ICICI Life Insurance
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  • 30 day return policy
  • Affordable premiums
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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.
Best ICICI Prudential Life Insurance Plans In-Depth Detail & Analysis

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:

Annual premium (2020-21)Rs. 35,732.82 crores
Market share15%
Claim settlement ratio (2020-21)97.93%
Solvency ratio2.13
No. of branches514

**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

    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

    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

    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.

S.NoType of planAvailable plans
1.ICICI Pru Term Insurance PlansICICI Pru iProtect Smart
ICICI Pru iProtect Return of Premium
ICICI Pru Saral Jeevan Bima
ICICI Pru iCare II
ICICI Pru Precious Life
ICICI Pru Life Raksha
ICICI Pru POS iProtect Smart
ICICI Pru POS Life Raksha
ICICI Pru Loan Protect
ICICI Pru Loan Protect Plus
2.Savings PlansICICI Pru Guaranteed Income for Tomorrow (Long term)
ICICI Pru Guaranteed Income for Tomorrow
ICICI Pru Savings Suraksha
ICICI Pru Assured Savings Insurance Plan
ICICI Pru Future Protect
ICICI Pru Cash Advantage
ICICI Pru Lakshay Wealth
ICICI Pru Lakshay Lifelong Income
3.Health PlansICICI Pru Heart/Cancer Protect
4.ICICI Pru Unit-Linked Insurance Plans
ICICI Pru Signature
ICICI Pru Signature Online
ICICI Pru1 Wealth
ICICI Pru LifeTime Classic
ICICI Pru Guaranteed Wealth Protector
ICICI Pru Smart Life
ICICI Pru Smart Kid Plan
ICICI Pru Smart Couple Plan
5.ICICI Pru Traditional Savings/Money Back PlansICICI Pru Guaranteed Income For Tomorrow
ICICI Pru Guaranteed Income For Tomorrow Long Term
ICICI Pru Cash Advantage
ICICI Pru Savings Suraksha
ICICI Pru Assured Savings Insurance Plan
ICICI Pru Future Perfect
ICICI Pru Lakshya
ICICI Pru Lakshya Lifelong Income
6.ICICI Pru Retirement PlansICICI Pru Guaranteed Pension Plan Flexi
ICICI Pru Guaranteed Pension Plan Deferred Annuity
ICICI Pru guaranteed Pension Plan Immediate Annuity
ICICI Pru Saral Pension Plan
ICICI Pru Easy Retirement Single Premium
ICICI Pru Easy Retirement United Linked Pension Plan
7.ICICI Pru Group PlansICICI Pru Group Term Plus
Group Immediate Annuity Plan
ICICI Pru Group Loan Secure
ICICI Group Insurance Scheme for Pradhan Mantri Jeevan Jyoti Bima Yojana
ICICI Pru Shubh Raksha Credit
ICICI Pru Shubh Raksha One
ICICI Pru Shubh Raksha Life
ICICI Pru Super Protect - Credit
ICICI Pru Super Protect - Life
ICICI Pru Group Unit Linked Employee Benefit Plan
ICICI Pru Group Suraksha Plus
ICICI Pru Group Suraksha Plus Superannuation
ICICI Pru Group Unit Linked Superannuation Plan
8.ICICI Pru Rural PlansICICI Pru Sarv Jana Suraksha
ICICI Pru Anmol Bachat

**Last Updated on June, 2022

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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 ICICI Prudential Life Insurance 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).
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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

ICICI Prudential Life Insurance: FAQs

1. Can the 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

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.3/5 (34 Total Rating)

February 10, 2022

Kalpana Gupta

Hyderabad

It is one of the best companies as they explained the benefits of the term insurance then suggested me the best suitable plan as per my needs. I am happy to be associated with this company.

November 22, 2021

Dinesh Chopra

Delhi

Amazing life insurance plans at very cheap prices. sales team is also very good. they explained the plan to me very well. I am very impressed.

October 5, 2021

Shreya Sharma

Delhi

Just got my claims settled. Thank god my husban chose ICICI term plan who understand how important the hassle-free claim is a blessing at this point when you have lost your everything. Thankyou ICICI for supporting me

September 13, 2021

Anshuman Dami

Bhopal

bought a term plan from icici pru after carefully considereing that covid like situation is imminent. my fam needed protection financially and now they have it

September 13, 2021

Vasundhara

Chandigarh

will be foreever grateful to policyx for helping me settle the claim...really needed all the support in this time

Last updated on June, 2022

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