ICICI Prudential is amongst the most dominant players in the insurance sector of India, commencing their operations in 2001. ICICI Prudential laid its foundation with the value of customer-centricity wherein ICICI Prudential offers long-term savings and protection products to meet the different life stage requirements of the customers.
ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. It 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.
Throughout the years, ICICI has developed and implemented various initiatives to provide cost-effective products. ICICI Prudential offers a wide range of plans in order to match its customers' varying requirements. ICICI Pru life is known to offer a wide range of insurance solutions such as endowment plans, term plans, retirement financial planning, and child plans in order to match your financial needs and requirements.
Awards And Achievement
ICICI Pru Life have served millions of customers over the years making them a reliable and innovative brand amongst the masses. Read below to know more about the achievements gained over the years.
ICICI Prudential communications team featured in '30 Top Corporate Communication Teams 2022'.
ICICI Prudential wins gold in the BFSI Category in ET Brand Equity Kaleido Awards 2022 for the Protect and Save Campaign.
The only Indian insurance company to be featured in the list of top 100 companies in BW Business world-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.
Key Features of ICICI Prudential Life Insurance?
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:
Solvency Ratio ICICI Prudential Life Insurance has a Solvency Ratio of 2.13 as per the IRDAI annual report 2020-21. 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.
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 2020-21, the claim support of ICICI Prudential Life Insurance is 97.93%
Annual Premium As per the annual report of IRDAI 2020-21, The Annual premium of ICICI Prudential Life Insurance is 35,732.82 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 of their policy-related or claim-related queries.
Looking to buy Life Insurance? Find complete details in one go!
With their core values of Humility, integrity, passion, boundarylessness, and keeping the customer first CICI Prudential Life Insurance launched multiple innovative insurance solutions. ICICI Pru Life Insurance Company offers a wide bouquet of insurance solutions across categories that allow customers to choose their ideal plan as per their and their family's requirements.
ICICI Prudential allows you to purchase insurance solutions through various means. 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 process.
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 policy term, premium period, and riders (if required) and then proceed to do the payment.
Steps to buy from ICICI Prudential Life Insurance company
Visit the official website of ICICI Prudential Life Insurance Company.
Click on 'Plans' on the navigation bar and select 'the particular category of Plans'.
Click on the 'Buy Now' button and fill in the required details.
Tap on 'Next' and select a plan as per your requirements.
Select the cover option you want and make your payment.
**Once the payment is made, you will get a payment confirmation at your registered email address.
How to File ICICI Prudential Term Insurance Claims?
Filing a claim for ICICI Prudential Term Plan is a simple and hassle-free task. You can easily fill and submit their claims online or offline. To file a claim for ICICI Prudential Term Plan, you need to follow the below-mentioned steps.
Inform the company about the incident via various channels- by writing an email at firstname.lastname@example.org or by calling on the toll-free number (1860 266 7766), filling the online claim form on its website, or by visiting the nearest branch. The following details have to be provided during the intimation of your claim:
Name of the policyholder
Date of death/event of the life assured
Cause of death
A claim reference number/intimation number will be provided to you upon successful registration of the claim.
Submit the necessary documents requested by the company to process the claim. In the case of natural death-
Death claim form.
Original policy documents.
Claimant's identity & residence Proof.
Medical records at the time of death & past illnesses.
Account details of the nominee.
In the case of unnatural death (Accidental death/Murder/Suicide)-
Death claim form.
Original policy documents.
Claimant's identity & residence proof.
FIR, police inquest report & panchanama.
Post mortem report.
Account details of the nominee.
After receiving all the documents and claim forms, the company will verify the details as per their norms. On successful completion, the claim will be settled and the amount will be transferred to the nominee's bank account and the same will be communicated to him/her over a call or an email.
How to Contact ICICI Prudential Life Insurance Company?
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
Date of birth
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.
What Our Customers Have to Say
December 14, 2022
PolicyX has a smooth service from booking policy to verification. Employees are very patient and have good knowledge and help you throughout the process.
Had great experience dealing with them
December 9, 2022
I had many confusions regarding the term policies . But Policyx has handled it well, m happy that they are my wayfarer in this journey.
July 11, 2022
Good company. Presents nice term insurance plans and flexible plans also. My husband has brought one for the family.
July 11, 2022
IndiaFirst Term Insurance company ensures that your family s needs are looked after. One of the best companies offers a term plan per your needs.
July 6, 2022
I recently received the claim amount of the policy that my husband had brought for us. I am glad that the company understands the needs of its customers and their families. Well done Canara HSB...
July 6, 2022
I bought a term plan with Canara HSBC for the protection of my family and have been satisfied with the benefits received. It is simple and easy to buy their plans.
July 6, 2022
I am very happy with the term plans offered by the Canara HSBC Life Insurance company. The plans offer comprehensive coverage and I am sure will support my family after my demise.
June 9, 2022
Bharti AXA is a good life insurance company, and I am sure if something ha[opens to me, the company will look after my family s needs.