ICICI Life Insurance

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About ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company is a joint venture between the ICICI Bank and Prudential Corporation Holdings Limited. The company started its operations in the year 2001, and since then, it has continued to be one of the industry's top Indian life insurance companies.

With the core philosophy of customer centricity, the company has grown by leaps and bounds during the past few years.

ICICI Prudential has developed and implemented several initiatives to provide affordable insurance solutions, quality services, better fund performance, and a hassle-free claim settlement experience. Moreover, in 2015, ICICI Prudential Life became the first private life insurer to attain assets under the management of Rs. 1 trillion. Besides, it was the first insurance company in India to be listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

To offer comprehensive protection, the company offers a variety of insurance products to meet different requirements of customers including term insurance, health insurance, unit-linked plans, long-term savings, retirement, and protection plans.

Achievements of ICICI Prudential Insurance Company

Ever since its inception, ICICI Prudential Insurance company has received a large number of awards and accolades. These awards reflect the company's hard work and commitment towards its customers, innovation, values, and employees. Let's have a look at some of the recent awards and accomplishments of the company.

  • ICICI Pru Signature was awarded as the best ULIP policy of the year by Business Today -Money Today Financial Awards in 2021.
  • The company received the award of "Best Contact Centre" by the Customer Fest Leadership Awards 2021.
  • ICICI Prudential Company's annual report of 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 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 Company

As per IRDAI, there are 24 life insurance companies in India. Given such a large number of insurance providers available in the market, it is obvious to ask the question 'why buy term insurance from ICICI Prudential'. To answer this, our team at PolicyX.Com did extensive research and came up with a list of India's top insurance companies by evaluating them on the basis of two important parameters- the company's annual premium and claim settlement ratio. The reason for selecting these parameters is that these factors help in determining the financial soundness and claim support service of the company.

According to our list, ICICI Prudential Life Insurance company ranks at the 4th position in terms of its annual premium, market share, and claim settlement service. This is a good position and highlights the fact that ICICI Prudential is a trusted and popular term insurance company among customers.

To get more insights about this company's market reputation and performance records, let's take a look at its key features.

Annual premium (2019-20) Rs. 12,487.52 crores
Market share 15%
Claim settlement ratio (2019-20) 97.84
Solvency ratio 2.07
No. of branches 514

**Last Updated on June, 2021

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

  1. Market Share

    The first and foremost thing to consider while buying an insurance plan is determining the business reputation and growth of the insurance provider. And for this, market share works as an excellent parameter to determine a company's growth in terms of its annual premium.

    In the case of ICICI Prudential, the company has experienced significant growth in its annual premium over the last few years. The annual premium of this company stood at Rs. 7863.3 crores during 2016-17 that increased to Rs. 12,487.52 crores in 2019-20.

    For more clarification, refer to the graph given below that compares the annual gross premiums of ICICI Life Insurance company from 2016 to 2020.

    Gross Annual Premium of ICICI Pru Life Insurance Company from 2016-17 to 2019-20

    Annual Premium of ICICI company

    **Data from IRDAI Annual Reports

    The graph given above represents the growth in business volume of the company from 2016-2020. If we talk about the company's market reputation, it is noted that the company holds a sizable grip in the private sector term insurance industry. To provide more clarification about the company's market share, we've created here a pie chart that illustrates the percentage of market share grabbed by the top 5 private sector term insurance companies in India.

    Market Share of ICICI Pru Life Insurance and other Insurance Companies

    Market Share of ICICI insurance company

    **Data from IRDAI Annual Reports

  2. Claim Settlement Ratio

    Getting claims settled on time is a very important part of term insurance. Therefore, before buying a term insurance plan customers should always check the claim settlement process as well as the number of claims settled by the insurer in the past. Thankfully, IRDAI has made a very good parameter called 'Claim Settlement Ratio' (CSR) that shows the percentage of claims settled by an insurance company in comparison to the total number of claims filed by the customers.

    Talking about ICICI Prudential Life Insurance, this company has always been able to maintain a good claim settlement ratio. As per IRDAI, the CSR of this company was 97.84 during the financial year 2019-20. For more information, have a look at the company's CSR graph given below.

    Claim Settlement Ratio of ICICI Pru Life Insurance Company from 2016 to 2020

    Claim Settlement Ratio of ICICI insurance company

    **Data from IRDAI Annual Reports

    Have a look at the below table to get an insight into the status of Individual Death Claims of ICICI Prudential

    Claims pending at the start of the period Claims intimated/booked Total Claims Claims paid Claims Repudiated Claims Rejected Claims Unclaimed
    Claims Pending
    <3 months 3-<6 months 6 - 12 months >12 months
    21 11,439 11,460 97.84% 1.34% 0 0 90.53% 3.16% 6.32% 0

    **Last Updated on June, 2021

  3. Solvency Ratio

    In addition, to claim settlement and market reputation, another important thing that should be checked about a term insurance provider is its financial background. And for this, customers should go through the solvency ratio of their selected insurance company. This ratio helps an individual to assess the company's ability to manage its short-term and long-term liabilities.

