ICICI Prudential Life Insurance Company (ICICI Prudential Life) is a joint venture between ICICI Bank Ltd., one of India's largest private sector bank, and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential Life was amongst the first private sector life insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority of India (IRDAI).
ICICI Prudential Life's capital infused stands at Rs. 48.16 billion (as of March 31, 2015) with ICICI Bank Ltd. and Prudential plc holding 74% and 26% stake respectively. For the financial year 2015, the company garnered a total premium of Rs. 153.07 billion. The company has assets under management of Rs. 1001.83 billion as on March 31, 2015.
For over a decade, ICICI Prudential Life has maintained its dominant position (on new business retail weighted basis) amongst private life insurers in the country, with an array of products to match the different life stage requirements of customer and enable them to achieve their long term financial goals.
To Be Eligible for ICICI Prudential Life Plans:
| ULIPs Products | ||||||
| Parameters | Wealth Builder II | Elite Life II | Elite Wealth II | Guaranteed Wealth Protector | Smart Life | Easy Retirement |
| Min Age of entry | 0 | 0 | 0 | 8 | 20 | 35 |
| Max Age of entry | 69 | 69 | 70 | 70 | 54 | 70 |
| At a glance | ||||||
| Min term | 10 | 10 | 10 | 10 | 10 | 10 |
| Max Term | 25 | 30 | 30 | 10 | 25 | 30 |
| Min premium | 24000 | 200000 | 500000 | 24000 | 100000 | 48000 |
| Max Premium | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
| Traditional Products | |||||||
| Parameters | Cash Advantage | Immediate Annuity | Savings Suraksha | Loan Protect | Loan protect Plus | Assured Savings Insurance Plan | Life Raksha |
| Min Age of entry | 0 | 45 | 0 | 18 | 18 | 6 | 18 |
| Max Age of entry | 60 | 80 | 60 | 65 | 65 | 60 | 60 |
| At a glance | |||||||
| Min term | 15 | NA | 10 | 5 | 5 | 7 | 5 |
| Max Term | 20 | NA | 30 | 30 | 30 | 12 | 5 |
| Min premium | 12000 | Subject to Minimum Annuity amount of Rs. 12,000 p.a. | 12000 | Subject to Min SA i.e 500000 | Subject to Min SA i.e 500000 | 12000 | Subject to Min SA Rs. 50000 |
| Max Premium | Unlimited | NA | Unlimited | Unlimited | Unlimited | Unlimited | Subject to Min SA Rs. 500000 |
| Term Products | ||
| Parameters | iCare II | iProtect Smart |
| Min Age of entry | 18 | 18 |
| Max Age of entry | 60 | 60 |
| At a glance | ||
| Min term | 5 | 5 |
| Max Term | 30 | 40 |
| Min premium | 2400 | 3600 |
| Max Premium | Unlimited | Unlimited |
Occupational eligibility will be triggered on a case to case basis
Products Section
| Products | ||||
| Pure Protection | Term Plan | iProtect Smart | Offer your family 360° protection against Death, Disability & Disease. A plan that provides Life cover + 34 Critical illnesses cover *The Critical Illness Benefit is accelerated and not an additional benefit which means, the policy will continue with the Death Benefit reduced by the extent of the Critical Illness Benefit paid. To know more, please refer to the sales brochure. + Higher Accidental cover upto Rs. 2 crore and much more. | iCare II | A protection plan that covers your loved ones and ensures that nothing ever comes in the way of their dreams. |
| Protection and Savings | Unit Linked Life Insurance Plans. | Guaranteed Wealth Protector | Achieve your dreams with the best of both worlds, the potential for better returns without the risk of losing your money. Also get life cover. | Wealth Builder II | Fulfil your family’s dreams and desires with the growth potential of equity or debt along with a life cover to safeguard their future in your absence | Smart Life | A plan that safeguards your family’s future with the promise of continued wealth creation even when you are not around. | IN ULIPS, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER | Elite Wealth II | You never settle for the second best and love exclusivity. Whether it is your lifestyle, or your finances, nothing can simply be ordinary. This plan is designed keeping ‘you’ in mind and offers unmatched customisations to suit your Wealth & protection needs. | Elite Life II | Enjoying the best life has to offer is what you’ve always desired. Be it crafting a luxurious lifestyle, or managing your finances, you have always strived for the special things for yourself, and your loved ones. This plan offers you the exclusive benefits and works exactly as you want it to. Also get life cover. | Money Back/ Endowment Life Insurance Plans | Cash Advantage | A plan that offers regular additional income for celebrating life and making all those precious moments, a little extra special. | Savings Suraksha | Offer your savings the opportunity to grow while enjoying the benefits of guaranteed returns. | Assured Savings | Protect your loved ones and secure their dreams with guaranteed wealth growth. | Retirement Life Insurance Plans
IN ULIPS, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER |
Easy Retirement | A plan that provides financial security in your golden years with the potential growth of equity and debt funds, while ensuring that you will not lose your Capital (Accumulated savings at maturity is guaranteed to be at least 101% of all premiums paid. This Assured Benefit is applicable only on vesting and not on death or surrender.) and also gives you a regular income for life | Immediate Annuity | Make sure that you and your spouse live a comfortable life in your golden years with a regular income to take care of your daily expenses and more. You can also leave a legacy for your children. |
ICICI Prudential Group Term Insurance Plans:
ICICI group insurance plans can be taken by a company or a group of people who want to extend insurance benefits to the members of the group.
