ICICI Life Insurance (formerly ICICI Prudential Life, renamed on 22 September 2026) is one of India's largest private ...Read More
ICICI Life Insurance (formerly ICICI Prudential Life, renamed on 22 September 2026) is one of India's largest private life insurers and has operated since 2001. ...Read Less
99.34%
Claim settlement ratio
48,950.71 crores
Annual Premium
2
Active plans
2.12x
Solvency ratio
🛡️ IRDAI Approved
⭐ 4.5/5 · 1,036 reviews
✅ 99.34% claim settlement ratio
📊 2.12x solvency ratio
🌐 506 pan-India
What you get with ICICI Life Insurance
The headline features and policy mechanics, at a glance.
Annual Premium 48,950.71 crores
Affordable premium options starting from entry-level to comprehensive whole-life protection.
99.34% claim settlement ratio
Industry-leading approval rate on eligible life insurance claims in the most recent fiscal year.
2.12x solvency ratio
Well above IRDAI's 1.5× floor — strong indicator of long-term claim-paying ability.
2 active life plans
Choose from level cover, increasing cover, and return-of-premium variants.
506 pan-India presence
Branch offices and claim service centres across India for easy policy servicing.
ICICI Life Insurance (formerly ICICI Prudential Life) is among the most dominant players in India's insurance sector, having begun operations in 2001. ICICI laid its foundation with the value of customer-centricity, offering long-term savings and protection products to meet the different life stage requirements of customers. The company has consistently been among the top companies in the Indian life insurance sector. ICICI Life's assets under management were ₹3.14 lakh crore on 31 March 2026 (company FY26 results).
Why Choose ICICI Life Insurance?
ICICI Life Insurance ensures it looks after your insurance needs by offering:
Variety of plans
Multiple options to purchase
Affordable premiums
Good customer support
Video reviews
ICICI Term Insurance Review 2026
This ICICI Term Insurance Review provides a complete company-level analysis to help you decide whether this insurer is suitable for long-term financial protection
Best ICICI Life Insurance Plans
This video discusses the best plans offered by ICICI life insurance with its in-depth details and analysis.
Popular ICICI Life Plans Compared
Plan
Type
Entry Age
Policy Term
Key Features
Best For
Expert Advice
iProtect Smart Plus
Term Insurance
18–65 years (Life Rebalancing: 18–45 years)
5 years to age 85, whole-life cover up to age 99
Three variants, terminal illness payout, accidental death benefit under Life Plus, 12-month premium break after 5 years, Smart Exit premium refund option
Pure protection with flexibility
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GIFT Pro
Guaranteed Savings
18 years and above
6–17 years, with a premium payment term of 5–12 years
Guaranteed income for 5–30 years after the policy term, level or 5% rising income, MoneyBack of 0–200% of premiums
Guaranteed long-term income
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Signature ULIP
ULIP
0–70 years
10 to (99-entry age)
Life cover, market-linked growth, wealth boosters and return of allocation charges
Market-linked wealth creation
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iProtect-nGain
ULIP
18–55 years
30 years to 40 years
Life cover up to 100 times the annual premium, 18 funds, four investment strategies and systematic withdrawals
High life cover with investment
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Source: iProtect Smart Plus and GIFT Pro brochures from icicilife.com. Signature and Protect-nGain details are based on the existing plan cards.
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ICICI Life vs HDFC Life vs Axis Max Life vs Tata AIA vs SBI Life vs LIC
Source: PolicyX Top 10 Life Insurance Companies, October 2026.
Parameter
ICICI Life
HDFC Life
Axis Max Life
Tata AIA
SBI Life
LIC
Expert Advice
Claim Settlement Ratio (FY 2025–26)
99.34%
99.72%
99.80%
99.45%
96.81%
98.10%
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Solvency Ratio (FY 2024–25)
2.12x
1.94x
2.01x
1.80x
1.96x
2.11x
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Annual Premium (FY 2024–25, ₹ crore)
48,950.71
71,044.91
33,222.60
31,483.60
84,984.63
4,88,848.92
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Verdict: ICICI Life has the highest solvency ratio among the six insurers and ranks fourth by annual premium. Its claim settlement ratio is slightly lower than those of HDFC Life, Axis Max Life and Tata AIA.
