ICICI Life Insurance is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. ICICI Life Insurance started in the year 2001. ICICI Life Insurance has a variety of life insurance products to meet the different insurance requirements of the customers.
ICICI Pru Life is the first company listed on NSE and BSE in India. Moreover, it is the first private life insurance company to cross INR 2 Trillion markets for assets under management (AUM).
ICICI Life Insurance has won many awards and achievements in recent years. In the below section, we have mentioned some of the awards and achievements received by ICICI Prudential Life Insurance.
- The Corporate Communication Team of ICICI Life Insurance was featured in the "30 Top Corporate Communication Teams – 2022" instituted by Reputation Today.
- ICICI Pru Life Insurance wins Gold in the "BFSI category" in ET BrandEquity Kaleido Awards 2022 for the "Protect & Save" campaign.
- ICICI Life Insurance was awarded the winner in the category "Best Contact Centre" at The Customer Fest Leadership Awards 2022.
- ICICI Pru Life Insurance becomes the only Indian insurance company ranks 86th position in the list of top 100 companies in BW Businessworld
- ICICI Prudental Life Insurance wins Jury Award for Best Innovation and Diversification at the 3rd Emerging Asia Awards 2021 by the Indian Chamber of Commerce (ICC)
Read below to know more about ICICI Prudential Life Insurance in detail.
ICICI Prudential Life Insurance Company Specification
Below mentioned are the key specifications of ICICI Life insurance company.
| Particular | Specifications |
|---|---|
| Claim Paid Percentage (2020-21) | 97.93% |
| Branches in India | 514 |
| Solvency Ratio (2020-21) | 2,13 |
| Market Share (2020-21) | 35,732.82 Crore |
*Data has been sourced from the annual report of IRDAI 2020-21
Key Features of ICICI Prudential Life Insurance Company
ICICI Pru Life Insurance has various life insurance plans for its customers. These plans are designed to meet each and every life insurance requirement of every individual. Below we have listed some of the key features of ICICI Life Insurance:
ICICI Life Insurance Market Share
The market share shows us the business growth of a life insurance provider in terms of its annual premium. According to the annual report of IRDAI (2020-21), the market share of ICICI Pru Life is INR 35,732.82 crore.
ICICI Pru Life Insurance Claim Settlement Ratio
The claim settlement ratio shows us the percentage of the number of claims settled out of the number of claims made by a life insurance provider in a year. ICICI Prudential Insurance has a claim settlement ratio of 97.93% in the financial year 2020-21, as per the annual report of IRDAI (2020-21).
ICICI Prudential Life Insurance Solvency Ratio
The solvency ratio shows us the ability of the company to meet its short-term and long-term financial obligations. And as per the IRDAI Annual Report (2020-21), ICICI Prudential Life Insurance Company Limited has a solvency ratio of 2.13 in the financial year 2020-21. Further, every life insurance provider must maintain a minimum solvency ratio of 1.5.
