 20 years.
      Was this review helpful? 0
      , rajahmundry
      Reviewed on Sep 12, 2018
    • ICICI Prudential Life Insurance
      "Good settlement policy"
      0.5 3.5/5 "Pretty good"
      I have chosen my term insurance policy in ICICI Prudential I will get a sum assured amount of 1 Crore. I used to make the payment of Rs. 14000 as premium amount. Accidental coverage, medical claim also included in this policy. I have to pay the premium for next 30 years. Its a tax benefitable policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 12, 2018
    • ICICI Prudential Life Insurance
      "Good reputable policy"
      0.5 5.0/5 "Blown Away!"
      I have taken my term insurance policy with ICICI Prudential. The customer care people in ICICI is very much helpful. It is easy to make the payment. I have purchased the policy in April. I have chosen the sum assured amount of Rs. 1 Crore. Every month I'm paying the amount of Rs. 630. I used to make the payment through ICICI net banking.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 09, 2018
    • ICICI Prudential Life Insurance
      "BETTER POLICY"
      0.5 5.0/5 "Blown Away!"
      I have purchased the life insurance policy with ICICI PRUDENTIAL using since last 5-6 years and i have used it previously but now i have closed this policy. Maturity period of this policy is for short term policy but i have not taken any claim with this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 08, 2018
    • ICICI Prudential Life Insurance
      "GOOD POLICY"
      0.5 4.0/5 "Great!"
      I have purchased the life insurance policy with ICICI PRUDIENTIAL since last 4 months and also the tenuity period of this policy is for 20 years which also gives the life coverage after the maturity period. Premium i pay for this policy on monthly basis.
      Was this review helpful? 0
      , jalandhar
      Reviewed on Sep 08, 2018
    • ICICI Prudential Life Insurance
      "Policy is good and ICICI service has to improve"
      0.5 1.0/5 "Really Bad"
      I have purchased the term insurance policy. I have not availed the medical check up. I could not able to claim the policy if i didn't claim. I have contacted the customer care service regarding the medical test. They have told me that they will arrange call back. I have not received any call so far. I'm not satisfied with the service.
      Was this review helpful? 0
      , jaipur
      Reviewed on Sep 04, 2018
    • ICICI Prudential Life Insurance
      "GOOD POLICY"
      0.5 4.0/5 "Great!"
      I am using the life insurance policy with ICICI PRUDENTIAL since last 3 years where they have provided the maturity period of 10-15 years and i pay the premium for 5 years. The premium i pay 5k through ecs and latter it covers the life.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 04, 2018
    • ICICI Prudential Life Insurance
      "BETTER POLICY"
      0.5 4.0/5 "Great!"
      There is no particular reason behind taking the life insurance policy with ICICI PRUDENTIAL where they have provided me the tenuity period of 35 years added on that the premium 500 rupees i pay through online for monthly once. I am not sure it covers the accidental coverage.
      Was this review helpful? 0
      , palakkad
      Reviewed on Sep 03, 2018
    • ICICI Prudential Life Insurance
      "BETTER POLICY"
      0.5 5.0/5 "Blown Away!"
      There is no particular reason behind taking the life insurance policy with the ICICI PRUDENTIAL but the premium i pay 703 rupees through online on monthly basis. The tenuity period of this policy is for 18 years also it covers the accidental benefits.
      Was this review helpful? 0
      , nasik
      Reviewed on Sep 03, 2018
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