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.
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| Health insurance plans |
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| Unit linked insurance plans |
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| Traditional Savings/Money Back plans |
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| Retirement plans |
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| Group Plans |
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| Rural plans |
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ICICI Prudential Term Insurance Plans
| Type of the plan | Basic sum assured | Policy term |
| ICICI Pru iProtect Smart |
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| ICICI Pru iCare II |
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| ICICI Pru Life Raksha |
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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 |
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| ICICI Prudential Smart Health Cover |
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ICICI Prudential Unit-Linked Insurance Plans
| Type of the plan | Basic sum assured | Policy term |
| ICICI Pru1Wealth |
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5 and 10 years |
| ICICI Pru Lifetime Classic |
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| ICICI Pru Elite Life Super |
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| ICICI Pru Guaranteed Wealth Protector |
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| ICICI Pru Smart Life |
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| ICICI Prudential Smart Kid Solution |
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ICICI Prudential Traditional Savings/Money Back Plans
| Type of the plan | Basic sum assured | Policy term |
| ICICI Pru Cash Advantage |
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The policy terms are 15, 17 years, and 20 years which will include PPT and the payout term |
| ICICI Pru Savings Suraksha |
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| 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 |
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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 |
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| ICICI Pru Loan Protect Plus | Gives out a lump-sum amount to the family of the life assured in case of an unfortunate occurrence |
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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.
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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 |
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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 |
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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.
16 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%
11 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.
23 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.
14 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.
21 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.
20 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.
18 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.
17 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.
27 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.
13 March 2015
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
