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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.

    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:

    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

    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 2014-15.

    No. of claims received No. of claims approved Claim settlement ratio Time Taken (average)
    12,309 11,546 93.80% 20

    Below is the claim settlement ratio trend for the company from 2009-2015

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

    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
      "Life insurance from ICICI"
      0.5 4.0/5 "Great!"
      From ICICI PRUDENTIAL i have taken a life insurance with a premium of 75000.The total maturity period is for 10 years, But we have to pay the premium for 5 years. And after completing the 5 more years i could able to claim the amount with the bonus.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 11, 2018
    • ICICI Prudential Life Insurance
      "EXCELLENT"
      0.5 4.5/5 "Excellent!"
      It is good experience with the ICICI PRUDENTIAL. I have been using since December 2017. Payment i do through on line for every month. Documentation through the on line i have done. Major diseases would be covering. Just i have to take a insurance so i took. Critical illness also it covers. If i met with an accident i am unable to pay my premium then i don't want to pay the premium. Tenuity is for 30 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 10, 2018
    • ICICI Prudential Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      The premium with ICICI prudential for life insurance is 5906 which i have to make payment for every month. The total maturity period for this policy is for 15 years. The benefits will be given to the nominee. I suggest they have to give benefit even before the maturity period.
      Was this review helpful? 0
      , mysore
      Reviewed on Jun 09, 2018
    • ICICI Prudential Life Insurance
      "GOOD"
      0.5 3.5/5 "Pretty good"
      I have been using the life insurance from the ICICI. The documentaion is very good and quite simple and apart from that the plan benefit and also the policy coverage is also very good. It is short term policy that i have taken and when it comes to the payment i do through the salary for yearly once.The tenuity is for 10 years. I have no yet contacted the customer executives.
      Was this review helpful? 0
      , cuddalore
      Reviewed on Jun 03, 2018
    • ICICI Prudential Life Insurance
      "AVERAGE"
      0.5 1.0/5 "Really Bad"
      My overall experience is good. I have not yet received the bond. I have been using since 6-7 months. Payment i do through the on line. I have contacted the customer service i am not okay with the service. Plan benefit i have no idea because i have not yet received the bond. I have applied through the on line and i have been paying 500 per month. Policy coverage i have no idea. 33 years tenuity i has in my insurance.
      Was this review helpful? 0
      , villupuram
      Reviewed on May 31, 2018
    • ICICI Prudential Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      It is good and using since 4-5 months. Documentation is i did through the on line. Coverage is for 50lakhs and no idea regarding the proper details. Payment i do through the credit card and i have done monthly once. I have not yet paid for this month so it has bounced. I have not yet contacted the customer service. Benefit is good
      Was this review helpful? 0
      , narsinghpur
      Reviewed on May 30, 2018
    • ICICI Prudential Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      Its a very good experience. Documentation is good and done through on line. Customer service i have contacted regarding the bond and i have not got so far. They are not responding properly. Tenuity is no idea. And using since 4 months and the payment i do through the on line for monthly. Policy coverage no idea plan benefit is that i would be getting many hospital options.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 28, 2018
    • ICICI Prudential Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      My experience with the insurance is good. Documentation i did it through the paperless. Plan benefit is good and so that my family gets benefited. Policy coverage is for 30 years payment i do 560 for every month through the on line. I am getting the message from the icici instead of that call from customer executive if i get a call from them it would be better to pay my premium.
      Was this review helpful? 0
      , bhimavaram
      Reviewed on May 28, 2018
    • ICICI Prudential Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      Life experience is good. I using the insurance from last 4 months. Payment i do through on line for monthly once. I have contacted the customer service and it is good. Plan benefit is good but i have not received the hard copy. Policy coverage is good and it is for 25 year.
      Was this review helpful? 0
      , surat
      Reviewed on May 28, 2018
    • ICICI Prudential Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      My experience is good. When it comes to the documentation i have done through the on line. Customer service i have contacted regarding the hard copy and they helped regarding the getting the. Plan benefit is good. It is a long term policy of 30 YEARS policy i have started using 3-4 months. I do payment through on line for monthly.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 28, 2018
    • ICICI Prudential Life Insurance
      "AVERAGE"
      0.5 3.0/5 "Satisfactory"
      Overall it is good. I have been using since 3-4 months i do payment though the on line. The customer service is good. Plan benefit is good and policy coverage is good and it is for 30 years and also added on that i do payment for my insurance monthly once.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on May 27, 2018
    • ICICI Prudential Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am using since 17 years. Yearly once i do my payment through the on line. Starting with cheque and then again with the on line. Plan benefit is good and also added on that the policy coverage is also very good i am getting all coverage's in my life insurance. Overall i am happy with my insurance.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 27, 2018
    • ICICI Prudential Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      Over all it is good. I got this insurance in December. Payment i do through the on line for monthly in my insurance. Customer service is good once contacted regarding the hard copy. There is no idea about the plan benefits. Policy coverage is for 32 years. I have taken insurance from this but no any particular reason for taking the insurance.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2018
    • ICICI Prudential Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      My experience is with the insurance is good. Payment i do on line every month. Customer service i have contacted regarding the bond and they responded very good. No issues till now i have faced. Plan benefit is 50 lakhs is the complete i have to pay for my policy i pay 1213 rupees per month. Policy coverage is for 35 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 24, 2018
    • ICICI Prudential Life Insurance
      "Best Policy"
      0.5 5.0/5 "Blown Away!"
      I used to pay Rs. 704 per month i have to make the payment of 22 years. I took the policy 3 months before. They will provide 50 lakhs as a sum assured amount. I'm not much aware of the benefits and plans. I'm happy about the services they provided to me.
      Was this review helpful? 0
      , jamshedpur
      Reviewed on May 23, 2018
    • ICICI Prudential Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have taken term insurance from icici prudential . I have chosen mainly because of brand value as it provides low premium amount with high benefits . It has 100% claim ratio of 30 lakhs . Which also covers 33% critical illness . I pay it through online . Overall am satisfied with this policy insurance .
      Was this review helpful? 0
      , karimganj
      Reviewed on May 23, 2018
    • ICICI Prudential Life Insurance
      "Good Maturiy Policy"
      0.5 3.0/5 "Satisfactory"
      ICICI Prudential Life insurance policy is Risk covered policy. I will get Double the return in this policy. Within short period of time the maturity amount will come to my account. I have been using this policy for past 1 year. If any Risk happened, then my nominee will get the benefits.
      Was this review helpful? 0
      , erode
      Reviewed on May 22, 2018
    • ICICI Prudential Life Insurance
      "Average policy"
      0.5 5.0/5 "Blown Away!"
      I have been using life insurance from the Icici Prudential. It has low premium amount with high benefits It cover accidental coverage and critical illness The claim settlement ratio is good. Its simple plan term with policy coverage of 75 years . Paying amount monthly through online banking.Their customer service and response is good.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 22, 2018
    • ICICI Prudential Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance from Icici prudential . It has good benefits like they cover critical medical claim. The policy cover till age 50 and the tenure period is 30 years . It has low premium amount with high benefits . I pay the payment monthly through online banking .
      Was this review helpful? 0
      , ramnagar
      Reviewed on May 22, 2018
    • ICICI Prudential Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have been using Life insurance from Icici prudential . It has good benefits with accidental coverage and critical medical claim . The policy coverage is 60 years with tenure period of 30 years . I pay the payment annually through online banking . Their customer service and response is good.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2018
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