    A company's solvency ratio is determined by calculating the company's solvency margin that is calculating the company's assets over its liabilities. A simpler way of depicting this calculation is:

    Solvency ratio = (Net income + Depreciation)/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 2.07.

    For more details, refer to the graph given below that shows the solvency ratio record of ICICI Prudential for the last 4 years.

    Solvency Ratio of ICICI Prudential Life Insurance Company

    Solvency Ratio of ICICI Insurance company

    **Data from IRDAI Annual Reports

    With the above graph, it is clear that ICICI Pru has been maintaining a healthy solvency ratio which is a sign of trustworthiness.

    However, for a better picture, let us compare the solvency ratio of all the top 5 life insurance companies, and see where ICICI Pru stands:

    Solvency Ratio of ICICI Prudential Vs Other Insurance Companies

    Solvency Ratio of ICICI Prudential Vs Other Insurance Companies

    **Data from IRDAI Annual Reports

Type of Insurance Products offered by ICICI Pru Life Insurance Company

ICICI is the number one choice for millions of people due to its loyalty and claim settlement ratio. This company has carefully crafted a wide array of insurance products and plans to cater to the diverse needs of the customers. Let's explore.

Precisely, ICICI Prudential Life insurance company deals in major 6 types of insurance products, which are:

  • ICICI Pru Term Insurance Plans
  • ICICI Pru Unit-Linked Insurance Plans
  • ICICI Pru Traditional Savings/Money Back Plans
  • ICICI Pru Retirement Plans
  • ICICI Pru Group Plans
  • ICICI Pru Rural Plans

Plans offered by ICICI Pru Life Insurance

And catering to these specific insurance products, there are separate types of plans available. In the table given below, we've provided details of each product and its significant plan variant. Let's take a look.

S.No Type of plan Available plans
1. ICICI Pru Term Insurance Plans ICICI Pru iProtect Smart
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
2. ICICI Pru Unit-Linked Insurance Plans ICICI Pru Signature
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
3. ICICI Pru Traditional Savings/Money Back Plans ICICI Pru Guaranteed Income For Tomorrow
ICICI Pru Cash Advantage
ICICI Pru Savings Suraksha
ICICI Pru Assured Savings Insurance Plan
ICICI Pru Future Perfect
ICICI Pru Lakshya
4. ICICI Pru Retirement Plans ICICI Pru Easy Retirement
ICICI Pru guaranteed Pension Immediate Annuity
ICICI Pru Guaranteed Pension Plan Deferred Annuity
ICICI Pru Easy Retirement Single Premium
5. ICICI Pru Group Plans ICICI Pru Loan Protect
ICICI Pru Loan Protect Plus
ICICI 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
6. ICICI Pru Rural Plans ICICI Pru Sarv Jana Suraksha
ICICI Pru Anmol Bachat

**Last Updated on June, 2021

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).
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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

FAQs

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.

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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, 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.

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

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.

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.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.1/5 (20 Total Rating)

June 18, 2021

Rohan Kumar

Bengaluru

Thanks to policyx. I called them to compare plans and I get a good guidance about ICICI Pru. This plan helped me a lot in my crisis

May 24, 2021

Umang Singh

Kolkata

I purcharsed iProtect Smart policy from ICICI a year ago and am really satistfied with this one. Policy provides gives many benefits and i have also suggested this policy to my other family members. Good Company friends. You should buy policy from ICICI too.

December 30, 2020

Khemraj Neware

Nagpur

I am impressed with the service provided by executives of policyx.com especially mr. ANKIT TYAGI. He assist to finalize my policy and cleared all doubts and could finalize it. my thanks to ANKIT TYAGI from policyx.com

February 23, 2016

Bhavya Pandey

Dehradun

I wanted a term plan but was confused about the right plan, so I took the help of this portal. It provided several options to me from which I chose I-term plan of ICICI Prudential life. The company has a good claim ratio and the service and on time asisitance is a plus point. Satisfied with its performance and thanks to Policy X for helping me out

May 24, 2021

Satyam Tripathi

Delhi

My wife bought ICICI company s health plan for both of us in last year and I am really thankful that she made this decision. The company offers very good plans that looks after the needs of every individual.

Last updated on June, 2021

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