Life Insurance Offered By ICICI Prudential Life Insurance
ICICI Pru Life Insurance offers more than 30 life insurance plans in different life insurance categories such as ICICI Term Insurance, ICICI Ulip Insurance, ICICI Saving Insurance Plans, ICICI Health Insurance Plans, ICICI Retirement Insurance Plans, etc. In the table below, we have divided all the life plans of ICICI Life Insurance into different categories:
ICICI Term Insurance
 |
ICICI Pru iProtect Smart Plan |
Coverage Benefits
- Death Benefit
- Special Benefits for Women
- Critical Illness Benefit
Eligibility Criteria
Entry Age: 18 Years to 65 Years
Sum Assured: No Upper Limit
|
ICICI Pru iProtect Return of Premium |
Coverage Benefits
- Tax Benefit
- Income Benefit
- Return of Premium Benefit
Eligibility Criteria
Entry Age: 18 Years to 65 Years
|
ICICI Pru Saral Jeevan Bima Plan |
Coverage Benefits
- Death Benefit
- Flexible Premium Payment Mode
- Tax Benefit
Eligibility Criteria
Entry Age: 18 Years to 65 Years
|
ICICI Pru iCare II Plan |
Coverage Benefits
- Death Benefit
- Tax Benefit
- Survival Benefit
Eligibility Criteria
Entry Age: 18 Years to 65 Years
|
ICICI Pru Precious Life Plan |
Coverage Benefits
- Tax Benefit
- Low Premium
- Death Benefit
Eligibility Criteria
Entry Age: 18 Years to 65 Years
|
ICICI Pru Life Raksha Plan |
Coverage Benefits
- Death Benefit
- Maturity Benefit
- Surrender Benefit
Eligibility Criteria
Entry Age: 18 Years to 60 Years
|
ICICI Pru POS iProtect Smart Plan |
Coverage Benefits
- Accidental Death Benefit
- Tax Benefit
- Death Benefit
Eligibility Criteria
Entry Age: 18 Years to 60 Years
|
ICICI Pru POS Life Raksha |
Coverage Benefits
- Death Benefit
- Maturity Benefit
- Surrender Benefit
Eligibility Criteria
Entry Age: 18 Years to 60 Years
|
ICICI Pru Loan Protect |
Coverage Benefits
- Death Benefit
- Tax Benefit
- Flexible Premium Payment Option
Eligibility Criteria
Entry Age: 18 Years to 65 Years
|
ICICI Pru Loan Protect Plus Plan |
Coverage Benefits
- Tax Benefit
- Accidental Death Benefit
- Death Benefit
Eligibility Criteria
Entry Age: 18 Years to 65 Years
ICICI Life Insurance Saving Plans
|
ICICI Pru Guaranteed Income for Tomorrow (Long term) Plan |
Coverage Benefits
- Death Benefit
- Tax Benefit
- Option of Taking Loan
Eligibility Criteria
Entry Age: 0 to 65 Years
|
ICICI Pru Guaranteed Income for Tomorrow |
Coverage Benefits
- Tax Benefit
- Higher Benefits for Women
- Option of Taking Loan
Eligibility Criteria
Entry Age: 18 Years to 60 Years
|
ICICI Pru Savings Suraksha Plan |
Coverage Benefits
- Maturity Benefit
- Terminal Bonus
- Tax Benefit
Eligibility Criteria
Entry Age: 0 Years to 65 Years
|
ICICI Pru Assured Savings Insurance Plan |
Coverage Benefits
- Maturity Benefit
- Tax Benefit
- Death Benefit
Eligibility Criteria
Entry Age: 3 Years to 60 Years
|
ICICI Pru Future Protect Plan |
Coverage Benefits
- Tax Benefit
- Terminal Bonus
- Death Benefit
Eligibility Criteria
Entry Age: 91 Days to 58 Years
|
ICICI Pru Cash Advantage Plan |
Coverage Benefits
- Tax Benefit
- Cash Benefit
- Death Benefit
Eligibility Criteria
Entry Age: 1 Year to 60 Years
|
ICICI Pru Lakshay Wealth Plan |
Coverage Benefits
- Death Benefit
- Terminal Bonus
- Tax Benefit
Eligibility Criteria
Entry Age: 3 Years to 55 Years
|
ICICI Pru Lakshay Lifelong Income Plan |
Coverage Benefits
- Death Benefit
- Maturity Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 3 Years to 55 Years
ICICI Pru Health Plan
|
ICICI Pru Heart/Cancer Protect Plan |
Coverage Benefits
- Affordable Premium
- Tax Benefit
- Waiver of Premium
Eligibility Criteria
Entry Age: 18 Years to 65 Years
Sum Assured: 2 Lakhs to 25 Lakhs
ICICI Pru Life ULIP Plans
|
ICICI Pru Signature Plan |
Coverage Benefits
- Wealth Booster
- Tax Benefit
- Flexible Portfolio Option
Eligibility Criteria
Entry Age: 0 Years to 60 Years
|
ICICI Pru Signature Online Plan |
Coverage Benefits
