As per IRDAI, there are 24 life insurance companies in India. Given such a large number of insurance providers available in the market, it is obvious to ask the question 'why buy term insurance from ICICI Prudential'. To answer this, our team at PolicyX.Com did extensive research and came up with a list of India's top insurance companies by evaluating them on the basis of two important parameters- the company's annual premium and claim settlement ratio. The reason for selecting these parameters is that these factors help in determining the financial soundness and claim support service of the company.
According to our list, ICICI Prudential Life Insurance company ranks at the 4th position in terms of its annual premium, market share, and claim settlement service. This is a good position and highlights the fact that ICICI Prudential is a trusted and popular term insurance company among customers.
To get more insights about this company's market reputation and performance records, let's take a look at its key features.
| Annual premium (2019-20) | Rs. 12,487.52 crores |
| Market share | 15% |
| Claim settlement ratio (2019-20) | 97.84 |
| Solvency ratio | 2.07 |
| No. of branches | 514 |
**Last Updated on June, 2021
Given below is a brief explanation of these features. Let's understand them in detail.
The first and foremost thing to consider while buying an insurance plan is determining the business reputation and growth of the insurance provider. And for this, market share works as an excellent parameter to determine a company's growth in terms of its annual premium.
In the case of ICICI Prudential, the company has experienced significant growth in its annual premium over the last few years. The annual premium of this company stood at Rs. 7863.3 crores during 2016-17 that increased to Rs. 12,487.52 crores in 2019-20.
For more clarification, refer to the graph given below that compares the annual gross premiums of ICICI Life Insurance company from 2016 to 2020.
Gross Annual Premium of ICICI Pru Life Insurance Company from 2016-17 to 2019-20
**Data from IRDAI Annual Reports
The graph given above represents the growth in business volume of the company from 2016-2020. If we talk about the company's market reputation, it is noted that the company holds a sizable grip in the private sector term insurance industry. To provide more clarification about the company's market share, we've created here a pie chart that illustrates the percentage of market share grabbed by the top 5 private sector term insurance companies in India.
Market Share of ICICI Pru Life Insurance and other Insurance Companies
**Data from IRDAI Annual Reports
Getting claims settled on time is a very important part of term insurance. Therefore, before buying a term insurance plan customers should always check the claim settlement process as well as the number of claims settled by the insurer in the past. Thankfully, IRDAI has made a very good parameter called 'Claim Settlement Ratio' (CSR) that shows the percentage of claims settled by an insurance company in comparison to the total number of claims filed by the customers.
Talking about ICICI Prudential Life Insurance, this company has always been able to maintain a good claim settlement ratio. As per IRDAI, the CSR of this company was 97.84 during the financial year 2019-20. For more information, have a look at the company's CSR graph given below.
Claim Settlement Ratio of ICICI Pru Life Insurance Company from 2016 to 2020
**Data from IRDAI Annual Reports
Have a look at the below table to get an insight into the status of Individual Death Claims of ICICI Prudential
| Claims pending at the start of the period | Claims intimated/booked | Total Claims | Claims paid | Claims Repudiated | Claims Rejected | Claims Unclaimed | Claims Pending | |||
| <3 months | 3-<6 months | 6 - 12 months | >12 months | |||||||
| 21 | 11,439 | 11,460 | 97.84% | 1.34% | 0 | 0 | 90.53% | 3.16% | 6.32% | 0 |
**Last Updated on June, 2021
In addition, to claim settlement and market reputation, another important thing that should be checked about a term insurance provider is its financial background. And for this, customers should go through the solvency ratio of their selected insurance company. This ratio helps an individual to assess the company's ability to manage its short-term and long-term liabilities.
A company's solvency ratio is determined by calculating the company's solvency margin that is calculating the company's assets over its liabilities. A simpler way of depicting this calculation is:
Solvency ratio = (Net income + Depreciation)/Liabilities
As per the norms set by IRDAI, it is now mandatory for every life insurance company to maintain a solvency ratio of 1.5 and ICICI Prudential has been able to match this criterion. At present, the solvency ratio of the company is 2.07.
For more details, refer to the graph given below that shows the solvency ratio record of ICICI Prudential for the last 4 years.
Solvency Ratio of ICICI Prudential Life Insurance Company
**Data from IRDAI Annual Reports
With the above graph, it is clear that ICICI Pru has been maintaining a healthy solvency ratio which is a sign of trustworthiness.
However, for a better picture, let us compare the solvency ratio of all the top 5 life insurance companies, and see where ICICI Pru stands:
Solvency Ratio of ICICI Prudential Vs Other Insurance Companies
**Data from IRDAI Annual Reports
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(Showing latest 5 reviews only)
June 18, 2021
Rohan Kumar
BengaluruMay 24, 2021
Umang Singh
KolkataI purcharsed iProtect Smart policy from ICICI a year ago and am really satistfied with this one. Policy provides gives many benefits and i have also suggested this policy to my other family members. Good Company friends. You should buy policy from ICICI too.
December 30, 2020
Khemraj Neware
NagpurI am impressed with the service provided by executives of policyx.com especially mr. ANKIT TYAGI. He assist to finalize my policy and cleared all doubts and could finalize it. my thanks to ANKIT TYAGI from policyx.com
February 23, 2016
Bhavya Pandey
DehradunI wanted a term plan but was confused about the right plan, so I took the help of this portal. It provided several options to me from which I chose I-term plan of ICICI Prudential life. The company has a good claim ratio and the service and on time asisitance is a plus point. Satisfied with its performance and thanks to Policy X for helping me out
May 24, 2021
Satyam Tripathi
DelhiMy wife bought ICICI company s health plan for both of us in last year and I am really thankful that she made this decision. The company offers very good plans that looks after the needs of every individual.
Last updated on June, 2021
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Thanks to policyx. I called them to compare plans and I get a good guidance about ICICI Pru. This plan helped me a lot in my crisis