Features of ICICI Life Insurance
There are various features of ICICI Life Insurance. Let's understand each of them in detail:
- Solvency Ratio: ICICI Life Insurance has a Solvency Ratio of 2.12 as per the IRDAI annual report 2024-25. The solvency ratio helps prospective policyholders assess a company's ability to meet its financial obligations. Currently, IRDAI mandates maintaining a solvency ratio of 1.50 for every insurer.
- Claim Support: Claim support of an insurer is a metric that helps you analyze its claims-settling ability. As per the IRDAI annual report of 2025-2026, the claim support of ICICI Life Insurance is 99.33%.
- Annual Premiums: As per the annual report of IRDAI 2024-2025, the annual premium of ICICI Life Insurance is 48,950.71 crores.
- PAN India Presence: With a PAN India impact, ICICI Life Insurance company ensures that policyholders can directly visit their nearest branch office for any policy-related or claim-related queries.
Exclusions of ICICI Life Insurance
- Death due to pandemics such as COVID-19 or Ebola will not be covered by the company.
- Death due to indulging in any type of adventure sports.
- Death due to consumption of any type of drugs and alcohol.
- Death due to any pre-existing disease that isn't mentioned at the start of the policy.
- If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. They receive just the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.
Benefits of ICICI Life Insurance
There are multiple benefits of ICICI Life Insurance. Read below to understand the plethora of advantages provided by the insurer.
Variety of Plans
ICICI offers various plans to cater to the needs of various policyholders. These plans include Term insurance, ULIPs, Savings plans, Child plans, and Retirement plans. You can choose a plan that right fits your future financial needs.
Multiple Options to Purchase
You can buy ICICI Life Insurance Plans through various offline and online sources including ICICI's official website, offline branch, PolicyX.com, insurance brokers, agents, and various web aggregators.
Affordable Premiums
ICICI Life Insurance Plans are available to buy at affordable premiums. You can also choose your policy tenure and premium payment tenure that best suits your requirements.
Good Customer Support
The customer support provided by an insurer matters a lot for policyholders when choosing an insurer. The customer support offered by ICICI Life Insurance is very quick. You can avail of various services online including premium payment, renewal, claim requests, etc.
Riders You Can Avail With ICICI Life Insurance Plans
| Name of the Rider |
Benefits |
| ICICI Accidental Death Rider |
Offers an additional payout in case the insured dies due to an accident during the policy tenure. |
| ICICI Critical Illness Plus Rider |
A lump sum is offered if the policyholder is diagnosed with any of the critical illnesses mentioned in the policy document. |
| ICICI Permanent & Partial Disability Rider |
The insurance company pays a certain sum assured for the next five or ten years in case of permanent or partial disability. |
| ICICI Income Benefit Rider |
Offers a regular source of income to the family in case of the demise or disability of the policyholder. |
| ICICI Waiver of Premium Rider |
It will waive all future premiums in case of the policyholder’s death, and the benefits of the policy will remain the same. |
Documents Required to Purchase ICICI Life Insurance Policy
Here is the list of documents required to buy ICICI Life insurance:
- Photo ID Proof: Passport, Aadhaar card, PAN card, Driving license.
- Age Proof: Passport, Aadhaar card, PAN card, Driving license.
- Address Proof: Utility bill, passport, voter ID, ration card.
- Medical Records: Medical records of the policyholder if requested.
- Income Proof: Bank statement, last three months' salary slips (if you are salaried).
How to Calculate Premiums
- Visit the ICICI Life Insurance official website and scroll down to the end of the page.
- Click on the 'Buy Online' tab under Popular Links.
- Click on the tab 'Know More' under the types of plans.
- Click on the tab 'Calculate' at the top right corner of the page.
- Fill in the required details, and click on the tab 'Calculate'. Once the payment is made, you will get a payment confirmation at your registered email address.
How to File an ICICI Life Insurance Claim
Every claimant/nominee is assigned a dedicated Claims Relationship Officer who helps through the entire process. The life insurance claim settlement process at ICICI Life Insurance involves the following three steps:
Online Process
-
Claim Intimation
Inform the company about the incident via various channels: either by writing an email to ICICI at [email protected], or calling the toll-free number (1800-103-7766), filling out the online claim form on its website, or visiting the nearest branch. A claim reference number/intimation number will be provided to you upon successful registration of the claim.
-
Document Submission
You have to submit the necessary documents requested by the insurer to process the claim.
In case of natural death:
- Death claim form
- Death certificate
- Original policy documents
- Claimant's identity & residence proof
- Medical records
- Account details of nominee
In case of accidental death:
- All documents required for natural death
- FIR
- Post-mortem report
-
Claim Settlement
Once ICICI Life Insurance receives your claim, they will verify all the details. Moreover, they can ask you for any additional documents if required. ICICI will send you a claim reference number after verifying the submitted documents.
Offline Process
ICICI Life Insurance settlement procedure can be reported by visiting the local Branch Office. For the details of ICICI Life Insurance, you can visit their website and locate the nearest branch. You have to submit the essential documents at the branch so that your claim can be processed.
How to Port Your Policy
- Fill out the form given at the top of this page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, and riders (if required), and then proceed to make the payment. Once the payment is made, you will get a payment confirmation at your registered email address.
ChatGPT
Claude
Perplexity
3924-17276800931290-1732793148.webp){kind=logo}
3924-17276800931290-17327931484797-1775132470.webp){kind=logo}