- Wealth Booster
- Tax Benefit
- Flexible Portfolio Option
Eligibility Criteria
Entry Age: 0 Years to 60 Years
|
ICICI Pru1 Wealth Plan |
Coverage Benefits
- Unlimited Free Switches
- Death Benefit
- Maturity Benefit
Eligibility Criteria
Entry Age: 8 Years to 60 Years
|
ICICI Pru LifeTime Classic Plan |
Coverage Benefits
- Accidental Death Rider
- Wealth Booster
- Tax Benefit
Eligibility Criteria
Entry Age: 0 Years to 75 Years
|
ICICI Pru Guaranteed Wealth Protector Plan |
Coverage Benefits
- Loyality Benefit
- Wealth Booster
- Tax Benefit
Eligibility Criteria
Entry Age: 8 Years to 70 Years
|
ICICI Pru Smart Life Plan |
Coverage Benefits
- Flexible Premium Payment
- Tax Benefit
- Loyalty Benefit
Eligibility Criteria
Entry Age: 20 Years to 54 Years
|
ICICI Pru Smart Kid Plan |
Coverage Benefits
- Multiple Premium Payment Term
- Tax Benefit
- Partial Withdrawl Option
Eligibility Criteria
Entry Age: 20 Years to 54 Years
|
ICICI Pru Smart Couple Plan |
Coverage Benefits
- Tax Benefit
- Partial Withdrawl Option
- Wealth Creation
Eligibility Criteria
Entry Age: 20 Years to 54 Years
ICICI Life Child Plan
|
ICICI Pru Guaranteed Income For Tomorrow Plan |
Coverage Benefits
- Maturity Benefit
- Tax Benefit
- Option of Taking Loan
Eligibility Criteria
Entry Age: 18 Years to 60 Years
|
ICICI Pru Guaranteed Income For Tomorrow Long Term |
Coverage Benefits
- Maturity Benefit
- Tax Benefit
- Death Benefit
Eligibility Criteria
Entry Age: 0 Years to 60 Years
|
ICICI Pru Cash Advantage Plan |
Coverage Benefits
- Cash Benefit
- Tax Benefit
- Maturity Benefit
Eligibility Criteria
Entry Age: 0 Years to 60 Years
|
ICICI Pru Savings Suraksha |
Coverage Benefits
- Maturity Benefit
- Terminal Bonus
- Tax Benefit
Eligibility Criteria
Entry Age: 0 Years to 60 Years
|
ICICI Pru Assured Savings Insurance Plan |
Coverage Benefits
- Maturity Benefit
- Surrender Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 3 Years to 70 Years
|
ICICI Pru Future Perfect |
Coverage Benefits
- Maturity Benefit
- Terminal Bonus
- Tax Benefit
Eligibility Criteria
Entry Age: 91 Days to 58 Years
|
ICICI Pru Lakshya Plan |
Coverage Benefits
- Death Benefit
- Maturity Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 3 Years to 55 Years
|
ICICI Pru Lakshya Lifelong Income Plan |
Coverage Benefits
- Death Benefit
- Maturity Benefit
- Survival Benefit
Eligibility Criteria
Entry Age: 3 Years to 55 Years
ICICI Pru Retirement Plans
|
ICICI Pru Guaranteed Pension Plan Flexi Plan |
Coverage Benefits
- Return of Premium Benefit
- Tax Benefit
- Waiver of Premium
Eligibility Criteria
Entry Age: 30 Years to 70 Years
|
ICICI Pru Guaranteed Pension Plan Deferred Annuity Plan |
Coverage Benefits
- Top Up Option
- Death Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 30 Years to 100 Years
|
ICICI Pru guaranteed Pension Plan Immediate Annuity Plan |
Coverage Benefits
- Top Up Option
- Death Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 30 Years to 100 Years
|
ICICI Pru Saral Pension Plan |
Coverage Benefits
- NPS Benefit
- Loan Bonus
- Tax Benefit
Eligibility Criteria
Entry Age: 40 Years to 80 Years
|
ICICI Pru Easy Retirement Single Premium |
Coverage Benefits
- Pension Booster
- Loyalty Benefit
- Death Benefit
Eligibility Criteria
Entry Age: 35 Years to 80 Years
|
ICICI Pru Easy Retirement United Linked Pension Plan |
Coverage Benefits
- Pension Boosters
- Surrender Benefit
- Death Benefit
Eligibility Criteria
Entry Age: 35 Years to 80 Years
ICICI Pru Rural Plans
|
ICICI Pru Sarv Jana Suraksha Plan |
Coverage Benefits
- Maturity Benefit
- Surrender Benefit
- Death Benefit
Eligibility Criteria
Entry Age: 18 Years to 55 Years
|
ICICI Pru Anmol Bachat Plan |
Coverage Benefits
- Maturity Benefit
- Death Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 18 Years to 60 Years
Benefits of Choosing ICICI Prudential Life Insurance
