ICICI Prudential Life Insurance

ICICI Prudential Life Insurance initiated its operations in 2001 with the vision to build an enduring institution that serves the protection and long-term saving needs of customers with sensitivity. ICICI Pru life laid its foundation with the values: customer first, humility, passion, and, integrity.

ICICI Prudential became the first insurance company in India to be listed on NSE and BSE as well as the first private insurance company that crossed Rs. 2 Trillion market for assets under management (AUM).

ICICI Prudential Life Insurance Achievements

Let's have a look at some of the recent awards and accomplishments of the company.

• The only Indian insurance company to be featured in the list of top 100 companies in BW Businessworld-India's Most Sustainable Companies
• Jury award for Best Innovation and Diversification introduced by a Company- Asia Awards 2021 by Indian Chamber of Commerce (ICC)
• ICICI Pru Signature awarded best ULIP policy of the year by Business Today -Money Today Financial Awards in 2021.
• "Best Contact Centre" at the Customer Fest Leadership Awards 2021.
• ICICI Prudential Company's annual report for 2019-20 was ranked at #52 worldwide among the entries received by the League of American Communications Professionals LLC (LACP).
• As per a report published by WPP and Kantar, ICICI Pru Life Insurance company was ranked as one of the most valuable brands in India seven times in a row by "BrandZ Top 75 Most Valuable Indian Brands 2020".
• The company was awarded the 'Claims & Customer Service Excellence Awards' in the Life Insurance Category by FICCI in 2020.
• ICICI Life Insurance was named the 'Customer Service Company of the Year" by India Insurance Summit & Awards 2020.
• The company received the "Best Alternative or Digital Payments Program of the Year" award by the Customer Fest Leadership Awards 2020.

ICICI Prudential Life Insurance Key Features

ICICI Pru Life has been a major player in the insurance industry impacting millions of lives with their services and insurance products. Let's take a look at its key features:

**Last Updated on June, 2022

Given below is a brief explanation of these features. Let's understand them in detail.

1. ICICI Prudential Life Insurance Market Share

   Market Share determines the business reputation and growth of the insurance provider in terms of its annual premium. The annual premium of ICICI Prudential peaked at up to Rs. 35, 732.82 Crores in 2020-21.

   For more clarification, refer to the graph given below that compares the annual gross premiums of ICICI Life Insurance company

   Annual Premium of ICICI Prudential Life Insurance

   

   **Data fromIRDAI Annual Reports

2. ICICI Prudential Life Insurance Claim Settlement Ratio

   'Claim Settlement Ratio' (CSR) shows the percentage of claims settled by an insurance company in comparison to the total number of claims filed by the customers.

   IRDAI, the CSR of ICICI Pru touched 97.93% for the financial year 2020-21. For more information, have a look at the company's CSR graph given below.

   Claim Settlement Ratio of ICICI Pru Life Insurance

   

   **Data fromIRDAI Annual Reports

3. ICICI Prudential Life Insurance Solvency Ratio

   Solvency ratio helps an individual to assess the company's ability to manage its short-term and long-term 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 2.13.

   For more details, refer to the graph given below that shows the solvency ratio record of ICICI Prudential.

   Solvency Ratio of ICICI Prudential Life Insurance

   

   **Data fromIRDAI Annual Reports

Plans Offered By ICICI Pru Life

There are 5 different categories in which ICICI Prudential serves their customers with the best insurance plans securing their wealth, future, and family. The plans are segregated in the categories mentioned below:

• Term Insurance
• ULIP- Unit-linked Insurance Plans
• Savings Plan
• Retirement Plan
• Health Insurance

In the table given below, we've provided details of each product and its plan variant. Let's take a look.

**Last Updated on June, 2022

What Is The Claim Process of ICICI Prudential Life Insurance?

The policyholders can raise a claim for their policy in the following four ways:

• Visit the company's website and submit the claim request online.
• Contact the ClaimCare number of the company at - 1860 266 7766.
• Write an Email to the company at claimsupport@iciciprulife.com.
• Visit the nearest branch of ICICI Prudential Life Insurance Company and connect with a representative who will then assist in filing the claim.

For your convenience, we've provided here a step-by-step procedure for filing a claim online with the company. Read along to find out:

• Visit the official website of the company and click on the tab 'Claims'.
• Click on the 'Search Policy & Intimate Claim' tab present at the top right corner of the page.
• Enter the required details and click on the tab 'Submit'.
• Submit the required documents. You can do the same online (through email), courier, or by visiting the branch of the company.

The company will analyze the claim and after receiving the receipt of the required documents, the company will convey the decision within 12 days. The payment will be made to the registered bank account number.

Documents Required To File a Claim

Given here is a list of documents that policyholders are required to submit while filing for a claim.

• Claimant Statement/Claim intimation form duly filled and attested by the claimant.
• Death certificate original as well as photocopies issued by Local Municipal bodies located in your area.
• Identity proof and address proof of the nominee/claimant.
• Cancelled cheque or the photocopy of passbook (of the nominee).

How to Contact ICICI Prudential Life Insurance Company?

Registered office address:ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025

Customer helpline number:1860 266 7766