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Term Insurance Premium: ICICI Life vs Peers
Profile
ICICI Life iProtect Smart Plus
HDFC Life Click 2 Protect Supreme Plus
Axis Max Life Smart Term Plan Plus
Bajaj Life eTouch II
Expert Advice
30, Male
₹12,299
₹13,436
₹12,296
₹12,268
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30, Female
₹10,063
₹11,421
₹10,452
₹10,357
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35, Male
₹15,148
₹16,414
₹16,114
₹15,733
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40, Male
₹20,621
₹18,787
₹20,075
₹20,697
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45, Male
₹28,302
₹27,092
₹27,557
₹31,263
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Sample premium for a non-smoker male for 1 crore cover and a 20-year policy term.
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Pros and Cons of ICICI Life Insurance
Pros
Cons
Highest solvency ratio of 2.12x among the six insurers listed
Claim settlement ratio of 99.34% is lower than those of HDFC Life, Axis Max Life and Tata AIA
Settled 99.34% of individual death claims in FY 2025–26
Term premiums are higher than some competitors at ages 40 and 45
iProtect Smart Plus offers a 12-month premium break and Smart Exit
Smart Exit is available only after 25 policy years and at age 60 or above
GIFT Pro offers guaranteed income for up to 30 years
Critical illness cover requires a separate rider under iProtect Smart Plus
Managed assets worth ₹3.14 lakh crore as of March 2026
Older documents still use the ICICI Prudential Life name following the recent rebranding.
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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 Settlement Ratio: The claimsettlementratioshowstheshareofclaimsaninsurerpays. ICICI Life settled 99.34% of individual death claims in FY 2025-26.
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: ICICI Life has 506 branch offices, so policyholders can visit a branch for policy or claim queries.
Exclusions of ICICI Life Insurance
Accidental death benefits and accident riders don't cover deaths from adventure sports, drug or alcohol abuse, or criminal acts. The base life cover only excludes suicide in the first 12 months.
A claim can be rejected if the pre-existing disease is not disclosed in the proposal form. (within the first 3 policy years.
If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. The nominee gets the higher of 80% of premiums paid or the policy's cancellation/surrender value.
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 Life Non-linked Health Protect 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 Non-Linked Waiver of Premium Rider
It waives future premiums if the life assured is diagnosed with a covered critical illness or becomes permanently disabled (or on the proposer's death in child plans).
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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.
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 (1800-2660), 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 Buy ICICI Life Insurance on PolicyX?
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.
Types of ICICI Life Insurance Plans
Every plan currently being sold by ICICI Life Insurance, shown side-by-side so you can shortlist quickly.
The ICICI Protect N Gain ULIP combines life insurance coverage, potentially up to 100 times the annual premium, with wealth creation via market-linked...
The ICICI Protect N Gain ULIP combines life insurance coverage, potentially up to 100 times the annual premium, with wealth creation via market-linked investments.
Unique Features
18 Fund Options Available
4 Plan Strategies
Systematic Withdrawal Plan Option
Sum assuredUp to 100x annual premium
Entry ageMinimum Age - 18 years Maximum Age - 55 years
ICICI Life Insurance is a strong contender for individuals looking for reliable life insurance solutions with a wide array of products, strong customer service, and flexibility. You can contact PolicyX.com at the toll-free number 1800-4200-269 or email us at [email protected].
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Life Plans Comparison
Side-by-side across the 2 most-bought ICICI Life Insurance plans on PolicyX.
ICICI Life Insurance life plan comparison
Feature
ICICI Life Signature Plan
ICICI Protect-n-Gain
Plan type
ICICI Investment Plans
—
Sum assured
0-39 years- 1.25 X Single Premium 40 and above 40 years- 10 X Single Premium
Up to 100x annual premium
Entry age
0-70 years
Minimum Age - 18 years Maximum Age - 55 years
Top benefits
Multiple fund options · Withdrawal facility
18 different funds · 4 investment strategies
Why Choose PolicyX.com?
Don't just take our word for it — check out what our happy customers say about us!
All my claims were rejected for 3 years. Then, I received a text from PolicyX team, who noticed that my claims hadn't been settled. They managed to get my claims settled, totalling ₹4.5 L. I really appreciate the efforts of the PolicyX advisors for their support in settling my claims.
