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.
|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 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|
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:
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:
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:
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:
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:
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 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.
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:
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:
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%|
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)|
Below is the claim settlement ratio trend for the company from 2009-2017
ICICI Prudential follow a very simple 3-step procedure to settle claims submitted before them. Here’s how the process works:
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.
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.
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.
As part of the digitisation drive that was rolled out by the Government of India, insurers across the country are looking for new ways to connect with their customers. Recently, ICICI Prudential launched their business account on WhatsApp and are determined to use the messaging platform that is owned by Facebook to reach out to their customers in a more efficient and comfortable manner. The life insurer took the decision after the pilot project of using WhatsApp by Future Generali was successful. ICICI Prudential launched their business WhatsApp account on November 19, 2018. The company has insisted that their WhatsApp account will be used to connect with their customers about their policies and policy updates and it will not be used informally or to spam customers. According to the deputy manager of the company, it will be a verified account it will be a secured channel for communication. In addition, the WhatsApp feature will be inter-linked to our Customer Relationship Management (CRM) system with virtually no human intervention and an Artificial-Intelligence system at the backend will take care of all communications with the customer. The deputy manager was reported by Business Standard.
30 November 2018
In what would be the first, ICICI Prudential Life Insurance has tied up with WhatsApp to interact with their customers. Looking for a fast, secure and convenient way of interacting with their customers, ICICI Prudential Life Insurance has chosen the facebook owned messaging service as its mode of communication. According to the deputy manager of ICICI Prudential, Puneet Nanda, With the WhatsApp tie-up, we are the only official partner (life insurer) with WhatsApp on this. We will now give our customers the option to interact with us through WhatsApp. If they like, they can register, and once they do so, we will start sending customer communication information relevant to them through WhatsApp. According to the insurer, as of now, the company will focus on interacting with customers to clear their queries regarding their policies, and will further their approach to update customers on the latest updates on policies and other relevant information. The deputy manager of ICICI Prudential insisted that the tie up with WhatsApp was not part of their revenue generating model, but a means to interact with their customers on a more personal and efficient basis.
28 November 2018
ICICI Prudential Life Insurance Company saw a 16.2% increase year-on-year (Y-o-Y) in the net premium income in the second quarter of fiscal year 2019. The estimate for the net premium income was Rs.7,303 crore and the actual was equal to Rs.7,601 crore. The gross written premium of the insurer also increased by 16% Y-o-Y. The new annualized premium equivalent (APE) of the new business written in the first half of FY2019 reduced by 5.4%. But during the second quarter of FY 2019, however, the APE went up by about 6%, thanks to the growth in APE of the new business ULIP by 13.7%. The focus of the company is to increase the overall value of the new business premium. The net profit of the company declined by 28.57% to around Rs.300 crore. The reason for the decline in net profit is said to be the strain caused by the higher new businesses. The strain is caused by the protection segment as well as the increased expenditure on ads yearly. Hence the company wishes to focus on increasing the absolute value of new business in order to increase profits in the future.
24 October 2018
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
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
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
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
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
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 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