ICICI Life Insurance
  • Whole life cover
  • 34 CI cover
  • Affordable premiums
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ICICI Prudential Life Insurance: Overview

ICICI Prudential is amongst the most dominant players in India's insurance sector, and it began its operations in 2001. ICICI Prudential laid its foundation with the value of customer-centricity wherein it offers long-term savings and protection products to meet the different life stage requirements of the customers. The company has consistently been among the top companies in the Indian Life insurance sector. ICICI Assets Under Management (AUM) on 31st March 2022 were INR 2,404.92 billion.

ICICI Prudential Life Insurance ensures to look after your insurance needs by offering:

why-choose

  • Variety of plans

  • Multiple options to purchase

  • Affordable premiums

  • Good customer support

 

Key highlights of ICICI Life Insurance

To get more insight into ICICI Life Insurance Company's performance, take a look at the below key highlights that will help you to analyze the company based on its performance:

Solvency Ratio

ICICI Life Insurance has a Solvency Ratio of 2.5 as per the IRDAI annual report 2022-23. The solvency ratio helps the prospective policyholder assess the ability of a company to meet its financial obligations. As of now, IRDAI mandates maintaining a solvency ratio of 1.50 for every insurer.

Features of ICICI Prudential Life Insurance

There are various features to ICICI Prudential Life Insurance, let's understand each of them in detail:

  • Solvency Ratio - ICICI Prudential Life Insurance has a Solvency Ratio of 2.5 as per the IRDAI annual report 2022-23. 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 2022-23, the claim support of ICICI Prudential Life Insurance is 97.80%
  • Annual Premiums - As per the annual report of IRDAI 2022-23, The Annual premium of ICICI Prudential Life Insurance is 39,932.78 Cr.
  • PAN India Presence - With an impact, PAN India ICICI Prudential Life Insurance company ensures that the policyholder can directly visit their nearest branch office for any policy-related or claim-related queries.

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Best ICICI Prudential Life Insurance Plans

Best ICICI Prudential Life Insurance Plans

Benefits of ICICI Prudential life Insurance

There are multiple benefits of ICICI Prudential Life Insurance. Read below to understand the plethora of advantages provided by the insurer.

Variety of plans

ICICI Prudential 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 Prudential 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 Prudential 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 the policyholders when choosing an insurer. The customer support offered by ICICI Prudential Life Insurance is very quick. You can avail of various services online including premium payment, renewal, claim requests, etc.

Tired of Pushy Sales? Get Insurance, Your Way Tired of Pushy Sales? Get Insurance, Your Way

Rider Benefits You Can Avail With ICICI Life Insurance Plans

Here are the rider options you can avail with ICICI Life Insurance Plans to enhance your coverage:

Maternity Benefit Rider

ICICI Prudential Accidental Death Rider

Offers additional payout in case the insured dies due to an accident.

Maternity Benefit Rider

ICICI Prudential 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.

Maternity Benefit Rider

ICICI Prudential 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.

Maternity Benefit Rider

ICICI Prudential Income Benefit Rider

Offers a regular source of income to the family in case of the demise or disability of the policyholder.

Maternity Benefit Rider

ICICI Prudential Waiver of Premium Rider

It will waive off all future premiums and the benefits of the policy will remain the same.

Documents Required to Purchase ICICI Prudential Life insurance Policy

Here is the list of documents required to buy ICICI Prudential Life insurance:

  • Regular Smoking
    Photo ID Proof
  • Your Occupation
    Age Proof
  • Pre-Existing Diseases
    Address Proof
  • Your Age
    Medical Records
  • Your Gender
    Income Proof
Photo ID Proof

Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.

How to Buy ICICI Life Insurance Plans?

ICICI Life Insurance allows you to buy life insurance plans via two platforms. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of buying processes.

Life Insurance
  • Step 1

    Fill out the form given at the top of this page with the necessary details.

  • Step 2

    Select your income and city. Click on 'Proceed'.

  • Step 3

    Update your education and occupation details.

  • Step 4

    Choose your preferred plan and click on 'Buy this plan'.

  • Step 5

    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.

Life Insurance
  • Step 1

    Visit the ICICI Prudential Life Insurance official website and scroll down to the end of the page.

