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ICICI Prudential Life Insurance

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Pay premiums monthly, quartely, half-yearly or annualy
Enhance your cover through riders like permanent disability/accidental death rider

ICICI Prudential Life Insurance is one of the most dominant players in the insurance sectors in India. They are known to offer products such as term insurance plans, endowment plans, etc. in order to match its customers various financial needs.

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.

Term insurance plans
  • ICICI Pru iProtect Smart
  • ICICI Pru iCare II
  • ICICI Pru Life Raksha
  • ICICI Pru POS iProtect Smart
  • ICICI Pru POS Life Raksha
Health insurance plans
  • ICICI Pru Heart Cancer Protect
  • ICICI Prudential Smart Health Cover
Unit linked insurance plans
  • ICICI Pru1Wealth Plan
  • ICICI Pru Lifetime Classic
  • ICICI Pru Elite Life Super
  • ICICI Pru Elite Wealth Super
  • ICICI Pru Guaranteed Wealth Protector
  • ICICI Pru Smart Life
  • ICICI Prudential Smart Kid Solution
Traditional Savings/Money Back plans
  • ICICI Pru Cash Advantage
  • ICICI Pru Savings Suraksha
  • ICICI Pru Assured Savings Insurance Plan
  • ICICI Pru Future Perfect
Retirement plans
  • ICICI Pru Easy Retirement
  • ICICI Pru Immediate Annuity
Group Plans
  • ICICI Pru Loan Protect
  • ICICI Pru Loan Protect Plus
  • ICICI Pru Group Term Plus
  • Group Gratuity Plan
  • Group Superannuation Plan
  • Group Leave Encashment
  • Group Immediate Annuity Plan
  • ICICI Pru Group Loan Secure
  • ICICI Pru Group Insurance Scheme for Pradhan Mantri Jeevan Jyoti Bima Yojana
  • ICICI Pru Shubh Raksha Credit
  • ICICI Shubh Raksha One
  • ICICI Pru Shubh Raksha Life
Rural plans
  • ICICI Pru Sarv Jana Suraksha Micro Insurance Plan
  • ICICI Pru Anmol Bachat

ICICI Prudential Term Insurance Plans

Type of the plan Basic sum assured Policy term
ICICI Pru iProtect Smart
  • Minimum sum assured - will be subject to the minimum premium amount
  • Maximum sum assured - No limit (subject to underwriting policies)
  • Minimum policy term - 5 years
  • Maximum policy term - 20 years
ICICI Pru iCare II
  • Minimum sum assured - if age is 60 years with a policy term of 5 years, then the minimum sum assured will be: For option I - Rs.87,423 and for option II - Rs.85,875. If age is 18 years and chosen policy term is 30 years, then minimum sum assured for option I will be Rs.3.6478 lakh and for option II it will be Rs.2.88257 lakh
  • Maximum sum assured - No limit is set herein
  • For regular pay policies - 5, 10, 15, 20, 25, and 30 years
  • For single pay policies - 5 and 10 years
ICICI Pru Life Raksha
  • Minimum sum assured - Rs.50,000
  • Maximum sum assured - Rs.5 lakh
  • For regular pay policies - 5 years

ICICI Prudential Health Insurance Plans

Type of the plan Basic sum assured Policy term
ICICI Pru heart/cancer protect Sum assured must be determined after analysing future treatment costs, hospitalisation costs, additional expenses, and so on
  • Minimum policy term that can be chosen is 5 years. Policyholders can purchase ICICI Pru Heart/Cancer Protect between the ages of 18-65 years
ICICI Prudential Smart Health Cover
  • Maximum sum assured - Rs.25 lakh
  • Minimum policy term - 10 years
  • Maximum policy term - 30 years