ICICI Prudential Life Insurance is a reputable insurance provider in India. Here are some benefits of choosing ICICI Prudential Life Insurance:
Wide Range of Insurance Products
ICICI Prudential Life Insurance offers a diverse portfolio of insurance products to cater to the varying needs of individuals. They provide options for term insurance, unit-linked insurance plans (ULIPs), endowment plans, retirement plans, child plans, and health insurance. This allows customers to choose a policy that aligns with their specific requirements and financial goals.
Strong Financial Stability
ICICI Prudential Life Insurance is a joint venture between ICICI Bank, one of India's leading private sector banks, and Prudential Corporation Holdings Limited, a global financial services company. The company has a strong financial foundation, instilling confidence in policyholders regarding the stability and reliability of their insurance coverage.
Customer-Centric Approach
ICICI Prudential Life Insurance provides excellent customer service and maintains long-term relationships with policyholders. Their dedicated customer service team employs technology-driven solutions to enhance the overall customer experience. The company strives to address customer queries, handle claims efficiently, and offer personalized assistance throughout the policy term.
Flexible Policy Features and Riders
ICICI Prudential Life Insurance policies often have flexible features and optional riders. Policyholders can customize their coverage by adding riders such as critical illness cover, accidental death benefit, disability benefit, and more. These riders enhance the policy's scope and can be tailored to suit individual needs, providing comprehensive protection.
Digital Services and Online Portals
ICICI Prudential Life Insurance embraces technology to simplify customer policy management. They offer online portals and mobile apps that enable policyholders to access policy-related information, pay premiums, track policy performance, and initiate service requests conveniently. These digital services enhance accessibility and provide a seamless experience for policyholders.
Robust Claim Settlement Ratio
ICICI Prudential Life Insurance has a strong track record of claim settlement, indicating a commitment to honouring policyholders' claims promptly. The company aims to streamline the claim settlement process and ensure a hassle-free experience for beneficiaries during difficult times.
Expertise and Trust
With its longstanding presence in the insurance industry, ICICI Prudential Life Insurance brings a wealth of expertise and knowledge. The company leverages its experience to offer customers comprehensive insurance solutions and financial guidance. The trust built over the years makes ICICI Prudential Life Insurance a preferred choice for many individuals seeking reliable insurance coverage.
ICICI Prudential Life Insurance Tax Benefits
ICICI Prudential Life Insurance policies offer several tax benefits to policyholders in India. Here are the key tax benefits associated with ICICI Prudential Life Insurance:
Tax Deduction on Premiums Paid
The premiums paid towards ICICI Prudential Life Insurance policies are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. As per the current tax laws, you can claim a deduction of up to Rs. 1.5 lakh per financial year on the premiums paid for life insurance policies, including those offered by ICICI Prudential Life Insurance. This deduction can help reduce your taxable income.
Tax-Free Death Benefit
In the unfortunate event of the policyholder's demise, the death benefit paid by ICICI Prudential Life Insurance to the nominee is tax-free as per Section 10(10D) of the Income Tax Act. The entire sum assured or death benefit, including any bonuses or additional benefits, is exempt from tax. This provides financial security to the nominee without any tax implications.