  • Step 2

    Click on the 'Buy Online' tab under Popular Links.

  • Step 3

    Click on the tab 'Know More ' under the types of plans.

  • Step 4

    Click on the tab 'Calculate' at the top right corner of the page.

  • Step 5

    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.

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

How to File ICICI Prudential 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 Prudential Life Insurance involves the following three steps

Online Process

Your Occupation
1

Claim Intimation

Inform the company about the incident via various channels-either by writing an email to Aditya Birla Life at at- claims@ICICIprudential.com, 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.

Your Occupation
2

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
Same documents with two additional documents: FIR and Post-mortem report.

Your Occupation
3

Claim Settlement

Once ICICI Prudential life Insurance receives your claims they will verify all the details. Moreover, they can ask you for any additional documents if required.ICICI Prudential will send you a claim reference number after verifying the submitted documents.

Offline Process

ICICI Prudential life Insurance settlement procedure can be reported by visiting the local Branch Office. For the details of ICICI Prudential 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.

Your Occupation

Exclusions of ICICI Prudential Life Insurance

  • Death occurred due to pandemic such as covid-19 or ebola will not 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 during 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.If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death payments. They receive just the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.

Conclusion

ICICI Prudential 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 helpdesk@policyx.com.

Life Insurance

More Queries?

If you have any more queries regarding ICICI Life Insurance Plans, Renewals, or Claim Procedures, contact our insurance experts at:
1800-4200-269 now!

ICICI Prudential Life Insurance: FAQs

1. Did the ICICI premiums change after a period of time?

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.

2. I smoke occasionally. Will I be categorized as a smoker and have to pay higher premiums?

If you have smoked in the last 12 months then you need to declare yourself as a tobacco user.

3. Can I change the tenure of the cover after the policy is issued to me?

The duration of life cover cannot be changed once the policy is issued.

4. Will my policy terminate if I miss making the premium payment?

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.

5. Is it possible to change the nominee’s name after buying the policy?

Yes, ICICI Prudential allows its customers to change the nominee of their term plan as many times as they want during the policy period. Customers can update their nominee details by filling the nomination form that is available on the company’s website.

6. I already have a term insurance plan from ICICI Prudential and now I want to change my plan details. Is it possible and if yes, then how?

Yes, ICICI Prudential 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

7. Can an NRI buy the ICICI Pru term insurance plan online?

Yes, an NRI can buy ICICI Pru iProtect Smart 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.

8. Do ICICI Pru term insurance plans have any waiting period?

No. The term insurance plans by ICICI do not have any waiting period and cover the policyholder from the moment a policy is issued. The only exception is death due to suicide, which gets covered under the policy after one year.

9. What will happen to my ICICI Pru Life Insurance if my nominee dies before me?

The nomination becomes invalid if the nominee of your ICICI Prudential Life Insurance policy dies before you, and you have the option to change your nominee. However, if the nominee dies after your death with getting the claim amount, then the claim money is paid to the legal heirs.

10. I bought a Term Plan from ICICI Prudential Life Insurance Company Limited last week. Is it possible to return my policy?

Yes, as per IRDA regulations within the free look period, you can return the insurance plan. The free-look period for life insurance plans begins 15 days after receipt of policy documentation.

11. How can I track the application of my ICICI Prudential Life Insurance Plans?

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 Prudential Life Insurance Company Limited From the top bar, click on the "Track Application" On the next page, Track policy applications by entering the details

12. What are the factors that may affect my ICICI Pru Life Insurance Premiums?

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

13. Can a savings plan help me in saving on tax?

Yes, an insurance savings plan is a great tax-saving tool that can boost your overall income and reduce your taxes significantly. The premium paid towards a savings insurance plan is tax-exempt under Section 80C of the Income Tax Act, 1961.

14. How is my pension calculated for the retirement plan?

Your pension is calculated on the basis of your gender, savings accumulated, age at which the pension starts, and mode of the annuity.

15. Can I change the nominee of the retirement plan?

Yes, you can change the nominee of the retirement policy anytime during your life.

Life Insurance Companies

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Himanshu Kumar

Written By: Himanshu Kumar

Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.

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