ICICI Prudential Unit-Linked Insurance Plans

Type of the plan Basic sum assured Policy term
ICICI Pru1Wealth
  • If entry age = less than 50 years, then minimum sum assured = 1.25 times Single Premium and maximum sum assured = 10 times Single Premium
  • If entry age = more than 50 years, then minimum sum assured = 1.10 times Single Premium and maximum sum assured = 1.10 times Single Premium
5 and 10 years
ICICI Pru Lifetime Classic
  • If the entry age of the policyholder is between 0 and 44 years, then the minimum sum assured will be Higher of (10 X Annualised Premium) and (0.5 X Policy term X Annualised Premium)
  • If the entry age of the policyholder is 45 years or more, then the minimum sum assured will be Higher of (7 X Annualised Premium) and (0.25 X Policy term X Annualised Premium)
  • Maximum sum assured - No limit
  • If the entry age of the policyholder is between 0 and 39 years, then
    • Policy term will be 10, 15, to 25 years for a premium payment term of either 7 years or less than 7 years
  • If the entry age of the policyholder is between 40 and 44 years, then
    • Policy term will be 10, 15, to 20 years for a premium payment term that is either 7 years and above or less than 7 years
  • If the entry age of the policyholder is between 45 years and 46 years, then
    • Policy term will be 10 years (minimum) and 15 years (maximum) for a premium payment term of less than 7 years or 7 years and more than 7 years
  • If the entry age of the policyholder is between 47 years and 55 years, then
    • Policy term will be 10 years for a premium payment term of less than 7 years or 7 years and more than 7 years
ICICI Pru Elite Life Super
  • For single pay policies: If the entry age of the policyholder is between 0 and 41 years, then minimum sum assured will be 1.25 X Single Premium and maximum sum assured will be 10 X Single Premium. If the entry age of the policyholder is 42 years or more, then minimum sum assured will be 1.25 X Single Premium and maximum sum assured will be 1.25 X Single Premium
  • For regular and limited pay policies: If the entry age of the policyholder is between 0 and 44 years, then the minimum sum assured will be Higher of (10 X Annualised Premium) and (0.5 X Policy term X Annualised Premium). If the entry age of the policyholder is 45 years or more, then the minimum sum assured will be Higher of (7 X Annualised Premium) and (0.25 X Policy term X Annualised Premium)
  • For regular and limited pay policies:
    • If the entry age of the policyholder is between 0 and 39 years, then:
      • For less than 7 years’ premium payment term - the policy terms will be 10, 15, to 30 years
      • For either 7 years or more than 7 years’ premium payment term - the policy terms will be 10, 15, to 30 years
    • If the entry age of the policyholder is between 40 and 4 years, then:
      • For less than 7 years’ premium payment term - the policy terms will be 10, 15, to 25 years
      • For either 7 years or more than 7 years’ premium payment term - the policy terms will be 10, 15, to 25 years
    • If the entry age of the policyholder is between 45 and 51 years, then:
      • For less than 7 years’ premium payment term - the policy terms will be 10, 15, to 20 years
      • For either 7 years or more than 7 years’ premium payment term - the policy terms will be 10, 15, to 20 years
    • If the entry age of the policyholder is between 52 and 56 years, then:
      • For less than 7 years’ premium payment term - the policy term will be 10 years
      • For either 7 years or more than 7 years’ premium payment term - the policy term will be 10 years
  • For single pay policies:
    • If the entry age of the policyholder is between 0 and 24 years, then:
      • For Sum Assured Multiple of 1.25 times, the policy term will be 5 to 30 years and For Sum Assured Multiple of 10 times, the policy term will be 5 to 30 years
    • If the entry age of the policyholder is between 25 and 31 years, then:
      • For Sum Assured Multiple of 1.25 times, the policy term will be 5 to 30 years and For Sum Assured Multiple of 10 times, the policy term will be 5 to 20 years
    • If the entry age of the policyholder is between 32 and 37 years, then:
      • For Sum Assured Multiple of 1.25 times, the policy term will be 5 to 30 years and For Sum Assured Multiple of 10 times, the policy term will be 5 to 10 years
    • If the entry age of the policyholder is between 38 and 41 years, then:
      • For Sum Assured Multiple of 1.25 times, the policy term will be 5 to 30 years and For Sum Assured Multiple of 10 times, the policy term will be 5 years
    • If the entry age of the policyholder is between 42 and 75 years, then:
      • For Sum Assured Multiple of 1.25 times, the policy term will be 5 to 30 years
ICICI Pru Guaranteed Wealth Protector
  • For single-premium single pay policies, the sum assured will be 1.25 X Single Premium
  • For five-year premium policies, the sum assured will be:
    • 10 × Annual Premium, if the age of the life assured is between 8 and 44 years
    • 7 or 10 × Annual Premium, if the age of the life assured is between 45 and 54 years
    • 7 × Annual Premium, if the age of the life assured is between 55 and 60 years
  • For single-premium policies, the policy term will be 10 years
  • For five-year policies, the policy term will be 10 years
ICICI Pru Smart Life
  • If the entry age of the life assured is between 20 and 25 years, then the minimum sum assured will be Higher of (10 X Annual Premium) and (0.5 X Policy term X Annual Premium), and the maximum sum assured multiple will be 30
  • If the entry age of the life assured is between 26 and 30 years, then the minimum sum assured will be Higher of (10 X Annual Premium) and (0.5 X Policy term X Annual Premium) and the maximum sum assured multiple will be 25
  • If the entry age of the life assured is between 31 and 35 years, then the minimum sum assured will be Higher of (10 X Annual Premium) and (0.5 X Policy term X Annual Premium) and the maximum sum assured multiple will be 15
  • If the entry age of the life assured is between 36 and 40 years, then the minimum sum assured for him/her will be Higher of (10 X Annual Premium) and (0.5 X Policy term X Annual Premium) and the maximum sum assured multiple will be 15
  • If the entry age of the life assured is between 41 and 44 years, then the minimum sum assured for him/her will be Higher of (10 X Annual Premium) and (0.5 X Policy term X Annual Premium) and the maximum sum assured multiple will be 15
  • If the entry age of the life assured is between 45 and 54 years, then the minimum sum assured for him/her will be Higher of (7 X Annual Premium) and (0.25 X Policy term X Annual Premium) and the maximum sum assured multiple will be 10
  • Minimum policy term - 10 years
  • Maximum policy term - 25 years
ICICI Prudential Smart Kid Solution
  • For regular pay policies:
    • If the entry age of the life assured is less than 45 years of age, then minimum sum assured for him/her will be Higher of (10 X Annual Premium) and (0.5 X Policy Term X Annual Premium) and maximum sum assured will depend on the respective multiples according to entry age of the life assured
    • If the entry age of the life assured is either 45 years or more than 45 years, then the minimum sum assured will be Higher of (7 X Annual Premium) and (0.25 X Policy Term X Annual Premium) and the maximum sum assured will depend on the respective multiples according to entry age of the life assured
  • For single pay policies:
    • If the entry age of the life assured is equal to 35 years or less than 35 years old, then the minimum sum assured for him/her will be 1.25 X Single Premium and the maximum sum assured will be 10 times that of the single premium
    • If the entry age of the life assured is more than 35 years old, then the minimum sum assured for him/her will be 1.25 X Single Premium and the maximum sum assured will be 1.25 times that of the single premium
  • For regular pay policies, the minimum policy term is 10 years and the maximum policy term is 25 years
  • For single pay policies, the policy term is 10 years