- ICICI PRU Group Term Life Solutions : This is a term insurance plan that can be taken for a group and offers protection to the members of the group. The biggest advantages of this plan are that it is very affordable.
- ICICI PRU Group Gratuity Plan : This a group insurance plan that is aimed at helping employers take care of their gratuity payment liabilities.
- ICICI PRU Group Superannuation Plan : The Superannuation Plan is one which is targeted at employers who wish to provide pension benefits for their employees. The plan also offers 5 options for annuity pay-outs.
- ICICI PRU Group Leave Encashment Plan : This is a group insurance plan that is aimed at helping employers take care of their leave encashment liabilities.
- ICICI PRU Group Immediate Annuity Plan: This is a group insurance plan that is meant to provide pension benefits to the employees and is meant for employers who are looking for a solution for their pension liabilities.
ICICI Prudential Rural Plans:
The rural plans offered by ICICI are meant to bring the benefits of insurance plans to the rural sector of India.
- ICICI PRU Sarv Jana Suraksha :This is an insurance plan that is meant to provide the chance to invest in life insurance the lower segments of our society, and it does so by providing the insurance at really affordable prices.
ICICI Pru IProtect Smart:
- Enhanced protection:
- Get covered against terminal illness and disability in addition to death
- Boost your protection cover by choosing Accidental Death Benefit up to Rs. 2 crores and Critical Illness Benefit against 34 illnesses*
- Special premium rates: Special premium rates for non-tobacco users
- Need based benefit payout: Choose to receive the benefit amount as a lump sum or as a monthly income for 10 years
- Benefits for women:
- Special premium rates
- Covers female organ cancers such as breast cancer and cervical cancer
- Increase life cover: Option to increase life cover at important milestones of life like marriage and child birth/adoption
- Tax benefits: Enjoy tax benefits on the premiums you pay under the policy
* The critical illness benefit is an accelerated benefit and the death benefit will be reduced by the critical illness cover paid to the policyholder. To know more on the illnesses which are covered, please refer the sales brochure.
- Documentation needed
- Identity proof
- Age proof
- Income proof
- Address proof
- PAN number
Other documentation may be triggered on a case to case basis
© 2015, ICICI Prudential Life Insurance Co. Ltd Registered Address: - ICICI Pru Life Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai-400025. Insurance is the subject matter of the solicitation. Linked Insurance Products do not offer any liquidity during the first five years of the contract. The Policyholder will not be able to surrender/withdraw the monies invested in Linked Insurance Products completely or partially till the end of the fifth year. The lock-in period in this product is five years. On surrender after completion of five years, the surrender value will be the Fund Value including Top up Fund Value, if any. Unlike traditional products, unit linked insurance products are subject to market risk, which affect the Net Asset Values and the customer shall be responsible for his/her decision. The names of the Company, product names or fund options do not indicate their quality or future guidance on returns. Funds do not offer guaranteed or assured returns. For more details on the risk factors, term & conditions please read sales brochure carefully before concluding the sale. Tax benefits under the policy are subject to conditions under Section 80C, 10(10D) and other provisions of the Income Tax Act, 1961. Service tax and applicable cesses will be charged extra by redemption of units, as per applicable rates. Tax laws are subject to amendments from time to time.ICICI Pru iProtect Smart: UIN: 105N151V01, ICICI Pru iCare II: UIN - 105N140V01. Form No.: T38, T39 and T41, ife Growth Fund -SFIN: ULIF 134 19/09/13 LGF 105, Life Secure Fund - SFIN: ULIF 135 19/09/13 LSF 105. ICICI Pru Guaranteed Wealth Protector: Form No.: U98, U99. UIN: 105L143V01, ICICI Pru Wealth Builder II, UIN: 105L139V01, ICICI Pru Smart Life, Form No. UA8, UA9 UIN: 105L145V01, ICICI Pru Elite Wealth II, UIN: 105L140V01. Advt No.: L/II/364/2015-16, ICICI Pru Elite Life II, UIN: 105L141V01, ICICI Pru Cash Advantage Form No.: E10, UIN:105N132V01, ICICI Pru Savings Suraksha Form No.: E11, E12. UIN: 105N135V01, ICICI Pru Assured Savings Insurance Plan Form No.: E18. UIN: 105N144V01, ICICI Pru Easy Retirement Form No.: U96, UIN: 105L133V01
.ICICI Prudential Life Insurance Company. IRDAI Regn No. 105.