Ravindra Singh
I highly appreciate the help of the PolicyX team for settling my claim of Rs. 5 Lakhs with zero deductions. I took a policy online from them in March 2024. As a customer, it's been a great experience throughout the process.
Priti Varshney
I'm very satisfied because my claim of over ₹2 L has been settled as a result of your team effort. However, I was very upset with the insurer, who delayed the claim for almost 2 months. But with your support and interaction, the claim was settled within 30 days & I appreciate it a lot.
Nisha Mary
I bought my health policy from PolicyX, and so far, it's been a very pleasant experience with the team. I really appreciate the help for renewing my health policy. I look forward to continuing my relationship with PolicyX and recommend it to everyone.
Ajay Shah
PolicyX has been a savior during a medical emergency in my family recently. My wife was admitted in the hospital, and the insurance company declined my claim request. The PolicyX team handled the situation very well and I received the claim right on time.
Vijay Rathod
I purchased a health plan for the very first time and the support by PolicyX is commendable. They helped me with the paperwork, explained the policy details to me with patience and supported me at every step of policy buying. A big thanks to you guys.
Uma Mahajan
Frequently asked questions
The 19 most-asked questions about ICICI Life Insurance, answered.
It depends on various factors such as the addition of riders or declaration of habits like smoking, drinking, etc., or the declaration pertaining to a hazardous employment nature.
If you have smoked in the last 12 months then you need to declare yourself as a tobacco user.
The duration of life cover cannot be changed once the policy is issued.
In case a policyholder fails to pay a premium then the company provides a grace period of 15 days in case of monthly premium payment mode and 30 days for other modes of premium payment. If the premium is not paid even within the grace period, then the policy gets lapsed and the cover is ceased.
Yes, you can generally change the nominee after purchasing the policy by following the insurer’s prescribed process and submitting the required details.
Yes, an NRI can buy ICICI Life iProtect Smart Plus online. The KYC documents of such a customer should prove that he/she belongs to a certain place in India. He/she can also purchase the policy directly online and submit the documents.
Yes, eligible savings plans offer tax benefits on premiums and payouts, subject to applicable tax laws and policy conditions.
Your pension is calculated on the basis of your gender, savings accumulated, age at which the pension starts, and mode of the annuity.
Yes, you can change the nominee of the retirement policy anytime during your life.
Age, gender, medical history, geographic region, BMI Index, and lifestyle of the individual purchasing the insurance plan are all factors that impact the premium of your ICICI Life Insurance Policy
The company offers an inbuilt Application Tracker through which you can easily track your ICICI Life Insurance Policy. Follow the below steps: Visit the official website of ICICI Life Insurance Company Limited From the top bar, click on the "Track Application" On the next page, Track policy applications by entering the details
Yes, as per IRDAI regulations, within the free-look period, you can return the insurance plan. The free-look period is 30 days from the date you receive the policy document.
Yes, ICICI company provides its customers the benefit of changing personal and policy details at any time during the policy tenure. Customers have to download the relevant form from the company’s website and submit it at the nearest branch of the company. Please note that the changes in details can be made for the following information: The spelling of a name Contact information Residential status Date of birth Nominee Premium payment frequency or mode
The nomination becomes invalid if the nominee of your ICICI Life Insurance policy dies before you, and you have the option to change your nominee. However,if the nominee dies after your death without receiving the claim amount, then the claim money is paid to the legal heirs.
Yes. ICICI Prudential Life Insurance was renamed ICICI Life Insurance Limited on 22 September 2026. Existing ICICI Prudential policies continue without any change.
Yes. ICICI Life settled 99.34% of individual death claims in FY 2025-26 and has a solvency ratio of 2.12x (March 2025), the highest among the six largest life insurers in PolicyX's Top 10.
HDFC Life has a slightly higher CSR (99.72% vs 99.34%) and a larger premium base. ICICI Life has a higher solvency ratio (2.12x vs 1.94x) and cheaper term premiums for buyers aged 30–35.
iProtect Smart Plus is ICICI Life's main term plan. It covers up to age 85 (or whole life), includes a terminal illness payout, and lets you skip premiums for 12 months after 5 years.
2.12x as of March 2025 (IRDAI), above the 1.5x minimum.
Customer satisfaction
Aggregate ratings from 1,036 verified PolicyX customers who bought a ICICI Life Insurance plan.
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