ICICI Prudential Traditional Savings/Money Back Plans

Type of the plan Basic sum assured Policy term
ICICI Pru Cash Advantage
  • If the entry age of the life assured is less than 45 years old, then the sum assured on death multiple will be 10
  • If the entry age of the life assured is between 45 and 54 years, then the sum assured on death multiple will be either 7 or 10
  • If the entry age of the life assured is more than 54 years old, then the sum assured on death multiple will be 7
The policy terms are 15, 17 years, and 20 years which will include PPT and the payout term
ICICI Pru Savings Suraksha
  • If the entry age of the life assured is less than 45 years old, then the sum assured on death will be 10 times the annual premium
  • If the entry age of the life assured is between 45 and 54 years, then the sum assured on death will either be 10 times the annual premium or 7 times the annual premium
  • If the entry age of the life assured is more than 54 years, then the sum assured on death will be 7 times than the annual premium
ICICI Pru Assured Savings Insurance Plan Sum assured on death of the life assured will be 10 times than the annual premium amount The policy terms available to individuals are 10, 12, and 12 years
ICICI Pru Future Perfect
  • For premium payment term of 5 years, the minimum basic sum assured on death will be Rs.4 lakh
  • For a premium payment term of 7 years, the sum assured on death will be Rs.1.8 lakh
  • For a premium payment term of 10 years, the basic sum assured on death will be Rs.1.20 lakh
  • For a premium payment term of 15 years, the basic sum assured on death will be Rs.96,000
  • For a premium payment term of 20 years, the basic sum assured on death will be Rs.84,000
  • For premium payment term of 5 years, the policy terms are 10 to 15 years
  • For a premium payment term of 7 years, the policy terms are 12 to 17 years
  • For a premium payment term of 10 years, the policy terms are 15 to 20 years
  • For a premium payment term of 15 years, the policy terms are 20 to 25 years
  • For a premium payment term of 20 years, the policy terms offered are 25 to 30 years