Tax Exemption on Maturity Proceeds
The maturity proceeds received from ICICI Prudential Life Insurance policies are also eligible for tax benefits under Section 10(10D) of the Income Tax Act. If the policy has been in force for a minimum period of five years, the maturity amount, including any bonuses or additional benefits, is completely tax-free. This helps policyholders enjoy the full proceeds without any tax liability.
Additional Tax Benefits for Health-related Riders
ICICI Prudential Life Insurance offers riders critical illness cover, which provides additional financial protection against specific illnesses. Premiums paid for such riders are eligible for tax deductions under Section 80D of the Income Tax Act, subject to the overall limit specified for medical insurance premiums.
ICICI Pru Life Insurance Premium Calculator
ICICI Prudential Life Insurance provides an online premium calculator on their official website to help individuals estimate the premium amount for their desired insurance policy. Follow these steps to use the ICICI Prudential Life Insurance premium calculator:
- Visit the ICICI Prudential Life Insurance website.
- Navigate to the "Tools & Calculators" section or look for the "Premium Calculator" option.
- Click on the "Premium Calculator" link to access the calculator tool.
- You may be required to provide some basic information, such as:
- Age: Enter your current age or the age of the person to be insured.
- Sum Assured: Input the desired coverage amount or sum assured you wish to have for the policy.
- Policy Term: Select the desired policy term or the duration for which you want the policy coverage.
- Premium Payment Term: Choose the premium payment term, which is the duration for which you will pay the premiums.
- Gender: Specify the gender of the person to be insured.
- Once you have entered the necessary information, click on the "Calculate" or "Calculate Premium" button.
- The premium calculator will process the data and provide an estimate of the premium amount for the chosen policy.
- You may also be able to adjust certain parameters or customize the coverage details to see how it affects the premium.
ICICI Pru Life Insurance Buying Process
ICICI Prudential Life Insurance offers a simple, easy, and hassle-free buying process. You can buy ICICI Life Insurance plans in two ways, i.e. from the official website of ICICI Life Insurance and RenewBuy. Given below are the steps to buy the ICICI Life Insurance plans in both ways:
Through ICICI Life Insurance Official Website
- Visit the official "ICICI Prudential Life Insurance" website.
- Select the desired type of life insurance from the "Popular Category" tab.
- Fill in the required information in the calculator section and click on the "calculate" button.
- Choose the desired plan.
- Check the premium amount and click on the "Pay Now" button.
- Review the details and pay the premium amount online.
- HDFC Life Insurance will share the policy document at your registered email address.
Through RenewBuy
- Visit the official site of "RenewBuy."
- Select the "Life Insurance Plan" tab.
- Select the "Best Life insurance companies in India" tab.
- The next tab will show you all the life insurance companies.
- Click on the "ICICI Prudential Life Insurance" tab.
- Select the desired ICICI Life Insurance Plan.
- Fill in all the required information.
- Click on "Buy Now".
- Proceed with the payment.
ICICI Prudential Life Insurance Claim Process
ICICI Pru Life Life Insurance offers a simple and hassle-free claim process. The assured can file a claim for his ICICI Pru Life Insurance plans by following the steps given below. Below- mentioned are the steps to file a claim for ICICI life insurance plans:
- Visit the official ICICI Prudential Life Insurance website and click on the "Claims" tab.
- Then, click on the "Search Policy & Intimate Claim" tab.
- Enter the required information and click on the "Submit" button.
- Submit the required documents.
- ICICI life insurance will verify the documents and the claim.
- Once the verification is done, ICICI Pru life insurance will settle the claim within 12 working days.
Moreover, you can also raise your claim by visiting the nearest branch of ICICI Life Insurance.
Required Documents For ICICI Prudential Life Insurance Claim Process
The claimant needs to submit the below-mentioned documents for a smooth and efficient claim process:
- Claimant Statement
- Duly filled claim intimation form
- Original death certificate
- Identity proof
- Address proof
- Cancelled cheque
- Photocopy of passbook
ICICI Prudential Life Insurance Contact Details
You can contact ICICI Prudential Life Insurance by using the below-mentioned contact details.
Registered Office Address : ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025
Customer Helpline Number : 1860-266-7766
