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ICICI Prudential Life Insurance

Get tax deduction of up to Rs. 1.5 Lakh under Sec.80C
Permium start @ Rs. 18/day
Monthly and annual permium payment options avalilable

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

  • 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

  • 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

  • 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

  • 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

  • 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

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

ICICI Prudential Life Insurance Reviews

Page 1 of 43 1 2 3 4 5
  • ICICI Prudential Life Insurance
    "Good Investment"
    0.5 4.0/5 "Great!"
    I invested in ULIP at ICICI Prudential for the amount of Rs. 2 lakhs it has the locking period for five years, I used to pay the premium around Rs. 50,000 on yearly basis it has the term of five years , then I get sum assured and other benefits around Rs. 15 lakhs.
    Was this review helpful? 1
    , chennai
    Reviewed on Mar 18, 2019
  • ICICI Prudential Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my term insurance with ICICI prudential insurance, i have been applied this insurance from past one and half years, the coverage is good and I pay my premium through on line,and premium i used to pay on a yearly basis. Their service is good and they use to update me if any new policy is added.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Mar 18, 2019
  • ICICI Prudential Life Insurance
    "Communication should be clear"
    0.5 3.5/5 "Pretty good"
    I called ICICI prudential to cancel my term policy, they only give the life cover upto 60 years, it would be great if they increase the life span and also they should give some benefits even the insurer person lives after policy matured. Monthly I pay Rs. 490 it has 60 years. They misguided me, I thought it would be more beneficial.
    Was this review helpful? 2
    , bangalore
    Reviewed on Mar 16, 2019
  • ICICI Prudential Life Insurance
    "Good overall"
    0.5 5.0/5 "Blown Away!"
    I also have a term insurance with ICICI Prudential. The tenure is for 30 years. There is no add on facility. The sum assured is for 50 lakhs and I pay a premium of 36000. The sum assured and the benefits are good in the policy. The payment option is good too.
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 09, 2019
  • ICICI Prudential Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance from ICICI Prudential. The customer services are good. It is a money back policy. The tenure is for ten years. The premium is of 18K. I have no hassles to make a payment as it is easy online. The plan benefits and coverage is good. I would be getting a bonus.
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 09, 2019
  • ICICI Prudential Life Insurance
    "Excellent Policy"
    0.5 5.0/5 "Blown Away!"
    I had taken this Term insurance policy a long time back and the premium had been paying on an annual basis. It also has an added benefit of accidental coverage. The premium amount is not too high and the payment method is also easy. The plan benefits and the policy coverage has been good as well.
    Was this review helpful? 0
    , jamnagar
    Reviewed on Mar 07, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    ICICI PRUDENTIAL is the insurance provider where i am holding the term insurance policy and i have been using it since from last one year. The premium initially i have paid for monthly basis and latter paid on 6 months basis with this policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 06, 2019
  • ICICI Prudential Life Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have taken my life insurance policy with ICICI bank,Their service is quite average, Their premium they have charged me was nominal, i pay premium on yearly basis, and there agent had not properly explain about the plan benefits and policy ,still i have confusion in it.but now i have closed this insurance ,as there was no return.
    Was this review helpful? 0
    , lucknow
    Reviewed on Mar 03, 2019
  • ICICI Prudential Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with ICICI prudential , there service is up to the mark ,premium per year they have charge me is nominal,i do my payment by both on line as well as off line mode and till now i did not had faced any issues till now .
    Was this review helpful? 0
    , mohali
    Reviewed on Mar 02, 2019
  • ICICI Prudential Life Insurance
    "Trusted Policy"
    0.5 5.0/5 "Blown Away!"
    I have a term insurance and it has a coverage of Rs.1 crore. The premium is of Rs. 15,000. I need to pay the premium for 20 years. There is a life coverage up to 75 years. I can add multiple nominees, the claim settlement is very high more than 90%, I can opt for lump sum amount or part payment.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 01, 2019
  • ICICI Prudential Life Insurance
    "Experience is not satisfactory"
    0.5 1.0/5 "Really Bad"
    ICICI PRUDENTIAL they have given an insurance without my knowledge, i am not satisfied with tis insurance also the premium is very higher with this insurance policy. The maturity period is for 3 years and they provide the coverage for self. There is a accidental benefits but can be claimed in certain terms and conditions.
    Was this review helpful? 1
    , tirunelveli
    Reviewed on Mar 01, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am having a term plan with the ICICI PRUDENTIAL since from last one year. the maturity period of this policy is for 40-45 years and i am paying the premium for monthly once with this insurance policy. It is a good policy to use and it gives the coverage for self.
    Was this review helpful? 0
    , anantapur
    Reviewed on Feb 27, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    ICICI PRUDENTIAL is the insurance provider where i have taken the ACCIDENTAL POLICY with this insurance provider. The premium i have been paying for yearly once through online. It is a good policy to use with good customer service with this policy.
    Was this review helpful? 1
    , mumbai
    Reviewed on Feb 23, 2019
  • ICICI Prudential Life Insurance
    "Good Insurer"
    0.5 5.0/5 "Blown Away!"
    I have term insurance with ICICI Prudential still its going on, I taken this policy in the year of 2005, my premium was around Rs. 5000 per annum for the sum assured of Rs. 50 lakhs, my nominees will get the lum sum amount on any certain demise. ICICI Prudential claim settlement ratio is good comparatively in the market.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 23, 2019
  • ICICI Prudential Life Insurance
    "Its Transparent "
    0.5 5.0/5 "Blown Away!"
    I had ICICI Purdential life policy long back, overall service was good. I paid the premium of Rs.25,000 for the tenure period of 10 years. At last I got the sum assured Rs. 2.5 lakhs they also gave me life coverage . As per my experience ICICI bank service, insurance service is good always.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 23, 2019
  • ICICI Prudential Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a term plan in ICICI Prudential before 2 years. It is good and have chosen mainly because of the offers. They have explained me about the policy well. I have got the insurance paper on time. The premium will be debited automatically from my account and the sum assured value is 1Cr.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Feb 21, 2019
  • ICICI Prudential Life Insurance
    "Useful policy"
    0.5 5.0/5 "Blown Away!"
    I have purchased my pension policy from ICICI Prudential. I have taken the policy 12 years back. Because of the policy benefits is good that time i have chosen the policy from ICICI Prudential. I am making the premium annually. This is a tax benefits policy. I'm not satisfied with the sum assured amount.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 16, 2019
  • ICICI Prudential Life Insurance
    "Bad experience"
    0.5 1.0/5 "Really Bad"
    I have been holding life insurance with ICICI prudential .Their service is not up to the mark, like they said they will give benefit up to 37% to 40% but i did not felt that, like i checked it was less they use to say based on market value it use to me high or low. I use to pay premium on yearly basis. and it use to get auto debited from my account.
    Was this review helpful? 0
    , new delhi
    Reviewed on Feb 12, 2019
  • ICICI Prudential Life Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I took a term plan in ICICI Prudential and it was purchased recently 3 months back. I have chosen the policy after comparing with other insurer. The customer service was very good. I have received the insurance paper. I am paying every month Rs.2,600 through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 12, 2019
  • ICICI Prudential Life Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I have taken a life insurance for myself with ICICI prudential. It was purchased in the year of 2011 and through offline. The customer service was average. I am paying yearly premium of 20K through online. The payment mode is easy and convenient. The tenure period is 15 years. They have not explained me the policy benefits.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 12, 2019
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