ICICI Prudential Retirement Plans

Type of the plan Basic sum assured Policy term
ICICI Pru Easy Retirement When the policy matures, or after vesting, the life assured will be qualified to receive the Fund Value or Assured Benefit, whichever is higher in worth Life assured may choose to opt for a policy with a policy term of 10, 15, 20, 25 or 30 years.
ICICI Pru Immediate Annuity Does not provide sum assured at the end of the policy term. This plan, on the other hand, gives out monthly income upon payment of a purchase price. Policyholders have the option to receive the installments either on a monthly, quarterly, yearly, or half-yearly basis The policy is essentially purchased to replace income after retirement, hence it does not have a defined policy term

ICICI Prudential Group Plans

Type of the plan Basic sum assured Policy term
ICICI Pru Loan Protect The minimum sum assured provided under the plan is Rs.5 lakh
  • Minimum policy term - 5 years
  • Maximum policy term - 30 years
ICICI Pru Loan Protect Plus Gives out a lump-sum amount to the family of the life assured in case of an unfortunate occurrence
  • If it is a reducing cover - one can choose to have a policy term of 5-20, 25 or 30 years
  • If it is a 5 or 7-year moratorium, one can choose to have a policy term of 8-20, 25 or 30 years

ICICI Pru Group Term Plus:

This plan provides financial cover to the members who are a part of the plan. In case of an unfortunate occurrence, the members’ loved ones are provided with lump-sum payments to tide over any financial losses. This plan is most commonly preferred by employers for their employees as it provides a Life Cover for the family members. Some of the benefits offered under the plan are:

  • Life cover without the need to submit medical test reports up to the free cover limit.
  • Coverage provided to the employees in case of an unfortunate occurrence.

Group Gratuity Plan: This plan is suitable for employers as it gives them the opportunity to pay the gratuity amount to their employees and settle liabilities accordingly. The minimum entry age for an employee is 15 years under this plan, however, the maximum entry age must not exceed 85 years. ICICI Group Gratuity Plan offers a renewal policy on a yearly basis. This means that the policy undergoes auto-renewal on the anniversary.

Group Superannuation Plan: With this plan, employers can choose to provide a pension or superannuation benefits to their employees. The employees are presented with the opportunity to grow their savings according to their individual risk appetite and the plan also provides them with a corpus when they retire.

Group Leave Encashment: This plan takes care of the leave encashment liabilities of employers as it helps them build a savings pool that will ultimately pay out the leave encashment amounts to their respective employees. A flat cover of Rs.1,000 is provided to the employees under this plan. The minimum entry age for an employee is 15 years under this plan, however, the maximum entry age must not exceed 85 years.

Group Immediate Annuity Plan: As the name suggests, this plan is suitable for employers who want to provide retirement benefits to their employees. With the help of this plan, an employer can provide pension benefits to his/her employees, to help them sail through the period of retirement swiftly, without any financial burden. The payouts given to the employees can be yearly, half-yearly, monthly or quarterly, depending on which mode the employer selects.

ICICI Prudential Rural Plans

Type of the plan Basic sum assured Policy term
ICICI Pru Sarv Jana Suraksha
  • Minimum sum assured that can be opted for - Rs.5,000
  • Maximum sum assured that can be opted for - Rs.2 lakh
For regular pay policies - policy term is 5 years
ICICI Pru Anmol Bachat Upon death of the life assured, a sum assured is paid to his/her family to help them tide over financial losses
  • For single premium policies - the policy terms are 5 and 10 years
  • For a premium payment term (PPT) of 5 years, the policy term will be 10 years
  • For a PPT of 7 years, the policy term will be 10 years
  • For a PPT of 10 years, the policy term will be 10 years
  • For a PPT of 10 years, the life assured can also choose a policy term of 15 years

ICICI Prudential Life Insurance Claim Settlement Ratio:

ICICI Prudential Life Insurance Claim Settlement Ratio and Total Earned Premium for the Year 2017-18:

Claim Settlement Ratio  97.88% 
Total Earned Premium (in Crore)  Rs.27068.77 crore 
ICICI Prudential Life Insurance
ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Savings Suraksha

© 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

  • ICICI Prudential Life Insurance Company Stands at Target Price of Rs.435

    A buy recommendation by Emkay Global Financial Services has been given to ICICI Prudential Life Insurance Company, the target price for which stands at Rs.435. On 3 July 2019, shares of ICICI Prudential Life Insurance were traded at Rs.387.15 and the brokerage has estimated a one-year horizon for the stock to hit the target price as mentioned above. The brokerage said ‘IPRU is getting future ready through the use of technology. It believes that new-age millennials demand instant service on the principles of C2MxEI, i.e., connect to many but engage individually, possibly through the use of technology’. With a system built in to eliminate maximum errors, IPRU is gradually moving on to cognitive (intelligent) automation from robotic automation. By means of technology, IPRU has accomplished 76 percent self-serviced transactions.