CIN:U66010MH2000PLC127837.
Trade Logo displayed above belongs to M/s ICICI Bank Ltd & Prudential IP services Ltd which shall be used by ICICI Prudential Life Insurance Company Ltd under Registered License No.105.
ADVT number - W/II/2058/2015-16
BEWARE OF SPURIOUS PHONE CALLS & FICTITIOUS/FRAUDULENT OFFERS IRDAI clarifies to public that IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number |
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News About ICICI Life Insurance
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ICICI Have Three Years to Reach 25% Public Holding Norm
ICICI Prudential Life Insurance and its promoters have 3 years to meet SEBI’s public holding norms, according to a report.
ICICI Bank and Prudential Holdings’ shares in the company will be reduced following their IPO, with ICICI Bank holding 54% and Prudential holding 20%.
The IPO, set for the 19th-22nd of September, 2016, will see the bank dilute 12.63% of its stake in the life insurance company.
The ICICI CEO and MD, Ms. Chanda Kochhar, has stated that the bank’s long term plan is to divest some of its stake in the life insurance company. She further stated the bank is working towards achieving the new norms set out for IPO’s for insurance companies in 2015, with the life insurer now ready to be listed on the exchanges.
16th September 2016
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ICICI stakes sold to insurance firms
Private sector ICICI Bank has sold stakes from its insurance ventures. ICICI Lombard, which is the general insurance arm, sold 9% of its stakes, while from ICICI Prudential 2% stakes amounting to around Rs 2,200 crore were sold. The transfers were completed on March 31, 2016.
In a statement issued, ICICI Lombard General Insurance Company sold 9% of its shareholdings to Fairfax Financial Holdings, its joint venture partner. An additional 9% stakes, estimated to around Rs 1,550 crore, was acquired by Prem Watsa-run Fairfax Financial Holdings. Post this transaction, the company values at Rs 17,225 crore. The Fairfax holding in ICICI Lombard has gone up to 35%.
ICICI Bank, in another stake transfer, sold ICICI Prudential Life Insurance Company’s 2% stake to Compassvale Investments Pte Ltd. Compassvale Investments is an indirectly wholly-owned subsidiary of Temasek, which is Singapore-based investment Company. ICICI Bank received Rs 650 after this stake transfer, valuing the company at Rs 32,500 crore.
After the completion of stake transfer, ICICI Bank will have 68% of share holdings in both the insurance arms. The foreign joint venture partner, Prudential Plc, will maintain its current holding which is approximately 26%
11th April 2016
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ICICI Lombard to Settle 8.5 Lakh Claims This Financial Year
A senior ICICI Lombard official said the insurer would settle 8.5 lakh motor insurance claims during 2016-17. Last year, the company settled 7.4 lakh claims in the segment.
The number of claims are reported to have gone up especially after the floods in Tamil Nadu in November 2015. Claims under the non-life insurance in general is reported to be around Rs. 700 crore because of the Tamil Nadu floods, ICICI Lombard General Insurance Chief Underwriting, Claims and Reinsurance, Sanjay Datta told PTI.
A majority of the claims that are likely to be settled in this fiscal fall under the own-damage category. ICICI Lombard gets around 45 per cent of its total premium collection from motor insurance.
23rd January 2016
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FIPD to take call on 14 FDI proposals on January 14
The Foreign Investment Promotion Board (FIPB) announced that it will take up 14 foreign investment proposals on January 14. The FDI proposals include ICICI Prudential Life Insurance, ICICI Lombard General Insurance Co., drugmaker CIPLA and Euronet Services India among others.
The board, which recommends foreign investment proposals for government approval, is scheduled to meet next week for the first time in 2016. The panel, headed by Economic Affairs Secretary Shakikanta Das, had cleared four investment proposals worth Rs 1,810 crore at the last meeting on December 29 2015 and deferred the decision to increase foreign shareholding from 26 per cent to 49 percent on a further four investment proposals.
