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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
    "Very Good"
    0.5 5.0/5 "Blown Away!"
    I have applied and got a life insurance policy from a private sector insurance company Icici Prudential, and I am happy with the policy, they are giving good plan benefits and coverage. My final premium is around Rs. 771 and sum assured to me is around Rs. 50,00,000 for 40 years.
    Was this review helpful? 0
    , guntur
    Reviewed on Feb 23, 2018
  • ICICI Prudential Life Insurance
    "a good product"
    0.5 4.0/5 "Great!"
    I had applied and got a Term insurance from a ICICI PRUDENTIAL. My premium amount is Rs. 5,844/- which is quite high by comparing with other insurance polices. I faced some issues from customer support, they wouldn't respond my queries in call itself. The customer support is not that much up to mark.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Feb 23, 2018
  • ICICI Prudential Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I had applied and got a life insurance policy from a private sector insurance company Icici Prudential. I am happy with the policy as the policy coverage is good, it is offering some good plan benefits, and payment options and I am happy with it.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 23, 2018
  • ICICI Prudential Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I had applied and got a life insurance policy from a private sector insurance company Icici Prudential. I am happy with the policy as the policy coverage is good, it is offering some good plan benefits, and payment options and I am happy with it.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 23, 2018
  • ICICI Prudential Life Insurance
    "satisfied"
    0.5 4.0/5 "Great!"
    I had applied and got a life insurance from a private sector insurance company ICICI PRUDENTIAL. The customer service is good and well responsive. I can prefer for on line payments to renew my ICICI PRUDENTIAL with in due time. Most of all benefits are covered in one single policy.
    Was this review helpful? 0
    , silvassa
    Reviewed on Feb 17, 2018
  • ICICI Prudential Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have a life insurance policy with Icici Prudential. I am happy with the policy coverage that I have taken. The total premium is around 1,062 and the sum assured to me is around Rs. 80,00,000. The tenure is for 40 years. I would rate it as a good policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 16, 2018
  • ICICI Prudential Life Insurance
    "a good product"
    0.5 5.0/5 "Blown Away!"
    I had applied and got the Health Insurance from the prestigious private sector insurance company ICICI PRUDENTIAL. The customer service is good and well responsive. I can choose the on line payments option to renew my health insurance policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 16, 2018
  • ICICI Prudential Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have taken a Life insurance policy from Icici Prudential. My total premium is around Rs. 11,221 and sum assured to me is Rs. 60,00,000. My only complaint is that sum assured amount is less as compared to other products it could have been more. The policy I received on time and rest everything else is fine.
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Feb 14, 2018
  • ICICI Prudential Life Insurance
    "Poor"
    0.5 2.0/5 "Expected more"
    I took life insurance policy from Icici Prudential. I was not satisfied with the scheme so I had to change it as I was getting better option from other companies. Their customer service was good but at some point they lacked in acknowledgment where after closing my policy I still received messaged to pay my premium.
    Was this review helpful? 0
    , warangal
    Reviewed on Feb 05, 2018
  • ICICI Prudential Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance policy from Icici Prudential. I am satisfied with the policy howver I wanted to make some changes to my policy so lets see how they respond to this. So far the services has been good. My total premium is around Rs. 616 and sum assured to me is Rs. 60,00,000.
    Was this review helpful? 0
    , karnal
    Reviewed on Feb 05, 2018
  • ICICI Prudential Life Insurance
    "Communication should be improved"
    0.5 4.0/5 "Great!"
    I took the term insurance plan from ICICI Prudential, but they didn't mention about the complete benefits. They told only critical illness, I thought it will covers all the diseases, but after purchasing policy they told it covers only for the certain diseases. Currently I took iProtect Smart - Life, my monthly premium around Rs. 802 for the sum assured value of Rs. 1 crore for the term of 30 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 05, 2018
  • ICICI Prudential Life Insurance
    "Good protection for family in future"
    0.5 4.0/5 "Great!"
    ICICI prudential is providing better coverage, I make the monthly premium of Rs. 2900 for the tenure of of 20 years, ICICI Prudential gave me iProtect Smart - Life & Health. The sum assured is Rs. 50 lakhs and with the critical illness. ICICI Prudential is providing tax benefits and financial security.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 01, 2018
  • ICICI Prudential Life Insurance
    "Good protection for family"
    0.5 5.0/5 "Blown Away!"
    This is a very cheap policy with lot of benefits, my monthly premium is 1134 it has term of 40 years. Its covers upto 73 years of age, I have chosen the sum assured of Rs. 80 lakhs term insurance policy. ICICI prudential claim settle ratio and grievance resolved percentage is good.
    Was this review helpful? 0
    , piduguralla
    Reviewed on Feb 01, 2018
  • ICICI Prudential Life Insurance
    "It's good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance policy from Icici prudential. I am satisfied with the policy as the premium amount is around Rs. 1,362 and the sum assured to me is around Rs. 1,00,00,000. The policy coverage and benefits are good I would definitely recommend is someone is looking for the policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 25, 2018
  • ICICI Prudential Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance policy from Icici prudential. I am totally satisfied with the policy because the policy coverage is good and the plan benefits. I have got good payment option through online and my total premium is around Rs. 1559 and sum assured to me is around Rs. 1,00,00,000. I have already recommended this policy to my friends.
    Was this review helpful? 0
    , kollam
    Reviewed on Jan 25, 2018
  • ICICI Prudential Life Insurance
    "Good features"
    0.5 5.0/5 "Blown Away!"
    It is a iProtect Smart - Life plan with ICICI Prudential and the customer services are good. It was a very easy process to buy my term insurance. It was online and the payment mode is ECS, so there are no hassles in making my payment. The sum assured is for One crore and the tenure is for 20 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2018
  • ICICI Prudential Life Insurance
    "Services and benefits are good"
    0.5 5.0/5 "Blown Away!"
    The customer services was good at ICICI Prudential. I have taken a term insurance. They were very cooperate and they explained all the details well. I have taken a iProtect Smart - Life plan. It is a life cover coverage alone. The tenure is for 40 years. The sum assured is for 50 Lakhs.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 22, 2018
  • ICICI Prudential Life Insurance
    "It's good"
    0.5 5.0/5 "Blown Away!"
    The life insurance policy is good from Icici prudential, but the customer service provided is not as expected, timely delivery of the original docs have not been done, hope in the future alsoI get the claim as thhey promised.Plan benefits are great and even the policy coverage is good, payment options have been given good. My premium amount is around Rs.896 and the sum assured to me is Rs. 75,00,000.
    Was this review helpful? 0
    , anantapur
    Reviewed on Jan 22, 2018
  • ICICI Prudential Life Insurance
    "Benefits are good"
    0.5 4.0/5 "Great!"
    I have taken a term insurance from ICICI Prudential. The tenure is for 35 to 40 years. The sum assure is good and I am satisfied with the same. There is a premium gets deducted through ECS so it is convenient for me. The customer services are good, they send me details of the policy and payment.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 16, 2018
  • ICICI Prudential Life Insurance
    "Good features"
    0.5 4.0/5 "Great!"
    ICICI Prudential is good in their services. They send me regular updates and also reminders for the payment options. I have taken my life insurance and since I also hold my account with ICICI Bank, the payment for the premium goes through smoothly. It is a normal policy. I would get the benefits after the maturity term.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 11, 2018
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