    5 July 2019

  • ICICI Prudential Reports a Dip of 23% in Q4

    On Wednesday, one of the most reputed and popular private life insurance providers, ICICI Prudential Life Insurance Company reported a sharp drop of nearly 23% in their consolidated net profit at the amount of Rs.261.02 crore. This drop has been reported for the financial quarter of January-March of the fiscal year 2018-19. This subsidiary of the famous ICICI Bank had earlier reported of having earned net profit of Rs.340.2 crore in the same Quarter 4 of the preceding financial year. However, the private life insurer also said that their total income in the said quarter more than doubled to an amount of Rs.16,053.89 crore, from an earlier amount of Rs.7,136.87 crore during the same period in the previous year. This has been stated by ICICI Prudential during a regulatory filing recently. Further, the private insurer also suggested a final dividend of Rs.1.55 per share of face value of each Rs.10. This particular EV is very familiar with the book value of organizations operating in various other sectors. ICICI Prudential offers a horde of financial products and insurance instruments to its policyholders. You can easily purchase a policy of your choice from their website.

    29 April 2019

  • Buy Call on ICICI Prudential Life Insurance Company at Target Price of Rs.380 for Manas Jaiswal

    Manasjaiswal.com’s Manas Jaiswal has a buy call on ICICI Prudential Life Insurance Company Ltd., and the target price is Rs.380. ICICI Prudential Life Insurance Company Ltd.’s present market price is Rs.362.5. Manas Jaiswal made a recommendation to keep stoploss at Rs.352. Having been incorporated in the year 2000, ICICI Prudential Life Insurance Company Ltd. has a market cap of Rs.52,047.19 crore. The consolidated sales of the company were recorded at Rs.444.50 crore for the quarter between January and March 2018, marking a decrease of 9.42% from the previous quarter when sales were recorded at Rs.490.75, and an increase of 7.25% from the same quarter in the previous year when sales were recorded at Rs.414.46 crore. In the latest quarter, the company recorded a net profit of Rs.340.26 crore after tax. The top management of the company includes Mr. Dileep Choksi, Mr. Anup Bagchi, Mr. Dilip Karnik, Mr. M S Ramachandran, Mr. Sandeep Batra, Mr. V Sridar, Mr. Puneet Nanda, Mr. Raghunath Hariharan, Mr. R K Nair, Ms. Vibha Paul Rishi. The auditor of the company is Walker Chandiok & Co. LLP.

    3 April 2019

  • Up to 3.71% of Prudential Corp’s Stake in ICICI Pru Life to be Sold

    Prudential Corporation Holding is expected to sell nearly 3.71% stake in ICICI Prudential Life Insurance Company in the near future in an effort to help the organisation meet public shareholding norms. The sale of 5.32 crore shares is expected to fetch Prudential approximately Rs.1,598 crore. The sale’s floor price has been set at Rs.300, which is a discount of 7% to Rs.322.35 – the closing price on Monday. On 29 September, 2016, the stock was listed at Rs.297.65, but has since outperformed Nifty by 8.4%, and analysts say that in comparison with its peers, the firm is undervalued. An analyst at Karvy Stock Broking, Sachin Mittal, said that the quarter on quarter performance of the company in comparison with its peers has been undervalued. In March 2020, he said, the stock will be valued at Rs.393 based on peer mean 30.99 times adjusted value/price of new business as well as 2.67 times adjusted embedded/price value.

    28 March 2019

  • SBICAP Securities Places Buy Call on ICICI Prudential Life Insurance

    SBICAP securities has recently placed a buy call on the stocks of ICICI Prudential Life Insurance and has determined a total target price of Rs.450. The current price of ICICI Prudential Life Insurance in the market stands at Rs.345.90. The brokerage has given the whole affair a stipulated time period of one year by which ICICI Prudential Life Insurance is expected to reach the predefined target set.

    The new premium data released by ICICI Prudential Life Insurance reveals a definite growth in their business since the last few years. The company’s individual savings business has not been flourishing for a long time and it is facing a few difficulties pertaining to numerous external as well as internal factors. Given its ULIP-oriented product mix, the focus has primarily been directed towards a lot of HNI and affluent customers. This resulted in the volatile market impacting ICICI Prudential Life Insurance gravely and the increasing pressure from the higher management to reduce the surrenders by sensitizing that distributors also had a negative impact on the overall business growth of the company.