14th January 2016
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ICICI Prudential Life Insurance Company Launches 3 in 1 Product
ICICI Pru iProtect Smart is a 3 in 1 product offered by ICICI Prudential Life Insurance Company Limited. This comprehensive product offers 3 benefits which is providing cover for critical and terminal illnesses, cover against death and cover against accidental death and disability.
Although the product cannot replace the loss and devastation of the breadwinner of the family, it does provide financial security to the family through an insurance product which combines the cover for Life, Health and Accidents.
Puneet Nanda, Executive Director of ICICI Prudential Life Insurance Company Limited says that earlier customers would have to purchase insurance covers for life, accidental death and critical illness separately but with the introduction of the iProtect Smart, customers can get the combined benefits in one single product at an affordable price.
He also added that the product is not a typical term product and the customers have flexibility to increase the cover at pivotal milestones such as during times of marriage or when welcoming a new child and so on.
21st December 2015
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ICICI Prudential Life introduces iProtect Smart
ICICI Prudential Life Insurance has launched ICICI Pru iProtect Smart - a single product that combines the benefits of life, health and accident insurance by offering cover against death, critical and terminal illness, accidental death and disability due to accident.
Puneet Nanda, Executive Director, ICICI Prudential Life, stated that the iProtect Smart was introduced to help customers purchase a single product at an affordable price instead of purchasing separate insurance covers individually. Customers can also increase their cover at important points during their lifetime, like marriage, childbirth etc.
The premium for critical illness cover remains the same throughout the policy term while there is also the option to avail of death benefits as monthly income over 10 years.
20th December 2015
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ICICI Bank ready to sell 6% of its stake in life insurance
The board of directors of ICICI Bank has agreed to the sale of 6% of its stake in its life insurance subsidiary, ICICI Prudential Life Insurance Company. The price targeted for this sale has been set at Rs. 1,900 crore which puts the value of the company at about Rs. 32,500 crore. Of the proposed sale of the 6% shareholding, 4% will be sold to Premji Invest and the remaining 2% to Temasek, an investment company based out of Singapore, through its subsidiary Compassvale Investments Pvt Ltd. While the sale has been approved by the board of directors, it still awaits the seal of approval from the government.
18th November 2015
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ICICI Bank to sell ICICI Prudential Life Insurance stock to PremjiInvest and Compassvale Investments Pte Ltd.
ICICI Bank Ltd said that its board of directors has approved the sale of its stake in its life insurance joint venture, ICICI Prudential Life Insurance. 4% stake is being taken over by PremjiInvest and its affiliate. 2% stake will be taken by Compassvale Investments Pte Ltd., which is a wholly-owned subsidiary of Temasek Holdings, Singapore. The value of the deal is said to be Rs.1,950 crore. After the takeover, ICICI Bank will hold 68% share of ICICI Prudential Life Insurance. The transaction is as per the government and regulatory approval. 9% share was taken over by Fairfax Financial Holdings for Rs.1,550 crore on 31st October, 2015.
17th November 2015
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ICICI bats for tech upgradation of services to beat competition
ICICI Lombard is increasingly looking to offer solution-oriented products via greater use of technology as a business enabler to enhance customer satisfaction, opined Sanjay Datta, Chief, Underwriting, Reinsurance & Claim, ICICI Lombard GIC Ltd recently.
Admitting that the general insurance sector in India continues to be under-penetrated, Datta said ICICI Lombard is increasingly focusing on providing innovative services based on customer needs and specific requirements. Also, simplification in terms of product delivery and model of distribution is important to attract and retain customers, he said.
In a move to increase its product penetration, ICICI Lombard has been reaching out to its clientele via alternate distribution channels. ICICI Lombard is also extensively using analytics to map the changing preferences of customers, Datta added.
27th August 2015
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ICICI Pru Smart Life: A new savings product from ICICI Prudential Life Insurance Company
ICICI Prudential Life Insurance Company Limited recently announced the launch of ICICI Pru Smart Life – a new savings product designed to offer financial protection to customers. ICICI Pru Smart Life offers a dual protection feature through its Smart Benefit which pays a lump sum amount to the nominee to take care of any unforeseen family liabilities, in case the policyholder dies. This feature helps family members of the policyholder to achieve their financial goals. When the policy term gets over, nominees receive the fund value.
ICICI Pru Smart Life provides eight essential fund options which customers can choose from based on their needs. The product is designed to empower customers by helping them fulfill their financial goals. ICICI Pru Smart Life rewards customers over the long term by offering Loyalty Additions and Wealth Boosters. This can be used to achieve different financial goals like buying a home, funding children’s education or planning for peaceful retirement. On maturity, customers can receive the entire maturity benefit due as a lump-sum amount or in the form of structured payouts to meet their financial needs.
13th March 2015