    Multiple initiatives have been taken by the insurance company which includes an increasing focus on the mass affluent segment of the society, offering a product that demands monthly premium payment, and so on.

    12 March 2019

  • ICICI launches new fixed deposit plan with free term insurance and other benefits

    ICICI Bank, one of the leading banks of India, has launched a new fixed deposit plan called FD Xtra. The scheme comes with additional perks like free term life insurance and auto investments in mutual fund SIPs. The move comes after the announcement of the interim union budget of 2019 where the TDS limit on bank deposit has been proposed to be increased from Rs.10,000 to Rs,40,000.

    FD Xtra comes with innovative fixed deposit and recurring deposit plans which will be available to the customers soon. The plan also gives the account holders an option to take the maturity amount in instalments. Pranav Mishra, the head of Retail Liabilities Group at ICICI Bank, stated that the deposits cater to different life-goals of customers like financial security with a term plan, option of investing in mutual funds or planning for retirement, etc. FD Xtra comes in three variants i.e. FD Xtra-FD Life, FD Xtra-FD Invest, and FD Xtra-FD Income.

    07 February 2019

  • ICICI Prudential Life Insurance reveals updated business trend for December 2018

    In its January 2019 update, ICICI Prudential Life Insurance has divulged its annual premium equivalent (APE) and retail weight received premium (RWRP) trend for December 2018.

    The business contracted by 5 percent y-o-y in its weighted retail premium (WRP). However, overall APE grew by 3 percent according to the Dec-18 trend. The decrease in individual WRP and increase in APE growth rate might be a result of the company’s recent decision to shift focus to selling ULIPs through SIP form since November 2018.

    ICICI prudential recently cut down their growth expectations to 3 percent contraction in FY19 while 8 percent APE growth is expected in FY20F.

    18 January 2019

  • Insured Individuals to Receive Refund from ICICI Prudential Life Insurance Company

    ICICI Prudential Life Insurance Company has been directed by the Office of Insurance Ombudsman to pay Rs.12.50 lakh in addition to interest to Dr Jai Prakash Agarwal – the individual who bought an ICICI Prudential Premier Life Gold Plan. He had paid 3 annual premiums between 2008 and 2010 which amounted to Rs.12.50 lakh in total. The insurer went for unilateral foreclosure of the plan and paid Rs.93,791.85 to Mr Agarwal through cheque in July 2017. He did not even receive a prior notice regarding the foreclosure before he received it. Since Mr Agarwal tried to revive the policy and the company did not concede his request, he approached the Ombudsman via a consultancy services company called Athasniya & Athasniya Advisors. Mahesh Athasniya, the consultancy Managing Director, said that the case was a success when the insurer was directed to refund the whole amount that Agarwal had paid, as well as an 8.25% interest on the whole amount.

    31 December 2018

  • Insured Individuals to Receive Refund from ICICI Prudential Life Insurance Company

    ICICI Prudential Life Insurance Company has been directed by the Office of Insurance Ombudsman to pay Rs.12.50 lakh in addition to interest to Dr Jai Prakash Agarwal – the individual who bought an ICICI Prudential Premier Life Gold Plan. He had paid 3 annual premiums between 2008 and 2010 which amounted to Rs.12.50 lakh in total. The insurer went for unilateral foreclosure of the plan and paid Rs.93,791.85 to Mr Agarwal through cheque in July 2017. He did not even receive a prior notice regarding the foreclosure before he received it. Since Mr Agarwal tried to revive the policy and the company did not concede his request, he approached the Ombudsman via a consultancy services company called Athasniya & Athasniya Advisors. Mahesh Athasniya, the consultancy’s Managing Director, said that the case was a success when the insurer was directed to refund the whole amount that Agarwal had paid, as well as an 8.25% interest on the whole amount.

    27 December 2018

  • Net Profit of ICICI Prudential Life Insurance for Q2 at Rs.300 Crore

    ICICI Prudential Life Insurance, a private life insurance provider - has recorded its net profit for the September quarter to stand at Rs.300 crore. This marked a drop in the net profit by 28.5% on an year-on-year basis due to a higher new business strain. A new business strain generally arises when the premium paid after the completion of a contract is not sufficient to cover the initial expenses which includes acquisition costs and any mathematical reserve that the insurer might need to set up at that point. According to the Managing Director and Chief Executive Officer at ICICI Prudential Life Insurance, N. S. Kannan, the value of new business has witnessed a growth by 41.5% on an year-on-year basis to amount to Rs.590 crore during the first half of the financial year 2018-19. He has further explained that despite the volatile nature of the markets, the opportunities in both protection and savings continue to increase for life insurance providers. Kannan also addressed the crisis due to the defaults in repayment by the Infrastructure Leasing & Financial Services (IL&FS) Group stating that ICICI Prudential Life Insurance does not have any exposure to the group.

    Furthermore, the net earned premium of ICICI Prudential Life Insurance witnessed a growth by 16.2% on an year-on-year basis with Rs.7,601 crore during the second quarter of the current financial year. On the other hand, the investment income of the company reduced by 54% to Rs.1,370 crore during in the second quarter of the current financial year owing to the volatile market conditions. The annualised premium equivalent (APE) of the company has witnessed a growth by 6.2% percent on an year-on-year basis to stand at Rs.1,985 crore in the second quarter of FY 2018-19. In terms of the product mix, 85% of it is unit-linked insurance, 8% is protection, and the rest are other traditional products. During the first half of the financial year 2018-19, protection APE registered a growth of 77.3% on an year-on-year basis to stand at Rs.266 crore, while the 13th month persistency was recorded to be steady at 85.2% at the same period of time. The 49th month persistency increased to 63.7% in the first half of the current financial year as opposed to the recorded 59.8% in the first half of the previous financial year. The assets under management (AUM) of ICICI Prudential Life Insurance witnessed a rise by 12% on an year-on-year basis to remain at Rs.1.46 lakh crore. On the other hand, the life insurer has announced an interim dividend of Rs.1.60 for every share.

    29 October 2018

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ICICI Prudential Life Insurance Reviews

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  • ICICI Prudential Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I am having a good relationship with ICICI BANK so I have taken life plan from ICICI Prudential. I need to pay the premium for 7 years and the maturity is 10 years. I am paying monthly 5K through auto debit and am not sure about the benefits. I got the insurance paper.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Sep 17, 2019
  • ICICI Prudential
    ICICI Prudential Life Insurance
    "Very Good Policy"
    0.5 5.0/5 "Blown Away!"
    My company has provided me a life insurance policy from ICICI Prudential. Its a life insurance policy which gives for the customer who takes the loan. This policy has a coverage value of Rs. 10 lakhs. I'm paying the premium amount of Rs. 5000 and i have chosen the annual payment mode.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Sep 10, 2019
  • ICICI Prudential Life Insurance
    "Secure life with a term policy"
    0.5 4.0/5 "Great!"
    Bought my term plan from ICICI Prudential and i have closed the fore-closed policy from ICICI prudential which is a pension policy and wealth plus hence i have chosen the term plan. It was a ULIP plan earlier. In this ICICI terms, critical illness also covered. I am satisfied with the coverage value. I need to keep a balance in my account when they are taking a premium.
    Was this review helpful? 0
    , mumbai
    Reviewed on Aug 27, 2019
  • ICICI Prudential Life Insurance
    "Not recommendable policy"
    0.5 2.0/5 "Expected more"
    The money which i invested its not in a growth mode hence i won't recommend the Life insurance policy from ICICI Prudential. That time I was an agent for ICICI thats the reason, i have taken this policy. I am paying the premium amount of RS. 14000 in a yearly basis. Total sum assured amount is Rs. 2 to 5 lakhs. No one has contacted me from ICICI. This is a market based policy.
    Was this review helpful? 1
    , mumbai
    Reviewed on Aug 27, 2019
  • ICICI Prudential Life Insurance
    "No experience with the policy"
    0.5 3.5/5 "Pretty good"
    My company has provided me a life insurance policy from ICICI Prudential. This policy covers for death cover and life cover. I didn't get a chance to speak with call the customer care. They have provided me a coverage value of Rs. 25 lakhs. The premium amount is taken by corporate people.
    Was this review helpful? 0
    , noida
    Reviewed on Aug 20, 2019
  • ICICI Prudential Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance with ICICI PRUDENTIAL on 4 years before which was taken for 10 years but after that can also continue for this policy. It covers for my whole family members for this insurance. I use to do payment through an online. I am paying premium in the yearly package.
    Was this review helpful? 0
    , new delhi
    Reviewed on Aug 17, 2019
  • ICICI Prudential Life Insurance
    "Good plan"
    0.5 3.0/5 "Satisfactory"
    I have a life insurance with ICICI prudential and there is no specific parameter for taking this policy. It was taken for the tax benefits. The benefits are okay. I am getting good rate of returns and the policy period is 7 years but I need to pay the premium for only 4 years. I am charging monthly around 3,700 rupees through online.
    Was this review helpful? 0
    , mumbai
    Reviewed on Aug 13, 2019
  • ICICI Prudential Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have life cover with ICICI Prudential which was taken on 5 years before.The policy is for 10 years. I used to make the premium on a yearly basis. I use to payment through an online. An agent has given all the details about the policy and given documents as well.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 12, 2019
  • ICICI Prudential Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have my term policy with ICICI Prudential. They need to improve the benefits and not providing the suggestion for the customer to avail a better policy. I have been paying the premium for more than one year and need to pay 2more years. The payment mode is online and its good.
    Was this review helpful? 0
    , bhilai
    Reviewed on Aug 06, 2019
  • ICICI Prudential Life Insurance
    "Helpful policy "
    0.5 4.5/5 "Excellent!"
    I also recommend this term insurance to my friendly. Based on the claim ratio, i have taken the policy from ICICI Prudential. Their claim settlement ratio is 95% and above. This policy cover upto 60 years of my age and 6 years ago, i bought the policy. The sum assured amount is Rs. 1 Crore
    Was this review helpful? 0
    , hyderabad
    Reviewed on Aug 04, 2019
  • ICICI Prudential Life Insurance
    "Good for future savings"
    0.5 5.0/5 "Blown Away!"
    I have life cover with ICICI Prudential, I used to make the premium around Rs. 5000 per annum it has the tenure period around three years. After that I will be getting some sum assured and bonus interest. Each and every payment I used to make through I mobile.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 31, 2019
  • ICICI Prudential Life Insurance
    "Satisfactory"
    0.5 4.0/5 "Great!"
    I have ICICI prudential term plan, the premium amount is around Rs. 6500 per annum it has some certain tenure period . It covers upto 75 years, sum assured is good. They have good claim settlement ratio. I got the policy copy on time, it has critical illness cover too.
    Was this review helpful? 1
    , mumbai
    Reviewed on Jul 27, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    ENDOWMENT PLAN i have taken with the ICICI PRUDENTIAL and i am using from last 2011, the maturity period is for 15years, the premium paying for yearly once the policy coverage is for self with the policy. I have paid the premium for 7 years with the plan.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 26, 2019
  • ICICI Prudential Life Insurance
    "Better"
    0.5 4.5/5 "Excellent!"
    I had taken a Term Insurance with ICICI Prudential of their benefits and its been 2years. I have paid 14K yearly through online. The customer support is good, I have enable auto debit option for payment which is convenient. They have given me disability clause normally others are not providing but for this ICICI is charging higher premium.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 25, 2019
  • ICICI Prudential Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have purchased my term insurance with ICICI Prudential before 3 years ago because of their customer service. I wanted to topup of my product but they don't know about the policy and they are suggesting me to go with separate policy. Its annual premium and it comes around 15K through online.
    Was this review helpful? 1
    , pune
    Reviewed on Jul 24, 2019
  • ICICI Prudential Life Insurance
    "Good one"
    0.5 4.0/5 "Great!"
    It was giving a good returns from my ICICI prudential. I have paid the premium amount of Rs. 2 lakhs per year. The total term period of the policy is 10 years and the sum assured is Rs. 20 lakhs. I get the money double in returns. This is a tax benefitable policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 20, 2019
  • ICICI Prudential Life Insurance
    "Good Term policy with less benefits"
    0.5 4.0/5 "Great!"
    ICICI people have approached me hence i bought the life insurance policy with them. Every year i pay the premium amount of Rs. 15000 for the sum assured amount of Rs. 50 lakhs. This is a term insurance policy. It will cover upto 75 years of my age. In the documents, there is not mentioned about the partial disability and medical illness.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 16, 2019
  • ICICI Prudential Life Insurance
    "Nneed to be reduce premium amount"
    0.5 4.0/5 "Great!"
    I have taken a term insurance in ICICI PRUDENTIAL on one year before. The policy is for 65 years but I have taken for 32 years. I am paying premium in the monthly package and the amount is high. While getting a policy I came to know about an information about the policy details through an online.I use to do payment through an online.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 15, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the life insurance policy with ICICI PRUDENTIAL since from last 1.5 years, the premium i am paying for monthly once, maturity period of the policy is for 15 years, policy coverage is for family, premium period was 10 years latter after 15 years sum assured will be given.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 12, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the term plan with ICICI PRUDENTIAL where i am using it since from last few years and the premium paying for yearly once added on that there are good returns available with the policy, it gives the self coverage with the policy.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 09, 2019
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